GC17/7: Proposed guidance on a sourcebook for professional body supervisors on anti-money laundering supervision

Open consultation: GC17/7
24/07/2017
24/07/2017
Consultation closes
23/10/2017

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.

Show GC17/7 (PDF)

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.

Who this applies to

This consultation is most relevant to the bodies – and their members – that will be supervised by OPBAS: 

  • Association of Accounting Technicians
  • Association of Chartered Certified Accountants
  • Association of International Accountants
  • Association of Taxation Technicians
  • Chartered Institute of Legal Executives
  • Chartered Institute of Management Accountants
  • Chartered Institute of Taxation
  • Council for Licensed Conveyancers
  • Faculty of Advocates
  • Faculty Office of the Archbishop of Canterbury
  • General Council of the Bar / Bar Standards Board
  • General Council of the Bar of Northern Ireland
  • Insolvency Practitioners Association
  • Institute of Certified Bookkeepers
  • Institute of Chartered Accountants in England and Wales
  • Institute of Chartered Accountants in Ireland
  • Institute of Chartered Accountants of Scotland
  • Institute of Financial Accountants
  • International Association of Bookkeepers
  • Law Society / Solicitors Regulation Authority
  • Law Society of Northern Ireland
  • Law Society of Scotland

What you need to do

Please send us your comments by 23 October 2017: 

This consultation includes 2 questions:

  1. Do you have any comments on the proposed sourcebook for professional body supervisors? Would greater detail or a more prescriptive approach be helpful?
  2. Do you have any comments on the FCA’s cost-benefit analysis?

You can send your response in the following ways:

  • email: [email protected] or
  • write to: Stefanie Thorns, Financial Conduct Authority, 25 The North Colonnade, London E14 5HS

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.

Next steps

We will carefully consider your feedback to this consultation and issue a response.