The Financial Conduct Authority (FCA) has issued a warning about the lack of oversight in the City of London, which is hampering efforts to combat money laundering. Regulatory bodies responsible for monitoring the accounting and legal sectors are not doing enough to stop illicit financial activities. The anti-money laundering (AML) overseer has urged legal regulators to enhance their efforts in supervising AML practices. The FCA highlighted that 25 trade associations act as regulators but are excluded from FOI laws and owe no duty of care. In the US, regulators have advised lenders to increase third-party scrutiny as part of their AML safeguards. Wells Fargo has been specifically instructed by regulators to address deficiencies in its AML procedures.