We are consulting on proposed text for a specialist sourcebook for professional body supervisors, that sets out expectations in relation to anti-money laundering supervision.
The Government announced in March 2017 that a new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) would be created within the FCA.
The Money Laundering Regulations 2017 that took effect on 26 June 2017 set expectations for supervisory authorities, including professional body supervisors. OPBAS will be given the duties and powers to make sure professional body supervisors meet these standards by the Oversight of Professional Body Anti-Money Laundering Supervision Regulations 2017 (PDF), which the Government published in draft on 20 July 2017.
This consultation proposes text for a specialist sourcebook for professional body supervisors that sets out expectations in relation to anti-money laundering supervision.
We have sent a letter to relevant professional bodies (PDF) that includes a description of the supervisory approach we intend OPBAS to adopt once it is operational.
This consultation is most relevant to the bodies – and their members – that will be supervised by OPBAS:
Please send us your comments by 23 October 2017:
This consultation includes 2 questions:
You can send your response in the following ways:
We make all responses to formal consultations available for public inspection unless the respondent requests otherwise. We will not regard a standard confidentiality statement in an email message as a request for non-disclosure.
We will carefully consider your feedback to this consultation and issue a response.