REGULATORS RAPPED
By Nicola Laver
OPBAS, the office for professional body AML supervision, has criticised smaller legal regulators for their approach to their anti-money laundering obligations. Only 44 per cent of legal regulators integrated AML assessments as part of their professional conduct monitoring programmes, OPBAS said, and only 66 per cent had sufficient supervisory activity. Smaller legal supervisors also generally lacked appropriate resources to deal with intelligence. Across both legal and accountancy sectors, there was a 'tick box' approach to AML assessment, OPBAS noted, and inconsistencies in reporting findings. 14 March 2019