Anti-Money Laundering Supervison

HM Treasury has published their Consultation outcome regarding Money Laundering Supervision.

The Office for Professional Body AML Supervision (OPBAS) Regulations will come into effect on 18 January 2018.   OPBAS will oversee the 22 Accountancy and Legal Professional Body AML supervisors in the UK and seek to achieve consistency.

This new body will be "hosted" by the Financial Conduct Authority - and will act as a means for HM Government to implement reforms to the anti money laundering and counter terrorist financing supervisory regime.

More details may be found at 

https://www.gov.uk/government/consultations/anti-money-laundering-supervisory-review/anti-money-laundering-supervisory-review-consultation

This is a further example of how HM Government are seeking ways to combat Financial Crime - and comes after the publication of  SI 2017 / 692 last year which set out the requirements placed upon Businesses to combat Money Laundering in the UK.

Compliant Solutions Limited - experts in helping Financial Services Businesses deal with the business challenges of Financial Conduct Authority Compliance - for help contact ian@compliantsolutions.co.uk