HM Treasury has published its long-awaited response to the AML Supervision Reform consultation, confirming that the Financial Conduct Authority (FCA) will, in due course, take on AML supervision of the accountancy and legal sectors.
This change will take time: the required legislation and transition planning are expected to continue well into 2026–27, and ICB will remain an AML supervisory authority throughout that period.
ICB CEO Ami Copeland comments:
“Bookkeepers have never been stronger or more professional. Since I became CEO in 2023, we’ve rebuilt and modernised our AML function, raised standards across the board, and supported thousands of members to stay compliant.
“The Treasury’s decision to centralise supervision under the FCA reflects how far we’ve come as a profession and the importance of bookkeepers in the fight against economic crime. It builds on the progress we’ve made and on the world-class professionalism of ICB bookkeepers, who protect their clients and the integrity of UK business every day.”
Education first, enforcement second
Since 2023 ICB has introduced wide-ranging reforms to embed an education-first approach to AML supervision, including:
These changes have strengthened member confidence, improved consistency, and created a culture of support and learning first, enforcement second.
“Our members are small-business experts who take their AML responsibilities seriously,” added Copeland. “As the FCA assumes the supervisory role, ICB will continue doing what it does best - empowering ethical, skilled and future-ready bookkeepers with practical guidanceand development, and a strong, unified voice for the profession.
“The UK’s bookkeepers may soon face the added weight of FCA regulation, but they can be sure that ICB has their back - now, during the transition, and beyond.”
What this means for ICB members now
ICB will continue to supervise its members under the Money Laundering Regulations (MLRs) until the FCA formally takes over following new legislation, expected in 2026–27.
ICB will work closely with HM Treasury, OPBAS and the FCA to ensure a smooth, proportionate transition and to share the learning and improvements achieved since 2023.
