Compliance: survey finds fee earners undervalue AML
Time taken to collate evidence was another challenge faced by compliance teams
A compliance professionals survey has revealed fee earners’ undervaluing anti-money laundering (AML) processes is the biggest challenge faced by compliance teams. The poll, conducted by Accuity (LexisNexis® Risk Solutions), also revealed “lack of sufficient compliance resource” is an issue for a quarter of firms. “Time taken to collate relevant information” was the main obstacle (56 per cent of firms); “level and quality” of available client data and client relationship friction were also problematic (15 per cent). 45 per cent agreed tech-driven solutions would be the biggest engagement driver.