The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has published its latest report on the 2024/25 supervisory period, finding that while Professional Body Supervisors (PBSs) are performing better than at any point since OPBAS was established in 2018, significant weaknesses remain – particularly around enforcement.
OPBAS oversees 25 PBSs responsible for preventing financial crime across the legal and accountancy sectors. The report found that whilst most PBSs demonstrate reasonable compliance, enforcement continues to be the weakest area. OPBAS is particularly concerned that some bodies’ dual role as both a membership organisation and a regulator is hampering their ability to take effective action against firms falling short of minimum anti-money laundering standards.
In a notable development, OPBAS took its first-ever enforcement action against a PBS last year – censuring the Institute of Certified Bookkeepers for failings in its AML supervision.
Looking ahead, the Government has confirmed that the FCA will take over AML and counter-terrorist financing supervision across the legal and accountancy sectors entirely. The move is designed to streamline oversight, ensure consistency, and strengthen the UK’s ability to identify and disrupt financial crime.
What this means for regulated firms: Expectations around AML compliance are only going in one direction. With direct FCA supervision on the horizon, firms in the legal sector should be reviewing their AML frameworks now to ensure they meet the standards that will be expected under a more rigorous regime.
Read the full article on the FCA website
Need advice on your AML obligations?
RACO’s compliance specialists are here to help. Whether you need guidance on AML frameworks, policies, or preparing for increased regulatory scrutiny, get in touch today.
📞 0203 985 8550 ✉️ info@regulationandcomplianceoffice.co.uk