We have published our specialist sourcebook for professional body supervisors, that sets out expectations in relation to anti-money laundering supervision.
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is a new regulator housed within the FCA. OPBAS will ensure the professional body anti-money laundering (AML) supervisors meet the standards required by the Money Laundering Regulations 2017 and facilitate collaboration and information sharing between the professional body AML supervisors, statutory supervisors, and law enforcement agencies.
OPBAS aims to improve consistency of professional body AML supervision in the accountancy and legal sectors, but will not directly supervise legal and accountancy firms.
The government announced the decision to create OPBAS in March 2017 after it determined that, while there are benefits to having a range of professional body supervisors for AML, the effectiveness of supervision was inconsistent. The OPBAS Regulations 2018 came into effect on 18 January 2018.
In July 2017, the FCA consulted on a sourcebook for professional body supervisors about how they can meet their obligations in relation to AML supervision (the Sourcebook). The consultation closed on 23 October 2017.
We have now considered and taken into account of the feedback which was sent to us in response to our consultation and have updated the Sourcebook for professional body AML supervisors to reflect this. The final Sourcebook is published alongside our summary of feedback.
The Sourcebook will apply to the professional body supervisors listed below, which OPBAS will supervise, from 1 February 2018.
If you have any questions, please contact [email protected]