The anti-money laundering supervisors of accountancy and law firms “lack the teeth” teeth to deter companies from falling short of minimum standards, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has warned.
While overall Professional Body Supervisors (PBSs) are more effective now than at any time since 2018, some PBSs are continuing to perform poorly in their enforcement approach relative to other areas, OPBAS found in its latest report, adding that and supervision could also be improved.
The regulatory body also voiced concerns that PBSs’ dual role as both membership organisations and supervisors may be hindering effective action.
Mark Francis, director, specialists at the FCA, said: “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.”
The FCA was handed AML and counter terrorist financing (CTF) supervision in the accountancy and legal sectors in 2025, building on the work of OPBAS, which was founded in 2018.
