In short
- FCA intelligence systems process over 56 million records every day to flag high-risk firms earlier.
- Industry and FCA supported raising the Defence Against Money Laundering Suspicious Activity Report threshold to £3,000 last year, according to Financial Conduct Authority.
What happened
The Financial Conduct Authority announced it will take on anti-money laundering supervision for the legal and accounting sectors, covering 60,000 entities starting at the backend of 2028. The FCA highlighted its expertise, intelligence-led approach, and commitment to sector-specific supervision, aiming to minimize unnecessary burdens on compliant firms while targeting enablers of financial crime.
The FCA is leveraging technology, including AI, to process over 56 million records daily and identify high-risk firms. It has also supported raising the Defence Against Money Laundering Suspicious Activity Report threshold to £3,000, resulting in fewer low-value reports and more focus on higher-risk activity. Partnership with industry and law enforcement remains central to its strategy.
At the backend of 2028, the FCA will begin to take on responsibility for AML supervision of 60,000 entities in the legal and accounting sectors.
In numbers
- 60,000 entities in legal and accounting sectors for AML supervision
- 56 million records processed daily by FCA intelligence systems
- £3,000 Defence Against Money Laundering Suspicious Activity Report threshold
Named in this item
Organization, regulator GB — —
What compliance teams should check
- Review and update AML controls for legal and accounting sector entities ahead of FCA supervision starting at the backend of 2028.
- Ensure reporting systems align with the new £3,000 Defence Against Money Laundering Suspicious Activity Report threshold supported by the FCA.
- Monitor FCA's nine financial crime priorities, especially those featuring money laundering and fraud, for compliance adjustments.
Why it matters
This story signals a major shift in AML/CFT oversight, as the FCA prepares to supervise 60,000 legal and accounting entities. Compliance officers must adapt to the FCA’s intelligence-led, risk-based approach, which leverages advanced technology and prioritizes high-impact activity. The raised suspicious activity report threshold and focus on partnership mean firms should expect more targeted supervision and less duplication, but also greater scrutiny of professional enablers. Staying engaged with FCA initiatives and priorities will be crucial for effective compliance.
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