The Currency analytics
By Maheen Hernandez
OPBAS wants stronger action. The Office for Professional Body Anti-Money Laundering Supervision dropped its latest report March 3, calling out weak enforcement across…
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…
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?
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…
Last year marked a turning point - OPBAS took its first enforcement action against a professional body supervisor that failed Money Laundering Regulations obligations.
The report calls out specific areas where professional body supervisors need to tighten up enforcement mechanisms.
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…
The legal and accountancy sectors under OPBAS scrutiny handle massive amounts of money daily, making their role in preventing financial crime absolutely critical.
OPBAS plans workshops for professional body supervisors scheduled for mid-2026. These sessions aim to provide targeted guidance on enforcement strategies and promote best…
Professional body supervisors now face pressure to separate their supervisory and membership functions more clearly.
The transition to FCA oversight will require professional body supervisors to adapt to new regulatory requirements and processes.
Despite OPBAS reporting some progress, the lack of specific upcoming enforcement plans leaves uncertainty in the industry.
The agency's silence on future actions puts the ball in professional body supervisors' court to proactively address identified weaknesses.
The enforcement gap hits particularly hard in smaller accounting firms and sole practitioner legal offices, where resources for compliance training remain limited.
Professional body supervisors like the Solicitors Regulation Authority and ACCA have started implementing risk-based supervision models, but implementation varies wildly across…