Regulations
By Maheen Hernandez
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OPBAS wants stronger action. The Office for Professional Body Anti-Money Laundering Supervision dropped its latest report March 3, calling out weak enforcement across…
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Things got better since 2018, sure. Anti-money laundering supervisors stepped up their game in some areas, especially legal and accountancy sectors where compliance frameworks…
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OPBAS watches over 25 professional body supervisors right now, and these groups play a huge role stopping financial crime in accountancy and legal professions. The catch?
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Big changes coming in 2025. The government decided to move all anti-money laundering and counter-terrorist financing supervision under FCA control, which should streamline…
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Last year marked a turning point - OPBAS took its first enforcement action against a professional body supervisor that failed Money Laundering Regulations obligations.
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The report calls out specific areas where professional body supervisors need to tighten up enforcement mechanisms.
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FCA's takeover of supervision duties should address current gaps in oversight. By bringing all responsibilities under one roof, the FCA wants to eliminate the inconsistencies in…
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The legal and accountancy sectors under OPBAS scrutiny handle massive amounts of money daily, making their role in preventing financial crime absolutely critical.
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OPBAS plans workshops for professional body supervisors scheduled for mid-2026. These sessions aim to provide targeted guidance on enforcement strategies and promote best…
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Professional body supervisors now face pressure to separate their supervisory and membership functions more clearly.
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The transition to FCA oversight will require professional body supervisors to adapt to new regulatory requirements and processes.
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Despite OPBAS reporting some progress, the lack of specific upcoming enforcement plans leaves uncertainty in the industry.
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The agency's silence on future actions puts the ball in professional body supervisors' court to proactively address identified weaknesses.
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The enforcement gap hits particularly hard in smaller accounting firms and sole practitioner legal offices, where resources for compliance training remain limited.
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Professional body supervisors like the Solicitors Regulation Authority and ACCA have started implementing risk-based supervision models, but implementation varies wildly across…
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