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More consistent and effective AML supervision required, OPBAS review states

26 September 2024

More consistent and effective AML supervision required, OPBAS review states

In its most recent review, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) found more consistent and effective AML supervision is required

While most Professional Body Supervisors (PBS) are complying with AML regulations, OPBAS concluded in its 5th report that how they supervise is still not consistently effective

 

Highlights from the report:

  • OPBAS did not see any material improvement in PBSs’ effectiveness in the core areas of supervision, risk-based approach, enforcement, and information and intelligence sharing;
  • Problems in applying a risk-based approach reduced the effectiveness of PBSs’ supervision;
  • Weaknesses remain in AML supervision, specifically shortcomings in the design of some supervisory approaches, lacking clearly defined methodologies;
  • There are continued gaps in enforcement approaches; and
  • Not all PBSs are prioritising and resourcing their AML supervisory function appropriately.

Firms subject to the supervision of OPBAS members should review the latest report for insights into the expectations and objectives of the Office.
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