Implementation and testing of risk-based processes and the data analysis that sits behind them are among the biggest weaknesses laid out in a review of anti-money laundering (AML) efforts in the accounting and legal sectors conducted by a division of the U.K.’s financial watchdog.
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) was established as part of the Financial Conduct Authority in 2018. The new regulator oversees the AML efforts of the 22 Professional Body Supervisors (PBSs) responsible for AML supervision for the accounting and legal sectors in the United Kingdom.
