LONDON – Nearly four fifths (78%) of compliance professionals across the U.K.’s regulated industries predict more anti-money laundering (AML) regulation is on the way as a result of the U.K.’s exit from the European Union, according to new research released by LexisNexis Risk Solutions.
Based on a survey of over 875 compliance professionals across banks, lenders, wealth management, accounting, gambling, legal and real estate, the figures are the first to reveal predictions from all corners of regulated industries regarding future U.K. AML regulation following Brexit, Lexis Nexis stated.
The U.K. recently decided to opt out of transposing the EU’s 6th Anti-Money Laundering Directive (6MLD), as many of its requirements are already covered by existing U.K. law.
“This decision has overwhelming support from the industry, with 81% of those surveyed agreeing it was the right decision. However, as our research shows, firms are taking it as a signal that the U.K. is seeking to diverge further from EU AML regulations, and create its own, Lexis Nexis stated.
“As a result of Brexit, we have seen the regulator increase powers to implement more effective regulation which is well suited to the changing needs of the U.K., and it’s encouraging to see support from the regulated industries as we diverge from the EU’s approach to AML regulations,” said Nina Kerkez, director of UK&I consulting at LexisNexis.