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UK firms 'overwhelmed' by regulation UK financial services firms should spend more money on automating their compliance processes in order to avoid being overwhelmed by increasing regulation. This is the conclusion of data services provider LexisNexis Risk Solutions following its survey into UK financial services firms and their anti-money laundering (AML) programs. The survey found that the majority of compliance managers are calling for more regulatory support in order to implement the latest rules against money laundering. As many as 91% believe that more guidance from supervisors would ma...

Lux private markets not meeting AML challenge A lack of automation and poor record-keeping means that Luxembourg’s private markets sector is struggling to meet its growing anti-money laundering (AML) compliance requirements. This is according to Paul Bratch, managing partner for financial services consulting firm Sionic, who spoke to Funds Europe for its recently published Luxembourg Report. Private market funds have faced a perfect storm as a massive movement of capital from public to private markets has coincided with greater regulatory scrutiny on AML practices. As of 2020, funds must de...