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

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.

Ensure AML compliance with our screening tool

The importance of complying with the latest AML and KYC regulations cannot be overstated. Thankfully, our AML screening tool can help you maintain regulatory compliance while also actively increasing your conversions.

By employing our identity verification service alongside politically exposed persons (PEP) checks, sanctions checks, adverse media screening, and ongoing monitoring, it reduces the risk for your business at every turn.

To discover how our AML screening solution can help you meet your obligations and improve your conversion rates, speak to our team today and schedule a free demo.