- Survey reveals solely 45% are utterly assured of their present anti-money laundering procedures
- 76% imagine the specter of cash laundering will worsen over the following three years
LONDON, UNITED KINGDOM twenty fifth MAY, 2022: 70% of accountants and legal professionals are extra involved about cash laundering since Russian occasions and sanctions started, with 75% shifting anti-money laundering (AML) up the corporate agenda prior to now yr. That’s in accordance with First AML, the end-to-end AML software program resolution, which surveyed 200 accountants and legal professionals within the UK to find attitudes towards present compliance and AML procedures.
Regardless of 53% of respondents having recognized an occasion of suspected cash laundering prior to now three years (with 24% figuring out a couple of) solely 45% are utterly assured of their AML procedures. Alongside this, a staggering 91% suppose corporations have to embrace on-line applied sciences to help compliance with AML laws. Likewise, 87% respondents are placing extra inflexible insurance policies in place to be compliant and meet AML laws.
The core purpose for cash laundering rising up firm agendas is a give attention to buyer transparency and moral buyer onboarding (68%). This was carefully adopted by exterior dangers (50%), such because the state of affairs in Russia and folks traffickers, and elevated dangers of fines (46%). Worryingly, 76% of respondents imagine the menace will proceed to worsen over the following three years.
To cope with the rising menace of cash laundering, 80% of respondents reported that they’re turning to know-how to turn out to be extra compliant, whereas 53% stated they have been turning to outsourcing providers and 28% turning to hiring.
Simon Luke, UK Nation Supervisor commented: “Even earlier than the Ukrainian battle and Russian sanctions, the UK has been recognised as a hub for Russian money-laundering. Accountants and legal professionals want fast, simple and correct methods to onboard prospects and full monetary transactions with out worry. Nonetheless, that is an trade extensive problem that impacts not simply companies but in addition the economic system and on a regular basis Britons. That’s the place First AML’s know-how is available in, particularly as international locations globally name for tighter compliance in enterprise.”
When requested what the primary causes for concern have been, the expansion in on-line transactions (38%) was the commonest reply. This was adopted by the expansion of unethical enterprise practices (23%) and the Russian state of affairs (18%).
To study extra about First AML, go to the web site right here: https://www.firstaml.com/
— ENDS —
About First AML
First AML streamlines Anti-Cash Laundering compliance by means of its on-line id verification system that may be accomplished by people anyplace on the earth on their sensible gadget. Its end-to-end Buyer Due Diligence platform is utilized by monetary service suppliers, legal professionals, accountants and actual property brokers, offering them full visibility and administration oversight on the go. See https://www.firstaml.com/