FCA OFFICE FOR PROFESSIONAL BODY ANTI-MONEY LAUNDERING SUPERVISION (OPBAS) REPORT ON PROGRESS MADE IN TACKLING MONEY LAUNDERING OVER THE PAST YEAR

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.

https://www.fca.org.uk/news/press-releases/opbas-publishes-report-progress-and-themes-2019

The report itself is at –

https://www.fca.org.uk/publication/opbas/supervisory-report-progress-themes-2019.pdf

Meanwhile –

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.

https://www.legalfutures.co.uk/latest-news/strong-improvement-in-aml-oversight-by-regulators

If you’d like to help me buy that (badly needed) new laptop or, even better, a new desktop to replace the one now 5,000 miles away – https://www.buymeacoffee.com/KoIvM842y

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