We are consulting on proposals for recovering the costs of establishing and running the Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
In March 2017 the government announced its intention to create OPBAS within the FCA, from where it will oversee the adequacy of the anti-money laundering (AML) supervisory arrangements of the 22 professional body AML supervisors listed in Schedule 1 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs). This CP sets out our proposals for recovering the costs of running OPBAS from the bodies it will supervise.
The proposals cover:
- Application fees for reviewing and processing applications received from professional bodies who wish to be added to the list of professional body supervisors in Schedule 1 to the MLRs.
- A structure for periodic fees to recover the annual costs of supervision.
We invite comments on the data sources and definitions we are proposing as a basis for distributing cost recovery fairly between the professional body supervisors. We are not consulting on the periodic fee rates for 2018/19 at this stage (see Next Steps below).
Who this applies to
This CP applies to the professional body supervisors listed in Schedule 1 of the MLRs and bodies considering applying to be listed. It will also be of interest to designated professional bodies.
It will also be of interest, for information only, to firms registered under the MLRs and not authorised by the FCA for any other activities, since we have taken the opportunity to set out in the FEES Manual the charges payable by them and which have up to now been difficult to find.
What you need to do
Please send us your comments on CP17/35 by 8 January 2018:
You can also:
- email [email protected] or
- write to: David Cheesman, Finance and Business Services, Financial Conduct Authority, 25 The North Colonnade, London E14 5HS
We plan to publish our feedback on your comments and final rules in a Handbook Notice in February or March 2018. We will then ask professional body supervisors to submit data to us on the basis of our definition, with a view to consulting in June or July 2018 on the definitive fee-rate calculated from the data the bodies have submitted to us.