Sourcebook for professional body supervisors on anti-money laundering supervision

We have published our specialist sourcebook for professional body supervisors, that sets out expectations in relation to anti-money laundering supervision.

OPBAS sourcebook (PDF)

FG18/1 (PDF)

Summary of feedback received (PDF)

The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is a new regulator housed within the FCA. OPBAS will ensure the professional body anti-money laundering (AML) supervisors meet the standards required by the Money Laundering Regulations 2017 Link is external and facilitate collaboration and information sharing between the professional body AML supervisors, statutory supervisors, and law enforcement agencies.

OPBAS aims to improve consistency of professional body AML supervision in the accountancy and legal sectors, but will not directly supervise legal and accountancy firms.

The government announced Link is external the decision to create OPBAS in March 2017 after it determined that, while there are benefits to having a range of professional body supervisors for AML, the effectiveness of supervision was inconsistent. The OPBAS Regulations 2018 Link is external came into effect on 18 January 2018.

In July 2017, the FCA consulted on a sourcebook for professional body supervisors about how they can meet their obligations in relation to AML supervision (the Sourcebook). The consultation closed on 23 October 2017.

Our response

We have now considered and taken into account of the feedback which was sent to us in response to our consultation and have updated the Sourcebook for professional body AML supervisors to reflect this. The final Sourcebook is published alongside our summary of feedback .

Who this is of interest to

The Sourcebook will apply to the professional body supervisors listed below, which OPBAS will supervise, from 1 February 2018.

Association of Accounting Technicians

Association of Chartered Certified Accountants

Association of International Accountants

Association of Taxation Technicians

Chartered Institute of Legal Executives / CILEx Regulation

Chartered Institute of Management Accountants

Chartered Institute of Taxation

Council for Licensed Conveyancers

Faculty of Advocates

Faculty Office of the Archbishop of Canterbury

General Council of the Bar / Bar Standards Board

General Council of the Bar of Northern Ireland

Insolvency Practitioners Association

Institute of Certified Bookkeepers

Institute of Chartered Accountants in England and Wales

Institute of Chartered Accountants in Ireland

Institute of Chartered Accountants of Scotland

Institute of Financial Accountants

International Association of Bookkeepers

Law Society / Solicitors Regulation Authority

Law Society of Northern Ireland

Law Society of Scotland

If you have any questions, please contact OPBAS.info@fca.org.uk

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