CIMA comments on OPBAS report as AML supervision shifts to FCA

Following the publication of the latest report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), Elaine Smyth, Associate Director – Professional Standards at The Chartered Institute of Management Accountants, said:

“We welcome the latest OPBAS report and its recognition of the continued effectiveness of Professional Body Supervisors (PBSs) in delivering robust Anti-Money Laundering (AML) supervision. Professional bodies play a vital role in protecting the public and helping to prevent financial crime, and CIMA remains committed to upholding the highest standards in this area.

“We will continue to collaborate closely with OPBAS on important cross sectoral work, including the development of Suspicious Activity Reports (SARs) and wider information and intelligence sharing initiatives. This cooperation is essential to maintaining a strong, coordinated AML regime in the UK.

“As responsibility for AML supervision transitions to the Financial Conduct Authority (FCA), it is essential that the effectiveness of the current framework is preserved. CIMA will work constructively with OPBAS, the FCA, and fellow PBSs to support a smooth transition and ensure the system remains robust, risk based, and fit for purpose.”