OPBAS Report Assesses AML Supervision Across UK Professional Services

The report outlines significant updates to global (AML/CFT) standards, fraud prevention measures and supervisory expectations.

Key findings include:

➡️ Improved Supervision Since 2018: Professional Body Supervisors (PBS) effectiveness increased, with generally good levels of compliance observed;

➡️ Enforcement Gaps Remain: OPBAS remains concerned that enforcement approaches lack sufficient deterrent effect, with some PBSs underperforming relative to peers;

➡️ Conflict of Interest Concerns: The dual role of some PBSs as both membership bodies and AML supervisors may hinder robust supervisory action;

➡️ Escalating Oversight Tools: OPBAS expanded its supervisory toolkit to drive improvements among PBSs;

➡️ First Enforcement Action Taken: Last year, OPBAS took its first enforcement action against a PBS that failed to meet its requirements under the Money Laundering Regulations; and

➡️ Regulatory Reform Ahead: Since 2025, the Financial Conduct Authority (FCA) has assumed (AML/CTF) supervision of the legal and accountancy sectors to improve oversight and consistency.

✅ PBS supervised firms should anticipate more robust AML supervision, with greater scrutiny of compliance frameworks, enforcement readiness and governance arrangements.