You are here:
  1. Home
  2. Policy campaigns
  3. Consultation responses
  4. Consultation on the AML supervisory review - Law Society response

Consultation on the AML supervisory review - Law Society response

17 August 2017

The Society has responded to HM Treasury’s (HMT) consultation on the anti-money laundering (AML) supervisory review. The review includes proposed regulations to establish a new Office for Professional Body AML Supervision (OPBAS), hosted by the Financial Conduct Authority.

The consultation sets out that OPBAS will focus on working with professional body AML supervisors (PBS) to ensure high standards of supervision.

The proposed regulations will give the OPBAS power for both public censure of a PBS and to recommend to HMT the removal of AML supervisor status for compliance failure.

Our response highlights our concerns that OPBAS is likely to impose unnecessary costs on PBS, which inevitably will be passed to legal businesses and ultimately to the consumers of legal services.

Recommended

Justice Week
Ethical Obligations of Lawyers During Major Incidents

Join us to explore the ethical obligations of lawyers during major events such as the Grenfell Tower disaster and terrorist attacks.

Ethical Obligations of Lawyers During Major Incidents > More