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Money Laundering: RUSI and PwC collaborate on review of the impact of the UK’s AML and CTF regulations

News, 19 April 2016
Centre for Financial Crime and Security Studies, AML/CTF
New project aims to survey effectiveness of compliance rules implemented by financial institutions, and assess the associated costs and effectiveness in combatting money laundering and terrorist financing.

RUSI is collaborating with the global professional services network PwC on a new study into the effectiveness of compliance rules and regulations for the UK's financial institutions to tackle the rising threat of money laundering and terrorist financing. 

The Cartography of Compliance study will offer a thorough review of how AML/CTF requirements are implemented by financial institutions, and assess the associated costs and effectiveness in combatting money laundering and terrorist financing.

RUSI’s Centre for Financial Crime and Security Studies is working with PwC to analyse the strategy, resources, and outputs behind implementing the laws and how those working in the Compliance teams of UK financial institutions perceive them.

Based on a survey and a series of interviews with financial institutions, the study will ask if their strategies and resources could be put to better use.

It comes as the issue of money laundering and terrorist financing gains prominence across public and private sector discussions, and financial institutions spend millions of pounds every year to meet regulatory standards.

The survey and interview responses will help to identify any existing gaps in implementation with a report to be published later this year.

Financial Services partner at PwC, Matthew Russell, commented:

"This project will not only assess whether the UK's financial crime compliance regime is 'fit for purpose' but it will also help those involved in the study to better understand their vulnerability to financial crime - not just the regulation. Once we have this understanding, can we enhance their controls to properly mitigate those risks?”

Tom Keatinge, Director, Centre for Financial Crime and Security Studies, commented:

“The Cartography of Compliance is one of our core projects and in many ways a pillar of our thinking on financial crime and the security threats that derive from it. Compliance teams are at the heart of the efforts on fighting financial crime and terrorist finance and therefore it is crucial that we understand and identify new ways to make them more effective”

Ends

Notes to Editors

  1. RUSI’s Centre for Financial Crime and Security Studies was formed in December 2014 and produces research and analysis that addresses the challenges and effects of financial crime and threat finance on the UK and international security.
  2. PwC is a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. 
  3. RUSI is an independent think-tank for defence and security. RUSI is a unique institution; founded in 1831 by the Duke of Wellington, it embodies nearly two centuries of forward thinking, free discussion and careful reflection on defence and security matters.
  4. Any further enquiries, please contact : RUSI - Saqeb Mueen / +44(0)20 7747 2618 / +44 (0) 7917 373 069 / smueen@rusi.org . PwC - David Jetuah, PwC Media Relations /+44 07531 439437 / david.jetuah@uk.pwc.com

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