Comment on Implementation of the New AML Watchdog OPBAS

  • Dean Curtis , UK Managing Director, Risk Solutions at LexisNexis

  • 25.07.2017 10:15 am
  • undisclosed

Any action which strengthens defences against financial crime and provides organisations with further clarity around required standards is a step in the right direction. By encouraging further public-private collaboration, the government is following in the footsteps of other successful anti-money laundering initiatives. In particular the Joint Money Laundering Intelligence Taskforce (JMLIT), which has helped banks and law enforcement agencies to arrest more people, restrain more assets and flag more cases of suspected money laundering in the last two years.

Such collaboration helps businesses, governments and financial watchdogs communicate with each other, best use resources and share intelligence more effectively - all vital in the fight against money laundering. As this collaboration grows, it will be especially important to focus on smaller regulated entities, who lack the resources to create dedicated compliance functions. So, although this is good news, it is important not to underestimate the sheer scale of the logistical challenge that lies ahead.

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