Legal director Susanna Heley has contributed an article to Solicitors Journal which explores the Financial Conduct Authority’s forthcoming takeover of anti-money laundering (AML) supervision from the Solicitors Regulation Authority (SRA).
In her article, Susanna examines the background and implications of this major regulatory reform, which will see the FCA assume responsibility for AML oversight across the legal and accountancy sectors. She explains that the move follows years of structural concerns highlighted by HM Treasury and the Office for Professional Body AML Supervision (OPBAS), and is expected to bring a significant “culture shock” for solicitors. Susanna outlines how the FCA’s approach may differ from the SRA’s - particularly in relation to enforcement, fines and resource prioritisation - and warns that firms should prepare now by reviewing their AML policies, training and risk assessments. She also highlights potential challenges such as “double jeopardy,” where firms could face investigation from both the FCA and SRA for the same conduct.
The FCA’s new role in anti-money laundering marks a seismic regulatory shift that will transform compliance for solicitors.
The article is available to view at Solicitors Journal.
About Susanna
Susanna Heley is a legal director specialising in professional regulation with a particular focus on legal services. She advises law firms and individuals in all branches of the legal profession on professional obligations, including AML compliance and self-reports.
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