Accountancy firms should prepare for tougher anti money laundering and counter terrorism financing (AML/CTF) supervision as the FCA is set to take supervision from 23 professional body supervisors, bringing stricter enforcement, greater scrutiny and heavier compliance demands. The regulator’s data-led, risk-based approach will increase the depth and frequency of checks, with a strong focus on governance, documentation and senior management accountability.
In a recent piece for AB.accounting, Joe Norburn CEO of TCC Group, (TCC, Momenta and Recordsure) says the change is transformational, pushing firms into a far more structured regulatory environment. He warns that broad statements of compliance will no longer be enough, with the FCA expecting clear evidence, audit trails and active senior leadership engagement in managing AML and CTF risk.
