The UK’s anti-money laundering (AML) supervisors overseeing professional services firms are now more effective than at any point since 2018. However, OPBAS has made clear that enforcement action must become stronger to properly deter firms from falling below required standards.

According to the latest report, Professional Body Supervisors (PBSs) generally maintain good levels of compliance. Yet inconsistencies remain. Some PBSs continue to underperform in their enforcement approach compared to other supervisory activities, and oversight practices could be further strengthened.

A key concern raised by OPBAS is the potential conflict within certain PBSs that operate both as membership organisations and regulators. This dual role may limit their willingness or ability to take firm and decisive enforcement action.

Mark Francis, Director of Specialists at the Financial Conduct Authority (FCA), emphasised the importance of continued reform:

“Fighting financial crime is a priority for the FCA. In recent years, OPBAS has driven progress in the way money laundering is tackled in the legal and accountancy sectors, but improvements are still required.”

OPBAS, which operates within the FCA, oversees 25 Professional Body Supervisors responsible for preventing financial crime across the legal and accountancy sectors.

Since its establishment in 2018, OPBAS has expanded its supervisory toolkit to drive higher standards. Notably, last year it took its first enforcement action against a PBS that failed to meet its obligations under the Money Laundering Regulations — a significant step toward stronger accountability.

Looking ahead, further structural change is coming. In 2025, the UK Government confirmed that the FCA will assume direct responsibility for AML and counter-terrorist financing (CTF) supervision in the legal and accountancy sectors. The move is designed to simplify oversight, ensure greater consistency, and strengthen efforts to detect and disrupt financial crime.