January 23, 2018
A new watchdog launches today to strengthen the UK’s defences against money laundering and terrorist financing.
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is based within the FCA and will work with all the UK’s Anti-Money Laundering (AML) supervisors to help improve standards, and with law enforcement to strengthen cooperation.
OPBAS will directly oversee the 22 accountancy and legal professional body AML supervisors in the UK. It will ensure these 22 organisations meet the high standards set out in the Money Laundering Regulations 2017, and has powers to investigate and penalise those that do not.