The main supervisory authorities that monitor businesses' compliance with the Regulations are:

  • HM Revenue & Customs
  • The National Crime Agency
  • The Financial Conduct Authority

Whilst the main statutory requirements on firms are set out in the  Regulations, detailed guidance notes are published by the Joint Money Laundering Steering Group (JMLSG). The JMLSG is an industry group that works alongside the Government and regulatory bodies to interpret the Regulations and help industry implement them. The FLA is represented on the JMLSG and its guidance is regularly reviewed and updated and all firms are expected to take note of it.