The Office of Fair Trading (OFT) has issued a consultation paper seeking views on the most appropriate future supervisory approach and fee structure to be adopted by it in its role as a supervisory authority under the Money Laundering Regulations 2007 (the Regulations).
Since 15 December 2007 the OFT has had a statutory duty under the Regulations to effectively supervise compliance with the measures imposed by the Regulations by:
- Estate agents - those businesses engaged in estate agency work as defined by section 1 of the Estate Agents Act 1979.
- Consumer credit financial institutions - those businesses engaged in consumer credit lending requiring a standard licence which are not authorised by the FSA or supervised by HM Revenue and Customs as a money service business.
The deadline for comments on the consultation is 7 May 2010.
View OFT consults on future anti-money laundering supervisory approach and fee structure, 9 February 2010