Lords committee examines the costs of anti-money laundering rules
Monday 5 July 2021
The House of Lords Industry and Regulators Committee will tomorrow hold two special evidence sessions with UK Finance, LexisNexis and EY as it explores the regulatory costs faced by the UK’s financial sector.
The Committee will consider the cost of anti-money laundering rules for businesses and consumers, and how these could be mitigated following the UK’s withdrawal from the EU. It will ask about the role of new technologies and possible changes to regulation, such as the General Data Protection Regulation (GDPR), in reducing these costs and improving services.
The evidence sessions will start at 10:15am in Tuesday 6 July. The sessions can be followed live and on demand on Parliament TV.
The witnesses will be:
10:15am
- Steve Elliot – Managing Editor at Lexis Nexis Risk Solutions UK and Ireland
- Nick Van Benschoten - Director of International Illicit Finance at UK Finance
11:00am
- Christopher Woolard CBE - Chair at EY Global Financial Services Regulatory Network
The sessions will cover key questions for the financial services industry including:
- How much anti-money laundering compliance costs the financial services industry each year and the impact this has on consumers
- How these rules affect competition and whether the costs hit smaller and new firms the hardest
- The impact of Brexit on anti-money laundering compliance costs for UK firms.
- The role technology could play in reducing compliance costs.
- The role of regulatory reforms or sandboxes in driving innovation in the industry.
