Statement on UK Government decision to transfer AML/CTF supervision to FCA

Following the UK Government’s announcement that the Financial Conduct Authority (FCA) will become the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) supervisor for legal, accountancy, and trust and company service providers, Peter Steel, Vice President – Professional Standards and Conduct at The Chartered Institute of Management Accountants, said:

“While this is not the outcome CIMA recommended, we recognise the complexity of the current supervisory landscape and the need for a more streamlined approach. We will work closely with our members, HM Treasury, and the FCA to ensure a smooth transition.

CIMA is proud of the work its Professional Standards team has done over the years to support the Institute’s Members in Practice (MiPs) and ensure that they comply with AML/CTF legislation. Our strong track record is reflected in our close relationship with the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) and the exceptionally low level of reported issues among our MiPs and MiP-owned businesses.

When the necessary legislation is eventually put in place, our MiPs will be directly supervised by the FCA, but until then, CIMA will continue to support them and monitor compliance to the highest standards. We will continue to talk to HM Treasury and the FCA to keep our MiPs informed as the new model develops.”