AML: HMRC flexes enforcement muscle to the tune of £7.8 million
Caroline Day, a partner at Kingsley Napley LLP, comments in an article regarding the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). The article was published in Financier Worldwide in October 2017.
OPBAS will have powers to help and ensure professional body AML supervisors meet the requisite standards”
These include the powers to publicly censure or recommend that the Treasury remove professional bodies that do not comply with their requirements in the MLR. There will be complementary safeguards so that professional bodies have opportunities to engage with OPBAS before any penalty is issued and, if necessary, to appeal a decision. OPBAS will issue a set of anti-money laundering guidance for each sector.”
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