Britain Pitches Limited Overhaul of AML Rules, Enhanced Due Diligence

Featured in ACAMS Money Laundering

Anti-Money Laundering


Kathryn Westmore, a senior analyst at the Royal United Services Institute in London [said] that the proposals in Monday's consultation would give financial institutions more freedom to use a risk-based approach towards compliance while also potentially requiring them to more clearly document and articulate their decisions. "That has to be tied into risk assessments and their risk appetite, which many institutions struggle to articulate," Westmore said. "Applying this new approach does open up the door for more regulatory scrutiny."