Source · Select Committees · Treasury Committee
Recommendation 35
35
Acknowledged
Paragraph: 153
Whilst the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has made good progress, it...
Conclusion
Whilst the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has made good progress, it is disappointing that nearly four years after it was set up, it is still encountering poor performance from a large proportion of the professional bodies that it supervises. There needs to be a plan to ramp up compliance in this sector, by resourcing OPBAS to do more checks and to allow it to take punitive action against professional body supervisors.
Government response summary AI-generated
The government welcomes the report's recognition of progress and states that OPBAS expects PBSs to continue investing in their AML supervision, and will continue to evolve its approach to supervision.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
153
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
OPBAS’s three reports evidence welcome improvements in Professional Body Supervisors’ (PBS) technical compliance with the requirements under the Money Laundering Regulations, which has enabled OPBAS to focus more on the effectiveness of their AML supervision. It is on this front that, despite examples of good practice, there are weaknesses and scope for PBSs to make significant improvements. OPBAS continues to evolve a robust approach to PBS supervision, using a wider range of methods to enrich its understanding of risks and drive more effective supervision by PBSs, and will continue to intervene where PBSs do not make the required progress. OPBAS is independently funded by fees charged to PBSs. HM Treasury’s current review of the Money Laundering Regulations and OPBAS Regulations is assessing the progress that OPBAS has made since its creation and, as part of the broader assessment of the structure of the UK’s supervision regime, will consider if OPBAS’s remit and powers remain appropriate. It will also identify opportunities for intensifying OPBAS supervision and the potential for enhanced enforcement powers.
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