On 19 March, the FCA announced the release of the OPBAS report, saying that the accountancy and legal professions have made strong improvements in their supervision of AML work. However, some professional body supervisors (PBS) are still lagging behind their peers and must continue to raise their standards further. It says that 1 year ago, 91% of relevant PBS were not fully applying a risk-based approach to their supervision, and a year on, only 14% are not yet driving supervisory activity by AML risk. Despite improvements across the industry, the report has identified a number of areas for improvement.
The report itself is at –
UK: “STRONG IMPROVEMENT” IN AML OVERSIGHT BY REGULATORS
On 20 March, Legal Futures reported that the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) says there has been a “strong improvement” among the legal regulators in England and Wales, Scotland and Northern Ireland in their approach to AML, But it said that it found shortcomings in various areas, with legal regulators in many instances lagging behind their accountancy counterparts.
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