UK anti-money laundering (AML) – Hot topics for 2018
The past 12 months ushered in key reforms, including the Fourth Anti-Money Laundering Directive, the UK’s designs for its own AML and sanctions legislation post-Brexit, a shake-up of main financial crime bodies such as the Serious Fraud Office and its new relationship with the National Crime Agency, the launch of a new umbrella anti-money laundering body, just to mention a few.
Fintech and cryptocurrencies
Andrew Smith, Partner at Corker Binning, commented:
“In 2018, we expect the anti-money laundering scene to evolve with technology and artificial intelligence. AML measures and rules are adapting to the risks posed by emerging technologies and industries, such as crypto-currencies and FinTech.
“We will be watching closely the UK’s negotiations with the EU to amend the 4AMLD to regulate crypto-currency exchanges and wallet providers.
“We will also be keeping an eye on the development of anti-money laundering artificial intelligence and technology to detect suspicious transactions. Finally, we will be watching closely the Home Office’s review of the suspicious activity reporting regime.”
Read the full article in KYC360 here.