Get AML ready for the FCA
The question is simple. Are your AML systems ready for the FCA level of scrutiny? The UK’s AML supervisory landscape is changing, and for accounting firms this is more than a routine update. A stronger FCA role will mean consistently higher standards, stricter enforcement, and greater expectations on how compliance is managed and evidenced.
What this means for accountants
More audits
Not just scheduled reviews, but deeper, more frequent inspections with a focus on evidence and outcomes.
More documentation
It will not be enough to “have a process”. Firms will need to clearly evidence every decision, risk assessment, and action taken.
More systems
Spreadsheets, email trails, and disconnected systems create gaps. Under FCA-level scrutiny, those gaps become risk.
Greater accountability
Responsibility will be clearer, and enforcement more direct. Weak systems will not be defensible.
Ongoing monitoring
Compliance will shift from one-off onboarding to continuous monitoring, with real-time updates and ongoing oversight expected.
Higher penalties
Where standards are not met, enforcement is likely to be faster and more severe.
What is changing?
Most accounting firms are currently supervised by Professional Body Supervisors, creating a fragmented system with varying expectations and audit approaches. Stronger FCA oversight points to more consistent supervision, clearer standards, and a shift toward data-driven, evidence-based compliance. In practice, AML is moving from a periodic exercise to continuous monitoring.
Firmcheck is the industry leader in AML compliance
Firmcheck enables accounting firms to manage all AML workflows in one place, standardise processes across teams and offices, and maintain a complete, auditable record of every action in line with growing FCA expectations. It surfaces risks in real time rather than after the fact, ensuring firms are always audit-ready and able to meet stricter regulatory requirements. Instead of adding more work, Firmcheck removes the manual overhead that creates risk in the first place.
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Firmcheck helps remove the AML admin
With Firmcheck, AML compliance becomes simpler to manage, easier to evidence, and faster to audit, while reducing risk across the firm. All of this is achieved without increasing operational burden.
FCA Q&A
Find answers to your most pressing questions about Companies House ID verification.
There is a growing shift toward stronger, more centralised oversight, with the FCA expected to play a more direct role. This means more consistent standards, increased scrutiny, and a move toward data-driven supervision across accounting firms.
Firms can expect more frequent and detailed audits, higher expectations on documentation, and greater emphasis on being able to evidence every AML decision. Manual processes and inconsistent workflows will become harder to justify.
The FCA typically expects systems that are consistent, auditable, and capable of demonstrating real-time oversight. This includes clear audit trails, centralised data, and the ability to quickly evidence compliance decisions.
Firms that delay may face rushed system changes, increased audit pressure, and higher exposure to enforcement if gaps are identified. Reactive fixes are often more costly and disruptive than proactive preparation.
Firmcheck provides a centralised platform for managing AML workflows, standardising processes, and maintaining a complete audit trail. It enables firms to meet rising FCA expectations with less manual effort and greater confidence.
Not necessarily overnight. However, the direction of travel suggests reduced fragmentation and greater FCA involvement in setting and enforcing standards. Firms should prepare for a model that looks and feels more like FCA-style supervision.
Yes. Audits are likely to become more regular, more detailed, and more focused on outcomes and evidence rather than just process. Firms will need to be audit-ready at all times, not just ahead of scheduled reviews.
While not explicitly banned, they create risk. Under increased scrutiny, disconnected systems, email trails, and manual tracking make it difficult to demonstrate control and consistency, which can lead to issues during audits.
Firms should be digitising AML workflows, centralising their data, and ensuring all compliance activity is recorded and auditable. The focus should be on building a consistent, system-driven approach rather than relying on individuals or manual processes.
No. While larger firms may feel the impact first, expectations are likely to apply across the market. Smaller and mid-sized firms that act early can gain a significant advantage by building scalable, compliant systems now.
"The Firmcheck team’s deep expertise in AML compliance and their ongoing support have been invaluable, making them a trusted partner for our firm."
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