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The Office for Professional Body Anti-Money Laundering Supervision (“OPBAS”), housed within the FCA, has published its report on legal and accountancy sector supervision.

OPBAS, which oversees 25 Professional Body Supervisors (“PBS”) for AML in the legal and accountancy sector, found that although improvements have been made in areas such as enforcement action, PBSs failed to share relevant information and intelligence proactively with regulators and law enforcement, and that action taken against firms who break the rules had been too slow in some cases.

The report covers:

  • Key themes from OPBAS’s supervisory work;
  • Information and intelligence sharing;
  • OPBAS projects and other work; and
  • Priorities for the year ahead.

Relevant firms can read the OPBAS report to gain further insights into the their work.

https://www.fca.org.uk/publication/opbas/opbas-report-progress-themes-supervisory-work-2022-23.pdf

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