HM Treasury AML Consultation and Roundtable Discussion Groups (UK)

HM Treasury (HMT) has issued a consultation on the Reform of the Anti-Money Laundering and Counter-Terrorism Financing Supervisory Regime Consultation.

This consultation offers stakeholders the opportunity to provide their views on the future of AML regulation and supervision, and, in particular, which of the four options proposed would most improve the regime. The consultation closes on 30 September 2023. Chartered Accountants Ireland will be submitting a response.

Model 1: OPBAS+ The first potential model would involve no structural change to the regime. The Office for Professional Body AML Supervision (OPBAS), the oversight body, would be given enhanced powers to increase the effectiveness of the AML supervision undertaken by the Professional Body Supervisors (PBSs).

Model 2: PBS Consolidation Model 2 would likely see either two or six PBSs retain responsibility for AML/CTF supervision. There could be either one accountancy sector supervisor and one legal sector supervisor, both with UK-wide remits, or one accountancy sector supervisor and one legal sector supervisor within each jurisdiction: England and Wales, Scotland, and Northern Ireland.

Model 3: Single Professional Services Supervisor (SPSS) The third model would see a single body supervise all legal and accountancy sector firms for AML/CTF. It may also supervise some or all of the wider sectors currently supervised by HMRC. This body would most likely be a public body, unlike the PBSs.

Model 4: Single Anti-Money Laundering Supervisor (SAS) Under this model, all AML/CTF supervision in the UK would be undertaken by a single public body. The major difference between this and previous options is that the Financial Conduct Authority and Gambling Commission would also stop supervising firms for AML/CTF compliance.

HMT has organised two roundtables for accountancy firms and practitioners regarding HMT’s consultation on the future of the supervisory system and are inviting as many firms as possible to attend the roundtables to discuss the supervision reform consultation.

There will be roundtables on two dates. Firms who would like to attend should sign up for one of the two roundtables using the following links below:

31^st August, 11 am - 12:30: https://www.eventbrite.co.uk/e/700132925427?aff=oddtdtcreator.

6^th September, 14:00 - 15:30: https://www.eventbrite.co.uk/e/700229012827?aff=oddtdtcreator.