In this consultation paper, we feed back on the outcome of the consultation we conducted in October 2018 (CP18/32) on the variable fee we will charge professional body supervisors (PBSs) in 2018/19 to recover the costs of establishing and running the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). We are also consulting on removing the minimum fee threshold from our fees model.
The key topics for feedback are:
Our proposal for consultation is that we should remove the minimum fee threshold and instead charge a fee of £20.59 on all the individuals supervised, subject to paying no less than £5,000.
This CP applies to the PBSs listed in Schedule 1 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and any other professional bodies considering applying to be listed.
It will also be of interest to designated professional bodies.
Please send us your comments by 26 April 2019.
You can also:
The consultation closes on 26 April 2019. We will confirm at the end of July whether we are retaining or removing the threshold and finalise the appropriate fee-rate, issuing invoices from August onwards. At the same time, we will consult on the 2019/20 fee rate, with a view to feeding back at the end of the year and issuing invoices in the New Year.
15/03/2019: Document update Added full list of respondents to CP18/32