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ARTICLE · 04 APRIL 2017

OPBAS: An AML "Super" Supervisor?

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On 15 March 2017, the Government announced its plans to launch a new anti-money laundering ("AML") watchdog, the Office for Professional Body AML Supervision ("OPBAS"). OPBAS is intended to complement the soon-to-be updated Money Laundering Regulations, which seek to bring the UK's AML regime into line with the latest international standards and to "make the UK's financial system a hostile environment for illicit finance".

United KingdomCorporate/Commercial Law
Michael Roach
Michael Roach
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On 15 March 2017, the Government announced its plans to launch a new anti-money laundering ("AML") watchdog, the Office for Professional Body AML Supervision ("OPBAS"). OPBAS is intended to complement the soon-to-be updated Money Laundering Regulations, which seek to bring the UK's AML regime into line with the latest international standards and to "make the UK's financial system a hostile environment for illicit finance".1

OPBAS will oversee professional bodies that supervise sectors at risk of being used to facilitate money laundering and terrorist financing ("Professional Body AML Supervisors"). These professional bodies are appointed by the Treasury and the vast majority of them are within the legal and accountancy sectors (i.e. the Association of Chartered Certified Accountants and the Law Society). It will be hosted by the FCA and will be funded by a new fee on professional body AML supervisors.

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