Emma RadmoreThe Government has published its response to its consultation on reforming the AML/CTF supervisory framework for professional services firms.
The FCA will become the registration body and keeper of the register of all appropriate firms and extend the “fit and proper” requirements of Reg 58 MLRs to legal and accountancy service providers. It will also have a full range of supervisory tools. The responsibility for issuing and approving guidance will also lie with the FCA but industry input will continue to be important.
The Government realises the need for an orderly transition period, and will plan for OPBAS to continue to oversee the performance of professional body supervisors during it.