Changes to British AML Law Will Mean Fines for Uncooperative Compliance Officers

By Brian Monroe and Bennett Voyles

Amendments to the United Kingdom's anti-money laundering rules set to take effect next month will likely result in more pressure on individual bankers even as they broadly relieve regulatory burden. The U.K.'s HM Treasury proposed changes in July that it believed would encourage businesses subject to anti-money laundering (AML) rules "to focus their resources in an effective and proportionate way, commensurate to the risks they face, as opposed to taking a tick-box based approach to compliance." On Monday, British officials submitted the amendments, which will exempt debt purchasers and non-lending credit unions from certain AML duties, to lawmakers. The amendments,...