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FCA Warns Professional Body Supervisors “Lack the Teeth” to Enforce AML Rules

04/03/2026

The UK Financial Conduct Authority (FCA), through its oversight body the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), has issued a sharply critical assessment of the way professional body supervisors (PBSs) [the legal and accountancy sectors] enforce anti-money laundering rules.

According to the latest OPBAS report, published on 3 March 2026, several PBSs in the legal and accountancy sectors still “lack the teeth” to deter firms from breaching AML regulations.

The report also comes ahead of structural changes planned for 2025, in which the FCA will take over direct AML/CTF supervision of the legal and accountancy sectors, an expected shift intended to streamline enforcement and reduce supervisory gaps. 

  • Accountants and lawyers act as key gatekeepers to the financial system, and ineffective oversight increases the risk of facilitating illicit financial flows.

OPBAS

  • Acknowledges that overall supervisory standards have improved since 2018, the regulator notes that sanctions and enforcement actions remain inconsistent, with some bodies performing more poorly than others.
  • Concerns persist about the dual role of many PBSs, which act as both membership organisations and regulatory supervisors, something OPBAS says can soften or compromise disciplinary actions when member firms fall short of their AML obligations.  
  • Report emphasises that weak enforcement creates systemic vulnerabilities in the UK’s AML defences.
  • Reiterated that despite recent progress, improvements in both supervision and enforcement remain essential. 

FCA leadership echoed these concerns, noting that fighting financial crime remains a regulatory priority, but that more robust, consistent enforcement is needed.

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UNITED KINGDOM LEGAL FINES CONSULTATION MONEY LAUNDERING

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.