Submission on AML supervision

In October 2021, we submitted to call for evidence on the UK’s anti-money laundering regulatory and supervisory regime. In this submission, we argue that the UK needs:

• Better enforcement, which would help ensure regulations are followed and would address long-standing international and domestic criticisms.

• A consolidated approach to AML supervision, which could help create a more consistent, proportionate, transparent and accountable system than the fragmented and conflicted current system.

• A risk-based approach to supervision within supervisors, which can help defend against tick-box approaches to compliance.