HM Treasury response to consultation on AML supervisory review

In July 2017, the Government published the Anti-money laundering (AML) supervisory review: consultation which sought views on: whether the draft Oversight of Professional Body AML and Counter Terrorist Financing Supervision Regulations deliver on the Government’s intention that the Office for Professional Body AML Supervision (OPBAS) helps to ensure that professional body AML supervisors (PBSs) comply with their obligations in the Money Laundering Regulations; and the impact on business from establishing OPBAS. HM Treasury has now published the Anti-money laundering supervisory review: Response to consultation. Key points include: the  Government has clarified the basis on which OPBAS should make a recommendation that HM Treasury consider a professional body’s application to become an AML supervisor; OPBAS will adopt a proportionate approach as it works with PBSs to strengthen the supervisory regime. OPBAS may only request information it reasonably needs to…

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