HM Treasury (HMT) has confirmed it intends to consolidate AML supervision into a single statutory body, with the Financial Conduct Authority taking on the role. This will remove ICAEW and all professional body supervisors from AML supervision.
ICAEW will continue to monitor firms under the Practice Assurance scheme. ICAEW say the result could be an increase to compliance costs at a time when many businesses are already facing growing pressures. We question the justification for this dual approach, unless it helps firms to deal with the FCA
This policy decision requires changes in primary legislation which will take time to implement.
As all professional bodies are effected, we welcome your comments which will help us to help you.
