Emma RadmoreTreasury has published its AML and CTF supervision report for 2015-2017. It notes the two most critical legislative developments during the period as the CFA and MLRs 2017, and notes the strengthened supervision that OPBAS will bring.
The report shows many successes, such as non-compliance levels in no more than 5% of entities reviewed, with record numbers of SARs especially from the professional adviser community.
The 2015 NRA had noted some inconsistencies in the supervisory regime, which the Government launched an action plan to address. Treasury thinks there have been many successes and is now looking to ensure that there is better data capture and sharing of information. It sees the added expertise that OPBAS will bring, and notes the range of supervisory tools available.
