Highlights from the report:
- OPBAS did not see any material improvement in PBSs’ effectiveness in the core areas of supervision, risk-based approach, enforcement, and information and intelligence sharing;
- Problems in applying a risk-based approach reduced the effectiveness of PBSs’ supervision;
- Weaknesses remain in AML supervision, specifically shortcomings in the design of some supervisory approaches, lacking clearly defined methodologies;
- There are continued gaps in enforcement approaches; and
- Not all PBSs are prioritising and resourcing their AML supervisory function appropriately.
Firms subject to the supervision of OPBAS members should review the latest report for insights into the expectations and objectives of the Office.