Office for Professional Body Anti‑Money Laundering (OPBAS) sourcebook update
Financial Conduct Authority
Our response published
28 September 2022
AAT strongly supports the UK’s drive to combat money laundering and terrorist financing and recognises that establishing a consistent, risk based supervisory regime in the UK is paramount.
We welcome the review of the Office for Professional Body Anti‑Money Laundering (OPBAS) sourcebook and are in support of the proposed changes.
However, we question the clarity and accuracy of the cost analysis in Annex 2 of the consultation. AAT contends that Annex 2 of the consultation paper lacks transparency and does not provide sufficient information to enable the rationale behind the cost analysis to be understood.
Related consultation responses
Spring Budget 2024 representation
This representation ahead of the March 2024 Spring Budget sets out AAT’s policy position on tax, professional standards, support for SMEs and late payments.
Reforming anti-money laundering and counter-terrorism financing supervision
AAT contends that the OPBAS+ model is the most suitable option and would result in a demonstrable improvement in the sector.