In this consultation paper, we feed back on the outcome of the consultation we conducted in March 2019 (CP19/13) on the structure of fees for recovering the costs of establishing and running the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). We also set the fee rate for 2018/19 and are consulting on the fee rate for 2019/20.
We consulted on removing the minimum fee threshold of 6,000 supervised individuals, below which professional body supervisors (PBSs) pay a fixed fee of £5,000 plus a variable rate on individuals supervised above the threshold. Instead, we proposed a flat rate fee of £20.59 on all the individuals supervised, subject to PBSs paying no less than £5,000.
Having considered the evidence presented to us, we have decided not to remove the threshold and to confirm our original fees model. We provide feedback in the CP.
On this basis, we have set the variable-rate fee for 2018/19 at £36.25 per supervised individual above the threshold of 6,000 individuals.
We propose for consultation a variable rate fee of £44.36 for 2019/20.
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 25 September 2019.
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