OPBAS Reviews Law Society's Activities

OPBAS Reviews Law Society's Activities

The Office for Professional Body AML Supervision (OPBAS), a part of the Financial Conduct Authority, has begun a review of the activities of the Law Society of England and Wales in their role as a supervisory body under the 2017 Money Laundering regulations.

This process is effectively an audit of the Society's advice and guidance-giving functions. It also encompasses the relationship between the Society and the Solicitors Regulation Authority, who have responsibility for investigating, monitoring and enforcing solicitors' compliance with AML regulations.