Chartered Institute of Management Accountants (CIMA) has stated that although the UK government’s announcement to transfer AML/CTF supervision to FCA is not the outcome of what it recommended, it recognises the complexity of the present supervisory landscape.
The UK government had announced to make Financial Conduct Authority (FCA) the supervisor for Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) for legal, accountancy, and trust and company service providers.
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Commenting on this move, CIMA vice president for Professional Standards and Conduct Peter Steel 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.”
The government considers the FCA to be the best choice for overseeing professional services firms due to its existing expertise in supervising financial institutions on anti-money laundering and counter-terrorism financing.
The Treasury had yesterday announced the results of its 2023 consultation on reform of the AML/CTF supervision regime.
The consultation had received 95 responses from a diverse group of stakeholders.
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By GlobalDataPresently, the AML/CTF supervision is divided among three statutory supervisors and 22 professional body supervisors.
The consolidation is intended to fortify the UK’s defences against illegal financial activities and encourage sustainable economic growth.
Steel said: “We will work closely with our members, HM Treasury, and the FCA to ensure a smooth transition.”
He also added: “When the necessary legislation is eventually put in place, our MiPs [members in practice] 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.”
Earlier in October 2025, CIMA updated its CGMA Cybersecurity Tool, providing finance professionals with resources to tackle the increasing challenges of cyber threats.
