70% accountants and legal professionals have cash laundering fears over Russian darkish funds

  • Survey reveals solely 45% are fully assured of their present anti-money laundering procedures
  • 76% consider the specter of cash laundering will worsen over the following three years

LONDON, UNITED KINGDOM 25th MAY, 2022: 70% of accountants and legal professionals are extra involved about cash laundering since Russian occasions and sanctions started, with 75% shifting anti-money laundering (AML) up the corporate agenda up to now yr. That’s in response to First AML, the end-to-end AML software program resolution, which surveyed 200 accountants and legal professionals within the UK to find attitudes towards present compliance and AML procedures.

Regardless of 53% of respondents having recognized an occasion of suspected cash laundering up to now three years (with 24% figuring out a couple of) solely 45% are fully assured of their AML procedures. Alongside this, a staggering 91% assume corporations must embrace on-line applied sciences to help compliance with AML laws. Likewise, 87% respondents are placing extra inflexible insurance policies in place to be compliant and meet AML laws.

The core cause for cash laundering rising up firm agendas is a deal with buyer transparency and moral buyer onboarding (68%). This was intently adopted by exterior dangers (50%), such because the scenario in Russia and folks traffickers, and elevated dangers of fines (46%). Worryingly, 76% of respondents consider the menace will proceed to worsen over the following three years.

To cope with the rising menace of cash laundering, 80% of respondents reported that they’re turning to know-how to grow to be extra compliant, whereas 53% mentioned they have been turning to outsourcing providers and 28% turning to hiring.

Simon Luke, UK Nation Supervisor commented: “Even earlier than the Ukrainian battle and Russian sanctions, the UK has been recognised as a hub for Russian money-laundering. Accountants and legal professionals want fast, simple and correct methods to onboard prospects and full monetary transactions with out worry. Nonetheless, that is an trade huge difficulty that impacts not simply companies but in addition the financial system and on a regular basis Britons. That’s the place First AML’s know-how is available in, particularly as international locations globally name for tighter compliance in enterprise.”

When requested what the principle causes for concern have been, the expansion in on-line transactions (38%) was the commonest reply. This was adopted by the expansion of unethical enterprise practices (23%) and the Russian scenario (18%).

To be taught extra about First AML, go to the web site right here: https://www.firstaml.com/

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Media contact:
Victoria Hourigan
[email protected]

About First AML
First AML streamlines Anti-Cash Laundering compliance by means of its on-line identification verification system that may be accomplished by people wherever on the earth on their good gadget. Its end-to-end Buyer Due Diligence platform is utilized by monetary service suppliers, legal professionals, accountants and actual property brokers, offering them full visibility and administration oversight on the go. See https://www.firstaml.com/

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