AML Shake-up for the Legal Sector
The UK Government is set to overhaul its AML framework by creating a Single Professional Services Supervisor, shifting all AML oversight for legal and professional services to the FCA and replacing the current patchwork of 22 supervisors. While the change aims to improve consistency and intelligence sharing, it has sparked concern over dual regulation, higher costs, and whether a single regulator can meet the legal sector’s specific needs. A follow-up consultation is now underway, leaving firms facing ongoing uncertainty.
