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New anti-money laundering supervisory body launched

12 February 2018
Issue: 4635 / Categories: News

OPBAS will oversee supervisors and is based in the FCA.

The government has launched the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), based within the Financial Conduct Authority. It will oversee the 22 accountancy and legal professional body anti-money laundering supervisors in the UK. These include the Chartered Institute of Taxation, the Institute of Chartered Accountants in England and Wales, and the Institute of Chartered Accountants of Scotland. OPBAS will not directly monitor the businesses that the bodies supervise.

The Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations SI 2017/1301, which underpin OPBAS, came into force on 18 January.

More information is at here.

Issue: 4635 / Categories: News
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