FCA to Become UK’s Primary AML Regulator by End-2028

The UK’s Financial Conduct Authority (FCA) is set to begin taking over anti-money laundering (AML) supervision of professional services firms by the end of 2028, with the transition expected to be completed by mid-2030.

The reform will replace the current system involving HMRC, the Gambling Commission and 22 professional body supervisors, making the FCA the primary AML supervisor for legal, accounting and corporate services sectors.

The transition will take place in phases, with existing supervisors continuing to oversee firms until the FCA assumes responsibility. The Government will also consult on a future fee model, with fees expected to be proportionate to the size of firms.

The FCA is already working with professional body supervisors and HMRC on information and data-sharing arrangements. The Government said the new regime would recognise the different business models and risk profiles across legal, accounting and trust and company service providers.