The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) published its annual review of AML supervision effectiveness on the 3rd of March 2026, covering the 25 professional body supervisors responsible for preventing financial crime across the legal and accountancy sectors. The review found that law firms are being fined up to six times more than accountancy practices for AML breaches.
Fines And Inspections
OPBAS stated in its report: “The total sum of fines issued collectively by the accountancy sector is similar to the legal sector, but the average fine amount is over six times lower. This suggests lower average penalties. We are looking at this closely, with the accountancy sector generally receiving lower scores than the legal sector in their enforcement effectiveness scores in this cycle.” OPBAS also confirmed it expects to see “significant improvements” in some organisations’ enforcement approaches, a finding directed primarily at accountancy sector supervisors.
According to the OPBAS report, in 2023/24, legal sector regulators issued fines averaging £12,073, compared with £1,892 in the accountancy sector, with total fines reaching £470,859, approximately £90,000 more than the accountancy sector issued in the same period, despite accountancy firms being greater in number. The number of fines issued by legal regulators rose to an all-time high of 39 during the year.
OPBAS stated that some professional body supervisors are “overly relying on ‘assisted compliance’ to correct failures through a disproportionate focus on working with firms. This risks undermining the delivery of proportionate, effective and dissuasive disciplinary measures”.
During 2023/24, law firms were far more likely to have an onsite inspection than accountancy firms. Legal sector supervisors collectively and consistently increased their number of onsite inspections year on year, with 453 visits carried out in 2023/24. The number of visits in the accountancy sector fell slightly in 2023/24 compared to 2022/23.
The SRA’s Position
The SRA accounts for around 85% of legal AML regulation, with more than 7,000 firms falling within scope and over 300 classed as high risk. The Law Gazette noted that the SRA appeared largely exempt from the criticism directed at other supervisors. Concerns about the dual role of membership organisations also acting as supervisors do not apply to the SRA or the other legal regulators in England and Wales.
Only one law firm had its licence cancelled during the year, the lowest number ever reported. The number of suspicious activity reports submitted by the legal sector fell to 36, a fourth successive annual decline, although OPBAS noted that the sample SARs reviewed were of good quality.
FCA To Take Over
The review is likely to be one of the last of its kind. The government has outlined plans for the FCA, which currently houses OPBAS, to replace all 25 professional body supervisors across the legal and accountancy sectors; “Following our analysis of this evidence, the Government has decided to make the FCA the AML/CTF supervisor for professional services firms. The FCA will carry out new supervisory functions as part of its remit and will be tasked with working with the professional services sector, other regulators, and law enforcement agencies to improve the UK’s defences against money laundering. The FCA will carry out these functions independently of HM Treasury and will be provided with the powers necessary to succeed in carrying out this role”. The SRA has stated publicly that it is disappointed by the decision.
OPBAS issued a public censure for the first time in 2025 against a professional body supervisor who had failed to meet the UK’s money laundering requirements. OPBAS stated that the move to a single FCA supervisor “reflects the importance of strong, consistent and systemwide supervision” and draws on the FCA’s experience overseeing more than 16,000 businesses across financial services.
Final Words
OPBAS has confirmed it will scrutinise enforcement approaches across the accountancy sector supervisors closely in the coming period. The Law Society Gazette reported that this annual review is likely to be among the last published before the government’s planned transition to a single FCA-led supervisory regime takes effect.
We have been helping solicitors and other legal professionals with disciplinary and regulatory advice for 30 years. If you have any questions relating to an SRA investigation or an SDT appearance, please call us on 0151 909 2380 or complete our Free Online Enquiry