This week’s Subject Matter is about the AML/CFT Supervisory Regime, The Wolfsberg Group 

On September 29, 2023, the Wolfsberg Group responded to the HMT public consultation on reforms of the anti-money laundering and counter-terrorism financial supervisory regime. The group recommends that the UK adopt Model 3 (single professional service supervisor), and consideration is given to transitioning sectors identified as higher risk in the UK’s National Risk Assessment from HMRC to the FCA.

The benefits of Model 3 – Single Professional Services Supervisor (SPSS) highlighted are:-

1- Information Sharing, Public-Private Partnerships and National Threat Priorities

2- Risk-Based and Effective Outcome-Based Supervision

3- Dissuasive Sanctions

4- Supporting Cross-Cutting Government Policies