The Association of Accounting Technicians (AAT) has welcomed HM Treasury’s response to the consultation on reforming the UK’s anti-money laundering (AML) and counter-terrorist financing (CTF) supervisory system.
The consultation response sets out final policy decisions on structural changes to the AML/CTF supervisory framework.
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Under the finalised model, the Financial Conduct Authority (FCA) will assume responsibility as the single AML supervisor for the legal, accountancy, and trust and company service provider sectors, replacing the current multi-body framework.
HM Treasury will continue to hold a limited oversight role, retaining powers to step in where needed to ensure supervisory guidance is consistent with the policy aims of existing regulations.
The document also outlines how supervisory responsibilities will be moved to the FCA, following the government’s earlier announcement that it intended to consolidate supervision within the regulator.
The reforms will also focus on an updated risk-based supervisory approach, alongside improved information sharing and refreshed compliance guidance.
The AAT, which represents more than 137,000 members and students, described the move as a “significant change” for the profession aimed at bolstering the response to financial crime.
The organisation said the consultation outcome aligns with the overall direction it had supported and with the way the government is shaping the reforms.
AAT Strategy and Compliance executive director Rebecca Roberts-Hughes said: “We welcome HM Treasury’s response to its consultation on the reform of the UK’s anti-money laundering supervisory regime.
“It is essential that the government’s new regime is proportionate, risk-based and workable for firms of all sizes, particularly smaller practices – and it is positive to see the Treasury recognise this.
“The focus must now be on a well-managed transition. AAT remains actively engaged with both government and the FCA to bring our supervisory experience into that process. Now is the time to work together on the detail to make sure the new system succeeds.”
The AAT stated that it will continue to assist its members throughout the move to the new supervisory model, including through guidance and practical support.
The body said it will maintain dialogue with HM Treasury and the FCA as implementation progresses and will provide further updates to members as more information becomes available.
