SUPERVISING THE UK AML SUPERVISORS: OPBAS FIRST ANNUAL REPORT

On 29th March, RUSI reported on the launch of the first annual report of the UK Office for Professional Body Anti-Money Laundering Supervision, saying that it signals a bold step forward for UK AML supervision, but many questions about the wider government supervision strategy remain unanswered.  The article says that is not clear whether the government’s underlying intention with the creation of OPBAS was to encourage some players to simply relinquish their roles and, by proxy, give a greater lead to the state in AML supervision; this is certainly not the official line. However, this is not the only unanswered question.  It also asks what happens if OPBAS advises HM Treasury to consider removal of a supervisor or indeed a supervisor decides to walk away – where does the supervised population go?

https://www.rusi.org/commentary/supervising-uk-aml-supervisors-office-professional-body-anti-money-laundering-supervision

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

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