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The regulator the Financial Conduct Authority (FCA) has set out proposals for recovering the costs of establishing and running the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which the UK Government intends to house within the financial services regulator the FCA. The Office, to be established in early 2018, will be funded entirely by the fees and levies recovered from the bodies it regulates.
The first OPBAS fees will be collected in 2018-19; from the professional bodies that cover auditors, insolvency practitioners, external accountants and independent legal professionals.
Comments to the consultation document are required by January 8. For more, visit the FCA website.