60% of companies struggle to keep up to date with changes in anti-money laundering laws and regulations
Four out of five respondents (81%) have observed an increase in time and cost associated with AML compliance in the past year
A new survey conducted by First AML has revealed that the majority of business leaders believe that their company’s anti-money laundering (AML) procedures can be improved. The survey, which gathered responses from 250 UK business leaders, found that 76% of respondents think that there is room for improvement in their company’s AML compliance.
The survey also found that 60% of companies struggle to keep up to date with changes in anti-money laundering laws and regulations, indicating a significant compliance challenge for businesses. Additionally, four out of five respondents (81%) have observed an increase in time and cost associated with AML compliance in the past year.
Time spent on the KYC process
Additionally, a majority (53%) of front-line compliance staff in businesses spend over half of their time on the Know Your Customer (KYC) process, highlighting the time-consuming nature of AML compliance. Furthermore, collecting and verifying customer information was named as a major challenge for businesses, with 43% of respondents citing it as a key issue.
Commenting on the findings, Simon Luke, UK Country Manager at First AML said, “The results of our survey highlight the ongoing challenges that businesses face in maintaining effective AML compliance. It’s concerning to see that such a high percentage of companies struggle to keep up with changes in AML laws and regulations, and that the associated time and cost of compliance continues to increase. It’s clear that businesses need to focus on improving their AML processes and keeping up to date with regulatory requirements to avoid costly fines and reputational damage.”
The survey provides important insights for businesses looking to improve their AML compliance processes, with a particular emphasis on the need to stay up to date with regulatory changes and to streamline the KYC process to reduce costs and improve efficiency.
