A new anti-money laundering (AML) watchdog could create more bureaucracy for already hard-pressed solicitors, a lawyer has warned.
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) launched last week. It has powers to monitor the Law Society and other supervisory bodies, impose financial penalties, and publicly censure non-compliant organisations.
However, Caroline Day, partner at Kingsley Napley, said: ‘This new watchdog is designed to be a “supervisor” of supervisors. The intention is for OPBAS to reinforce AML in the UK, but whether this will also add unnecessary layers of bureaucratic supervision remains to be seen.’
The Law Society also raised concerns about transparency during the consultation last year, and cautioned that OPBAS would not ‘add value’.
Meanwhile, law firms have been told they have until 2 February to provide information required by new AML regulations. All firms should have received forms from the Solicitors Regulation Authority this week.
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