AML Supervision Moves to FCA in 2026
From 2026, the Financial Conduct Authority (FCA) becomes the sole regulator of anti-money laundering compliance for accountants and tax advisers. Until now, professional bodies like ICAEW have supervised members under the Money Laundering Regulations. This shift represents a material change in compliance expectations and reporting lines.
The move follows reforms under the Economic Crime and Corporate Transparency Act 2023 (ECCTA). ICAEW guidance confirms that accountants will fall under unified FCA oversight rather than fragmented supervision by different professional bodies. This centralisation is intended to strengthen AML enforcement and close compliance gaps across the profession.
What Changes for Your Practice
Your Money Laundering Reporting Officer (MLRO) role does not change, but your reporting lines and compliance standards may. The FCA conducts more rigorous on-site inspections than many professional bodies. You should expect clearer, stricter guidance on Customer Due Diligence (CDD), Beneficial Ownership reporting and Suspicious Activity Reporting (SAR).
If you already have strong AML policies, the transition should be smooth. If not, now is the time to review. Audit your client onboarding procedures. Do you collect Beneficial Owner information on all new clients? Are your SAR thresholds clearly documented? Are staff trained annually?
The FCA does not tolerate compliance complacency. Prepare now.