A New Era for AML Supervision
The UK's approach to tackling economic crime and regulatory inconsistency is undergoing a significant shift, moving from a fragmented supervisory regime to one led by a single, data-driven regulator.
This decision follows years of consultation and criticism of the patchwork system, which was overseen by multiple professional body supervisors (PBSs). The government has emphasized that the reform aims to address "inconsistency, inefficiency, and potential vulnerabilities" in the current framework.
Recent years have seen several high-profile examples of law firms being drawn into allegations of facilitating complex fraud and money laundering schemes, highlighting the need for change.
The reform seeks to address 'inconsistency, inefficiency, and potential vulnerabilities' in the current framework.
Author's summary: UK shifts to single regulator for AML supervision.