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UK Officials Expect More AML Data-Sharing Under New Agency, OPBAS

By Manju Manglani

One of the first priorities of the new U.K. Office for Professional Body Anti-Money Laundering Supervision will be to ensure that certain professions outside the traditional banking sector contribute more towards national efforts against financial crime, says a senior official. Launched on Tuesday within the Financial Conduct Authority, OPBAS, which becomes fully operational Feb. 1, is tasked with harmonizing AML oversight by 22 industry-based professional body supervisors, or PBSs, that together monitor around 200,000 members in the legal, accounting and real estate sectors. “The initial remit of OPBAS in its first year will be to visit each of the PBSs...

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