Professional Services AML Compliance
Professional services AML compliance is entering a period of significant change.
The Regulatory Landscape for Professional Services
Professional services AML compliance is entering a period of significant change.
Accountancy firms, tax advisers, trust and company service providers, and estate agents all carry obligations under the UK Money Laundering Regulations 2017.
Supervision is currently fragmented. The supervisor may be the FCA, HMRC, or a professional body acting as an OPBAS member, depending on the type of firm.
However, that is changing. HM Treasury has confirmed the FCA will become the Single Professional Services Supervisor (SPSS) for AML and CTF compliance.
This consolidates supervisory oversight across professional services. Firms currently supervised by HMRC or a professional body should expect a significant increase in supervisory rigour. Data reporting requirements will rise. The bar for demonstrating effective controls will be considerably higher.
How AFC, CDOR, and AI Governance Address Professional Services AML Compliance
Anti-Financial Crime (AFC)
The AFC framework addresses the obligations arising from the Money Laundering Regulations and FATF Recommendations 22 and 23 on designated non-financial businesses and professions (DNFBPs).
It also incorporates risk-based approach guidance issued by FATF and OPBAS member bodies.
For accountancy firms, client due diligence and suspicious activity reporting remain areas of persistent supervisory concern. Identifying beneficial ownership structures is another.
Cybersecurity and Digital Operational Resilience (CDOR)
Professional services firms handle sensitive client data, financial records, and regulatory filings. Cyber resilience, therefore, is no longer optional. The CDOR framework assesses your operational resilience controls against FCA expectations.
These include the requirements set out in PS21/3 and the UK's Cyber Security and Resilience Bill. For EU-connected firms, NIS 2 also applies.
AI Governance
Many professional services firms use automated tools for risk scoring, document review, or client screening. As regulators sharpen their focus on AI-assisted compliance processes, firms need to demonstrate explainability and human oversight. The EU AI Act sets out specific requirements for high-risk AI systems. These requirements apply to professional services firms as much as to financial institutions.
Preparing for FCA Supervision: Professional Services AML Compliance in Practice
Firms preparing for FCA supervision should treat the transition as an opportunity. The question is straightforward: does your compliance programme meet the standards the FCA applies to firms it already supervises?
A structured assessment identifies gaps and prioritises remediation before the new supervisor arrives. Aegis Compass delivers that assessment across AFC and CDOR. The outputs are designed for firms demonstrating compliance readiness to a regulator for the first time.
For more context on what the SPSS transition means in practice, visit our insights hub.
Get Ahead of the Curve
Speak to Argus Pro about your compliance position before the regulator uncovers any vulnerabilities.