The UK Government has confirmed plans to appoint the Financial Conduct Authority (FCA) as the single professional services supervisor for anti-money laundering (AML) and counter-terrorist financing (CTF). This reform will replace the current patchwork of supervisors such as HMRC and professional bodies, streamlining oversight across industries — from property and law to finance, crypto, and art.
Prime Property
Estate and letting agents currently supervised by HMRC will transition to the FCA. Day-to-day compliance obligations remain unchanged for now — CDD, SAR filing, and registration continue as normal. The FCA is expected to bring more structured reporting, consistent enforcement, and increased scrutiny of source-of-funds and transaction monitoring. Early preparation and robust documentation will help ensure a smooth transition.
Legal Services
Law firms will also move under FCA AML supervision while keeping their existing professional regulation (e.g. SRA, Bar Council). Expect closer alignment with financial-sector expectations — enhanced risk assessment frameworks, documented file reviews, and clearer escalation routes for suspicious activity.
Financial & Fintech Services
For firms already authorised by the FCA, this reform should simplify oversight by consolidating AML supervision under one regulator. However, cross-sector collaboration will likely tighten, with greater emphasis on systems and controls testing, data integrity, and transaction analytics.
Art Market Participants
Art dealers and galleries — currently supervised by HMRC — will now align with FCA standards. This shift will likely bring stronger expectations around provenance verification, beneficial ownership, and high-value transaction reporting, especially for cross-border clients.
High-Value Dealers
Businesses dealing in luxury goods, jewellery, or vehicles can anticipate more formalised AML audits under the FCA, with detailed documentation expectations and potential fee adjustments. Strengthened KYC processes and cash transaction controls will be central to compliance.
Cryptocurrency & Digital Assets
The FCA already oversees cryptoasset businesses for AML, so no change in supervisor — but this move reinforces the regulator’s central role. Firms should expect expanded scrutiny of blockchain monitoring, wallet analytics, and governance structures.
Gaming & Gambling
Licensed operators will see continued regulatory overlap between the Gambling Commission and FCA AML standards. Expect sharper focus on player profiling, affordability, and source-of-funds checks — particularly where crypto or high-value deposits are involved.
Professional Services
Accountants, advisers, and consultants will transition from their professional bodies to the FCA for AML purposes. This will likely mean greater consistency in supervision and a more data-driven approach to risk-based compliance.
What Happens Next?
There’s no immediate change to your obligations. Legislation and transition plans will be introduced over time, with the FCA and HM Treasury promising a clear roadmap. Businesses should use this interim period to strengthen their AML frameworks, ensuring they meet FCA-level expectations.
How LondonCDD Can Help
At LondonCDD, we provide sector-specific compliance frameworks and ongoing advisory support to help you stay compliant and confident through regulatory change.
Whether you operate in prime property, professional services, law, finance, art, crypto, or gaming, our tailored AML solutions keep you prepared — whatever the regulator.
