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Responsibility of supervisory authorities etc

A supervisory authority must effectively monitor the relevant persons that it supervises and take necessary measures for the purpose of securing compliance with the requirements of the money laundering rules¹. The professional bodies detailed in the 2017 Regulations, regulation 7 and Sch 1 are the supervisory authorities for the relevant persons who are regulated by it².

Each supervisory authority must identify and assess the international and domestic risks of money laundering and terrorist financing to which those relevant persons for which it is the supervisory authority are subject³.

The duties of supervisory authorities are set out in regulation 46. These include effectively monitoring the relevant persons for which it is the supervising authority (its 'own sector') and taking necessary measures to secure compliance. Each authority is required to adopt a risk-based approach to its supervisory functions, informed by its own risk assessment, and must ensure that its employees and officers have access to information on the domestic and international risks of money laundering and terrorist financing affecting