On 15 May 2013 the OFT updated its anti-money laundering enforcement principles, which relate to the supervisory function of the OFT under the Money Laundering Regulations 2007 (the “Regulations”). Under the Regulations, the OFT has a duty to monitor anti-money laundering compliance by consumer credit financial institutions and estate agents. Key elements of the OFT update include detail on the OFT’s inspection program (including prioritisation of inspections) and examples of when the OFT will consider that formal enforcement action is required. This follows on from the HM Treasury Report on the performance of AML supervisors (see our earlier report here)