FCA publishes consultation on Office for Professional Body Anti-Money Laundering Supervision

FCA has published a consultation on the proposed text for a specialist sourcebook setting out the new Office for Professional Body Anti- Money Laundering Supervision’s (OPBAS) expectations in relation to anti-money laundering supervision. OPBAS will oversee 22 professional body anti money laundering supervisors such as the Law Society / Solicitors Regulation Authority and the Association of Chartered Certified Accountants.  The sourcebook will apply to these supervisors with the aim of promoting collaboration and information between professional body supervisors, statutory supervisors and law enforcement agencies.

FCA  welcomes responses to the consultation by 23 October 2017, with its guidance due to come into effect on 1 January 2018.