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Have your say - AML supervision

A new consultation by HM Treasury has been published on proposed reform of the anti-money laundering and counter-terrorism financing (AML/CTF) supervisory system. The consultation runs until 30 September 2023.

The current system is implemented by three statutory supervisors - the Financial Conduct Authority, the Gambling Commission and HMRC - and 22 professional body supervisors (PBSs) who supervise the legal and accountancy sectors (that includes the SRA).

The government says that “The 2022 Review of the UK’s AML/CTF regulatory and supervisory regime concluded that while there had been continued improvement to the regime, some weaknesses in supervision may need to be addressed through structural reform” and this consultation expands on the four proposals put forward in the 2022 review.

Two of the four proposals feature a proposed single regulator, and the current Office for Professional Body Anti-Money Laundering Supervision (OPBAS), created in 2017, features in a third. The final proposal is to consolidate the current options down to a handful, between two and six.

Posted on 07/13/2023 by Ortolan

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