The FCA will judge your AML history. You're writing it now.

Anti-money laundering (AML) supervision for UK accountancy firms is set to move to the Financial Conduct Authority (FCA), replacing the current system of professional body supervisors and HMRC supervision for in-scope firms. Although implementation will take several years and the exact start date remains dependent on legislation and transition arrangements, firms should not wait to prepare.

In this article, Firmcheck explains why the quality of a firm's compliance records matters just as much as having the right policies and procedures in place. Firms need to be able to demonstrate when client due diligence was completed, how risk assessments were reached, who approved decisions, and when records and training were reviewed.

The practical challenge is often that evidence is scattered across spreadsheets, emails and client folders, making it difficult to reconstruct a complete audit trail when required.

Firmcheck recommends testing your current processes by selecting a recently onboarded client and seeing whether you can reconstruct the full compliance history using your existing records.

Building consistent, accessible evidence now can help firms demonstrate their existing compliance and prepare for the transition ahead.

Read the full article here >