; Brooker's Industry Insight
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Brooker's Industry Insight


Research by Experian conducted in 2007 amongst anti-fraud, risk and compliance experts, found that 51% of companies risked being fined for failing to have adequate anti-money laundering procedures in place. Banks, financial institutions and other FSA regulated businesses were already subject to Money Laundering Regulations. Now, anti-money laundering responsibility extends to a wider range of companies, including any organization that accepts cash payments of EUR 15,000, or above, as well as casinos, lawyers, estate agents and accountants, regardless of the level of one-off cash payments they accept. But far from having to invest in specialist solutions, compliance can be achieved by utilizing the in-build anti-money laundering functionality and electronic authentication processes integral to systems that many businesses already use: those for processing commercial credit applications.

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