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HM Treasury Publishes Its AML/CTF Supervision Report 2022-23

01 May 2024
brick with text HM Treasury

HM Treasury Publishes Its AML/CTF Supervision Report 2022-23

This report provides information about the performance of AML/CTF supervisors, including data on both the Public Sector and Professional Body Supervisors.

The report covers:

  • Individual supervisors’ risk-based approaches to supervising their population, including their supervisory activity and information-sharing practices; and
  • Supervisors’ use of dissuasive enforcement to promote compliance with the AML/CTF standards among their supervised population.

Some key findings include:

  • 5,253 desk-based reviews and onsite visits were conducted between 2022-23 by all supervisors, translating to 5.5% of AML/CTF-regulated businesses;
  • Around 10% of all regulated businesses were identified as high risk by supervisors in 2022-23, in line with data from previous years;
  • Through sectoral risk assessments, the FCA found retail banking (including payments), wholesale banking, wealth management and crypto-asset firms to be particularly vulnerable to financial crime and posed the greatest risk of being exploited for money laundering; and
  • During the reporting period, the FCA conducted 231 financial crime desk-based reviews and 7 onsite visits, 181 of which were completed on high-risk firms, 34 on medium-risk firms, and 23 on low-risk firms.

Firms should view the report to gain insights into current UK supervisory practices and any potential operational impacts.
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