Regulatory Alerts2022-08-10
Added · Updated
OPBAS Sourcebook Update
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) updates its Sourcebook for professional body anti-money laundering supervisors (PBSs), introducing a new Chapter 2 on its supervisory approach and a four-point effectiveness scale. The revised guidance takes effect on 10 January 2023, with assessments against the new standards beginning after the publication of the OPBAS 4th report and no earlier than April 2023. Key changes include replacing the term 'whistleblowing' with 'disclosures', removing references to the SARs reform programme, and clarifying that the Single Point Contact (SPOC) must be an appropriately resourced figure with senior authority rather than necessarily being at board level. OPBAS maintains expectations regarding the use of FIN-NET and SIS networks, the assessment of Suspicious Activity Report quality, and the inclusion of reporting obligations as guidance, while rejecting proposals for specific fine levels or league tables.