10% businesses 'not ready' for regulation deadline

News Article - 21 May 2012
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Ten per cent of UK companies have still not taken steps to comply with upcoming economic crime regulations, claims PricewaterhouseCoopers (PwC).

Research by the firm found that 90 per cent have ensured they are fully compliant with the 2007 Anti-Money Laundering Regulations which come into place on Thursday (December 13th).

Andrew Clark, partner for anti-money laundering services at PwC, remarked it is "reassuring" that the majority of the industry has put in place a number of steps to combat the issue and urged those who have not to do so soon.

"This is especially important now, when there has never been greater pressure on financial institutions to ensure their anti-money laundering controls are fit for purpose," he added.

"Meeting the challenges of tackling economic crime is not easy," he continued, explaining that the financial impact of this problem has doubled for businesses in the UK.

Previous research by the firm revealed that the average cost of managing the crime is £0.75 million per business every two years.

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