AML SUPERVISION BY UK LEGAL AND ACCOUNTANCY PROFESSIONAL BODY SUPERVISORS

In March, OPBAS and the FCA published a document detailing “themes” identified during inspection visits to the 22 Professional Body Supervisors (PBS) responsible for AML supervision for the accounting and legal sectors.  It notes that the Law Society, the General Council of the Bar and the Chartered Institute of Legal Executives were not assessed on risk-based approach, supervision or enforcement, as they have delegated their AML responsibilities to the Solicitors Regulation Authority, Bar Standards Board and CILEx Regulation respectively.  Amongst the findings, it found that found that 91% of relevant PBS were not fully applying a risk-based approach to supervising members with the highest inherent profile of being exposed to money laundering (ML) and terrorist financing (TF) risks through their services, delivery channels, client base or jurisdictional reach; 23% of relevant PBS undertook no form of AML supervision; PBs had inconsistent approaches to intelligence- and information-sharing; and 80% of PBS lacked appropriate staff competence and training.

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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