The UK Financial Conduct Authority has published the latest report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), finding that anti-money laundering (AML) supervisors of professional services firms are more effective than at any point since 2018 but still need to strengthen enforcement to deter firms from falling short of minimum standards. OPBAS, housed within the FCA, oversees 25 Professional Body Supervisors (PBSs) in the accountancy and legal sectors. The report finds PBSs generally show good levels of compliance, but some continue to perform poorly on enforcement relative to other areas, and supervision could be improved. OPBAS also highlights that, for some PBSs, their dual role as both a membership organisation and a supervisor can hinder effective action, and notes it took its first enforcement action last year against a PBS that did not meet its requirements under the Money Laundering Regulations. The report sits alongside the Government’s 2025 decision that the FCA will assume AML and counter terrorist financing supervision in the accountancy and legal sectors, aimed at simplifying supervision, improving consistency of oversight, and strengthening efforts to identify and disrupt crime.
Financial Conduct Authority 2026-03-03
UK Financial Conduct Authority’s OPBAS report calls for stronger enforcement by professional body AML supervisors
The UK Financial Conduct Authority's report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) indicates improved effectiveness among AML supervisors since 2018, though enforcement remains weak. OPBAS oversees 25 Professional Body Supervisors in the accountancy and legal sectors, noting some struggle with enforcement and dual roles. The report aligns with the Government's decision for the FCA to assume AML supervision in these sectors by 2025 to enhance oversight and crime disruption.