Professional body AML Supervisors under fire


In a recent UK report by OPBAS – the Office for Professional Body Anti-Money Laundering Supervision it accuses many professional body supervisors (PBSs) of failing to supervise standards robustly, partly for fear of upsetting members and because they believe money laundering is not an issue for firms.

This is the first review by OPBAS of the 22 anti-money laundering (AML) supervisors in accountancy and law, which says the results show ‘a very variable picture’.

The OPBAS view is that the accountancy sector and many smaller professional bodies focus more on representing their members rather than robustly supervising standards. OPBAS say that this because they don’t believe – or don’t want to believe – that there is any money laundering in their sector.

There will be more on the report in future blogs. Read that full report here.

Also watch out for our new fully updated AML Policies & Procedures Manual coming in June 2019 – fully updated for the Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 which came into force on 26 November 2018.

For on-demand webinars on AML and developments in Investment Property Accounting, FRS 105, Common Errors in FRS 102 Accounting and the latest on FRS 105 and company law, visit our online webinar training website. Once viewing is completed customers will receive a CPD Certificate confirming their learning.