The U.K. government has announced a raft of legislation that will drastically cut compliance requirements in the financial services sector, as well as aim to bring the United Kingdom more in line with the EU to simplify customs regulations and boost trade.
AML
Posted inAML
Most FS firms expect to miss EU AML deadline amid data and due diligence challenges
Two-thirds of financial services firms will not be able to meet the requirements of the EU anti-money laundering package when it comes into force in July 2027.
Posted inOpinion
Iran blockade: 5 top tips for compliance officers
The continuing United States and Israel-led campaign against Iran and the blockade of the Strait of Hormuz have created numerous difficulties for companies both directly and indirectly. Experts set out the top five key issues that compliance officers face due to the ongoing situation in Iran:
Posted inArtificial Intelligence
U.K. joins global trend for AI-enabled regulatory supervision
The U.K. financial regulator is expanding its remit and planning to deploy AI to manage its increased workload. This is part of a global trend and has significant compliance implications.
Posted inFinancial Services
FinCEN proposes overhaul AML rules, would end 2024 risk assessment requirements
A rule overhaul proposed by the U.S. Treasury Department’s Financial Crimes Enforcement Network is designed to reduce compliance burden and would free up banks from tracking all but the most egregious illicit financial activities.
