SRA Expresses Disappointment Over AML Supervision Transfer
Solicitors Regulation Authority (SRA) leaders have expressed concerns that practitioners may face difficulties during the transition of anti-money laundering supervision to the Financial Conduct Authority (FCA).
The Financial Conduct Authority will have to develop an expertise which it doesn't have at the moment.
According to SRA chair Anna Bradley, this transition will require the FCA to develop new expertise. The announcement was made by Chancellor Rachel Reeves, with the transfer date yet to be determined.
- The SRA's AML responsibilities will be transferred to the FCA.
- The transfer date has not been determined.
- SRA chief executive Paul Philip was informed of the change at the start of the week.
The SRA has stated that they are disappointed but acknowledge that this is a wider government issue, with concerns focused on the transition process and its duration.
Author's summary: SRA leaders express concerns over AML supervision transfer to FCA.
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