OPBAS Report: AML Supervisors Improve, Enforcement Needs Strengthening

FCA News & Press Releases

Published March 3rd, 2026

Detected March 4th, 2026

Summary

The FCA's Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has released a report indicating improvements in AML supervisor effectiveness for professional services firms. However, the report highlights ongoing concerns regarding the enforcement capabilities of some supervisors and potential conflicts of interest due to their dual role.

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What changed

The latest report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), housed within the FCA, indicates that anti-money laundering supervisors for professional services firms are more effective than at any point since 2018. Despite general good levels of compliance among Professional Body Supervisors (PBSs), OPBAS expresses concern that some PBSs continue to perform poorly in their enforcement approach and that their dual role as membership organisations and supervisors can hinder effective action. The report also notes that the government has decided the FCA will assume AML/CTF supervision in the accountancy and legal sectors from 2025 to simplify oversight and improve crime disruption efforts.

While the report identifies areas for improvement, it does not specify immediate compliance deadlines for regulated entities. However, the FCA's stated priority in fighting financial crime suggests that professional services firms should ensure their AML compliance frameworks are robust and that their respective supervisors are demonstrating effective enforcement. The FCA's assumption of direct supervision in 2025 implies a move towards more consistent oversight, and firms should be prepared for potential changes in supervisory engagement and expectations.

What to do next

Review OPBAS report findings on supervisor effectiveness and enforcement.
Ensure internal AML compliance frameworks are robust and align with evolving supervisory expectations.
Be prepared for potential changes in AML/CTF supervision as the FCA assumes direct oversight in 2025.

Penalties

The document mentions OPBAS took its first enforcement action against a PBS in 2025 for failing to meet requirements under the Money Laundering Regulations, but does not detail specific penalties for firms or supervisors in this report.

Source document (simplified)

- Financial crime

OPBAS identifies areas where anti-money laundering supervisors can improve

News stories First published:

03/03/2026

Last updated: 03/03/2026
The latest report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) finds there is still room for improvement.

The anti-money laundering supervisors of professional services firms are more effective than at any time since 2018. However, OPBAS remains concerned that their enforcement lacks the teeth to deter firms from falling short of minimum standards.

OPBAS’s latest report found Professional Body Supervisors (PBSs) generally continue to demonstrate good levels of compliance. Yet some PBSs continue to perform poorly in their enforcement approach relative to other areas, and supervision could also be improved. OPBAS is concerned that for some PBSs, their dual role as both a membership organisation and a supervisor can hinder effective action.

Mark Francis, director, specialists at the FCA, said:

'Fighting financial crime is a priority for the FCA. 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.’

OPBAS is housed within the FCA and oversees 25 PBSs tasked with preventing financial crime in the accountancy and legal sectors.

OPBAS, founded in 2018, has used an increasing range of tools to drive improvements among PBSs. Last year, OPBAS took its first enforcement action against a PBS that failed to meet its requirements under the Money Laundering Regulations.

In 2025, the Government decided that the FCA will assume anti-money laundering (AML) and counter terrorist financing (CTF) supervision in the accountancy and legal sectors. This reflects the need to simplify the supervision of professional services, ensure more consistent oversight and improve efforts to identify and disrupt crime.

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