OFT consults on anti-money laundering

Nia Williams

February 9, 2010

The OFT has, to date, operated an interim compliance monitoring regime. It is now seeking views on a more appropriate model for monitoring and enforcement activity for the longer term. The consultation covers:

  • identifying those who have not registered with the OFT
  • monitoring and enforcement penalties, and
  • future fee structures.

The OFT has a duty to supervise effectively estate agents and certain consumer credit lenders (known as CCFIs).

John Parker, OFT director of Anti-Money Laundering, said: “This is an opportunity for firms that fall under our supervision to have their say on the best way for us to meet the obligations set out in the Regulations.

“We want to have an active dialogue on the best long-term approach and would encourage firms to respond to this consultation.”

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