FG23/1: OPBAS Sourcebook update

Read summary Feedback FG23/1 OPBAS sourcebook (PDF)

Read updated OPBAS sourcebook (PDF)

What we are changing 

• OPBAS is publishing an updated sourcebook as part of its continuing work to drive improvements in professional body supervisors’ (PBSs) anti- money laundering (AML) supervision of the accountancy and legal sectors. 
• The revised sourcebook provides additional guidance for PBSs on OPBAS’s expectations and outcomes to improve the consistency and effectiveness of PBSs’ AML supervision in the sectors they oversee.  
• Following feedback, the revised sourcebook will deliver a stronger and more consistent standard of PBS supervision and facilitate better collaboration and information and intelligence sharing between PBSs, statutory supervisors and law enforcement agencies. 

Who this is for 

• PBS
• others interested in anti-money laundering supervision, including other supervisory authorities, Government agencies, law enforcement policy groups and academics

Next steps 

The updated sourcebook will take effect from 10 January 2023.  We will begin to assess PBSs against the revised OPBAS sourcebook after publication of the OPBAS 4th report, and not before April 2023.  

Background 

The sourcebook is OPBAS’s main channel for providing PBSs with guidance on effective compliance with their obligations under the Money Laundering Regulations 2017.  

The OPBAS sourcebook review comes at a time of unprecedented focus on the harm caused by economic crime, with the Government taking action to strengthen the UK AML regime, through such measures as a second Economic Crime Plan, the Economic Crime and Corporate Transparency Bill and HMT’s review of the Money Laundering Regulations and the wider UK AML landscape.