Consultation on the AML supervisory review - Law Society response
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.