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Resourceslibrarykyc newsOnly half of UK financial service professionals have confidence in their AML procedures

Only half of UK financial service professionals have confidence in their AML procedures

Within the companies surveyed, the top two AML weaknesses were identified as document collection for individuals and companies (27%) and staff training (29%). On top of this, a number of those surveyed also had concerns around budgeting for AML compliance during a recession (23%).

October 25, 2022
KYC News
Fintech
Analysis
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A new survey has revealed that only 57% of UK financial services professionals are ‘somewhat confident’ in their anti-money laundering procedures. The same survey also found that 52% of respondents could cite an instance of money laundering in the last year. 

The good news is that the survey also shows how seriously financial services professionals are starting to deal with money laundering threats. This is because 73% of the survey’s respondents said that anti-money laundering was moving up their company’s agenda.

However, respondents were also quick to highlight the external threats the sector faces, including the crisis in Ukraine and people trafficking (64%), the increased focus on customer transparency and ethical customer onboarding (62%), and the increased risk of fines (51%). On top of this, many financial services companies also stated that they are facing process and compliance challenges.

Where have AML weaknesses been identified?

Within the companies surveyed, the top two AML weaknesses were identified as document collection for individuals and companies (27%) and staff training (29%). On top of this, a number of those surveyed also had concerns around budgeting for AML compliance during a recession (23%).

That said, those who choose to cut their AML budget are likely to create further problems. After all, creating a robust document collection process and correct staff training are both essential for ensuring compliance. 

Those who fail to put the correct processes in place will likely allow dirty money to pass through their company. As a result, they’ll face both fines and reputational damage. Due to this, even though businesses are under pressure and need to find cost savings, it’s clear that cutting the anti-money laundering budget isn’t the answer.

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