“The costs of AML compliance in the UK have been rising disproportionately for over a decade, yet levels of financial crime continue to rise. So, perhaps it is time to think about how effective present anti-money laundering (AML) controls are at an operational level. As such, a difficult but honest question needs to be asked: is the present AML system broken and no longer fit for purpose?”
The statement emphasizes a valid concern over the effectiveness of the current anti-money laundering (AML) system in the United Kingdom. Although the expenses associated with AML compliance are increasing, there is also a simultaneous rise in financial crime, suggesting that the existing AML procedures may be insufficient.
