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Anti-Money Laundering: OFT's future supervisory approach

Starting date: 9 February 2010
Closing date: 7 May 2010

The OFT is conducting a consultation on aspects of its future approach to supervising estate agents and certain credit lenders under the Money Laundering Regulations 2007.

The consultation invites views and comments on options and proposals relating to:

  • registration
  • monitoring and enforcement
  • penalties, and
  • fee structures.

Written responses and comments received in meetings with interested parties will be used to develop the OFT's approach to its AML supervisory duties and the charging structure that will be implemented for 2010/11.

It had been the OFT's intention to include the OFT's response to the consultation within the summary of responses outlining the OFT's future supervisory approach. However, a number of factors have caused a change to this approach and delayed publication of the OFT's future supervisory approach. Not least of these factors are the proposed changes to the wider regulatory landscape which are subject of wider consultation by the Government. In addition the OFT needs to identify the scope for efficiencies and we need to follow Government rules regarding freezing of recruitment.




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