New UK AML Watchdog Organisation Formed

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New UK Watchdog Formed

25th January, 2018

A new watchdog, launched January 23rd, aims to strengthen the UK’s defences against money laundering and terrorist financing and to bolster cooperation.

The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has been formed to oversee current AML supervisors to improve and uphold current regulatory standards.

OPBAS will directly oversee the 22 accountancy and legal professional body AML supervisors in the UK with powers to investigate and penalise those that fall below the strict standards set out in The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

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