It was recently reported by the Financial Times that many companies and banks in the UK had lodged complaints to ministers regarding anti-money laundering rules. These complaints claim that the rules that are intended to keep dirty money out of the UK impose excessive extra costs and time burdens on innocent companies and individuals.
As a result, Sajid Javid, business secretary, has announced plans for a review to reduce the complexity of AML systems. The review aims to ensure that the current rules are not “unintentionally holding back” British business. Both the British Bankers’ Association and the Confederation of British Industry welcome the initiative.
Accuity’s Henry Balani comments: “the announcement by Sajid David to reduce complexity in the UK government’s anti-money laundering regime should be welcomed by all. Typically, it’s like finding a ‘needle in a haystack’ when it comes to identifying dirty money. With clear rules and using an effective technology solution, the process becomes much easier – ultimately meeting the goal of eradicating dirty money in the financial system.”