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Report highlights weaknesses in AML supervision among UK firms

A view of London skyline.
Report says supervisors lack the teeth to deter firms from failings. Photo: Peter Dazeley/Getty Images

Hameed Shuja

3 min read
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OPBAS says the accountancy and legal sectors make a significant contribution to UK GDP, but there is significant room for improvement in supervision.

Professional body supervisors (PBSs) in the UK do not have the teeth to deter firms in the legal and accountancy sectors from failing to fulfill their anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) obligations, according to a new report by regulators.

The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has said

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