Professional services firms and AML supervision in the UK

“Professional services firms”  are businesses such as accountants, bookkeepers, law firms/solicitors, and trust and company service providers (TCSPs). These firms often sit closest to high-risk activity — company formation, trusts, property transactions, tax structuring, client money flows, and complex advisory work — which is why they are brought into scope of the UK Money Laundering Regulations and are subject to formal AML supervision.

At present, AML supervision for professional services is spread across a range of supervisors, including professional body supervisors (for example, legal and accountancy regulators).

In October 2025, the UK Government confirmed a major reform: the Financial Conduct Authority (FCA) is intended to become the single supervisor for AML/CTF supervision of professional services firms (often described as the “Single Professional Services Supervisor”). The FCA has publicly acknowledged the change and the objective of more consistent, effective supervision, and HM Treasury has published further consultation material on the FCA’s duties, powers and accountability as part of implementing the new regime. 

The AML Practice supports professional services firms to ensure they are fully compliant today — and ready for what’s coming next. We help you turn AML from a set of documents into a working, defensible framework, including gap analysis, remediation planning, updated risk assessments, strengthened policies and procedures, and practical training for partners and staff.

If you want confidence that your AML framework will stand up to supervisory scrutiny — both under current expectations and under the incoming FCA-led regime — we’d be happy to help.