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FCA Criticizes Attys, Accountant Groups Over AML Defenses

Law360, London (March 12, 2019, 4:22 PM GMT) -- Professional bodies overseeing lawyers and accountants were criticized by the Financial Conduct Authority on Tuesday for failing to police their members' anti-money laundering efforts.

A review of the Office for Professional Body Anti-Money Laundering Supervision, which sits within the FCA, has found that professional bodies are more interested in representing their members than taking enforcement action against them for money-laundering failings, Alison Barker, the FCA’s director of specialist supervision told an audience in London.

The OPBAS, which was set up January 2018, oversees 22 accountancy and legal professional bodies — including the Solicitors Regulation Authority, the Bar Standards Board and the...

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