ACCA is concerned that there are significant weaknesses to the UK government’s incoming model of switching professionals’ anti-money laundering regime to the financial services regulator.
The association said the move will lead to potentially more economic crime, undermining growth in the accountancy sector, and creating increased regulatory burdens at the same time.
Under the plan, AML supervision will move from Professional Body Supervisors (PBS), including ACCA, and will be under the auspices of the Financial Conduct Authority acting as the UK’s Single Professional Services Supervisor (SPSS).
Wesley Walsh, Head of AML & Operations, ACCA, said: “Under the SPSS model, ACCA firms will face the prospect of dual supervision and dual fees for AML supervision and their professional body. Also, the length of time it will take to implement a single AML supervisor could cause considerable disruption in supervision. In a challenging economic climate, these increased costs to businesses, large and small, cannot be justified.”
ACCA is calling on the government to engage with the UK’s professional accountancy organisations on the proposals to avoid ambiguities, public confusion and unintended consequences.
Read ACCA’s full response: Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF) Supervision Reform: Duties, Powers, and Accountability | ACCA Global
