Money laundering regulation accounts for the majority of financial administrative burden for firms in the UK
Regulation pertaining to money laundering accounts for 42.77% of all financial administrative burdens, according to the UK’s financial services authority (FSA) progress report on its better regulation action plan (BRAP).
The findings come as a result of various studies completed by the FSA, which the authority will use to improve regulation. “We will delete or amend rules over which we have discretion where the costs are not justified by the benefits,” said the FSA’s chief executive, John Tiner.
“We are determined to strike the right balance between discharging our statutory duties and avoiding unjustified costs. We can do this only with a sound understanding of both the benefits and the cost of regulatory
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