OPBAS will reform the AML supervisory regime, a key part of the 2016 Action plan for anti-money laundering and counter-terrorist finance.
The OPBAS regulations have been laid in Parliament and will take effect on 18th January.
The Economic Secretary to the Treasury, Stephen Barclay, said: “Our partnership with the private sector is at the heart of this reform, and OPBAS will help our supervisors tighten the UK’s defences against dirty money whilst minimising unnecessary burdens on legitimate business.”
“This is the latest step in the government’s reforms to the UK’s financial system to make it a hostile environment for illicit finance.”