FCA Refuses To Back Down On Fees For New AML Unit

Law360, London (July 30, 2019, 5:39 PM BST) -- The Financial Conduct Authority said Tuesday it will will not let smaller professional services industry bodies off the hook for funding its new anti-money laundering wing, but will cut the rate it uses to calculate fees for larger groups.

Professional bodies including the Solicitors Regulation Authority, the Bar Standards Board and the Institute of Chartered Accountants in England and Wales will pay a minimum £5,000 ($6,100) fee to pay for the new AML unit, the City regulator said.

The fee is designed to recoup the costs of the new Office for Professional Body Anti-Money Laundering Supervision. The unit sits within the...

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