From AML to KYC regulations, financial service providers need to comply with requirements regarding payments. In 2021 non-compliance with AML regulations grew to USD 5.35 billion globally, according to Fenergo. In the UK, the HMT has called for evidence on the UK’s regime, while the European Commission recently proposed a new Anti-Money Laundering Authority to address the scale of the issue.
This compliance landscape is creating more complexity at a time of increased scrutiny for institutions, according to the company. In response, Moorwand’s suite of compliance services ensures financial service providers better understand the compliance environment they operate under and mitigate any risks in advance. Services are focused on reducing risk for providers across money laundering, terrorism financing, fraud (including APP,) and other financial crimes.
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