OPBAS report says “room for improvement”

The latest OPBAS report on how professional body supervisors monitor AML compliance within their regulated communities says that effectiveness of supervision is better now than at any time since 2018 but the enforcement is weak. It thinks that the dual membership association and supervisor role can in some cases hinder effective action.

OPBAS itself of course took its first enforcement action against a PBS in the last year, but the FCA is soon to take over AML supervision of the accountancy and legal sectors directly.