AML

AML poses an existential risk to any Payments Services Provider as failure to adhere to regulation can not only lead to fines and suspension of authorisation but also to possible imprisonment of up to 14 years for senior management.<br/><br/>

AML is made more complicated as Regulators expect Payment Service Providers to apply a risk based approach to business meaning that there are some parts of legislation that are open to misinterpretation. There are extensive and continually changing regulations and compliance is now the number one budgetary expense for investment banks.<br/><br/>

Doing AML well offers very limited rewards to banks but doing it badly is not an option.