Preferred new AML measures will cost industry more, HM Treasury confirms

clock • 3 min read

An Impact Assessment (IA) published by HM Treasury identifies additional costs for industry that the UK government department says will come with the preferred policy option for tightening up anti-money laundering regulations. The IA references amendments to legislation proposed to meet Financial Action Task Force (FATF) standards as well as "gaps identified in the supervision regime". In its summary of analysis and evidence, HM Treasury says it can identify two direct costs for industry from the preferred policy option of amending regulations now rather than waiting. "There are on...

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