OPBAS identifies areas where anti-money laundering supervisors can improve

The latest report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) finds there is still room for improvement. 

The anti-money laundering supervisors of professional services firms are more effective than at any time since 2018. However, OPBAS remains concerned that their enforcement lacks the teeth to deter firms from falling short of minimum standards.

OPBAS’s latest report found Professional Body Supervisors (PBSs) generally continue to demonstrate good levels of compliance. Yet some PBSs continue to perform poorly in their enforcement approach relative to other areas, and supervision could also be improved. OPBAS is concerned that for some PBSs, their dual role as both a membership organisation and a supervisor can hinder effective action.

Mark Francis, director, specialists at the FCA, said:  

'Fighting financial crime is a priority for the FCA. In recent years, OPBAS has driven progress in the way money laundering is tackled in the legal and accountancy sectors, but improvements are still required.’

OPBAS is housed within the FCA and oversees 25 PBSs tasked with preventing financial crime in the accountancy and legal sectors.

OPBAS, founded in 2018, has used an increasing range of tools to drive improvements among PBSs. Last year, OPBAS took its first enforcement action against a PBS that failed to meet its requirements under the Money Laundering Regulations.

In 2025, the Government decided that the FCA will assume anti-money laundering (AML) and counter terrorist financing (CTF) supervision in the accountancy and legal sectors. This reflects the need to simplify the supervision of professional services, ensure more consistent oversight and improve efforts to identify and disrupt crime.