The U.K.’s financial services regulator will take a more central role as part of the government’s plans to simplify—and improve—efforts to clamp down on money laundering and terrorist financing.
The Financial Conduct Authority (FCA) will act as a single professional services supervisor (SPSS), which will see it assume primary responsibility for ensuring accountancy and legal firms comply with anti-money laundering and counter-terrorism financing (AML/CTF) rules instead of their professional bodies, the government announced on 21 October. In practice, all firms currently supervised for AML/CTF matters by a prescribed professional body supervisors (PBS) will be supervised by the FCA.
