OPBAS REPORT: UK ACCOUNTING BODIES ‘LAX’ IN SCRUTINISING MONEY LAUNDERING ISSUES AND 92% ‘FEAR’ LOSING MEMBERS

On 15th March, the AML supervisory body OPBAS claimed that professional accounting bodies responsible for enforcing AML standards are more focused on representing their members than robustly supervising those standards.  92% of accountancy supervisors are said to have expressed concerns about taking robust action if this would damage their ability to attract or retain members; 86% preferred to offer support and guidance to members to improve their AML compliance over an extended period rather than issue penalties; 1 had statutory restrictions on their power to fine members for AML breaches; 23% had no form of supervision; and 18% had not even identified who they needed to supervise.  The report also highlighted serious shortfalls particularly within the accounting sector.

https://www.riskscreen.com/kyc360/news/uk-accounting-bodies-lax-in-scrutinising-money-laundering-issues-92-fear-losing-members-supervisor/

The report is available at –

https://www.fca.org.uk/publication/opbas/themes-2018-opbas-anti-money-laundering-supervisory-assessments.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s