Chinese company pays record-breaking penalty for Iran-related sanctions violations

Scott Balber (+1 917 542 7810, scott.balber@hsf.com) is a partner and Jonathan Cross (+1 917 542 7824, jonathan.cross@hsf.com) is of Counsel in the New York office of Herbert Smith Freehills.

A new Office for Professional Body Anti-Money Laundering Supervision (OPBAS), announced on 15 March, will aim to better align the risk based approaches adopted by AML supervisors in the UK. [1] Currently 23 supervisors oversee accountancy and legal services - 22 are professional bodies – leading to inconsistencies.