Despite the cost, the research revealed legal compliance professionals are not convinced of the value of new anti-money laundering measures
Research conducted by LexisNexis® Risk Solutions has estimated the cost of compliance with the Fifth Anti-Money Laundering Directive (5MLD), which came into force last year, to be close to £1m per firm. Despite this, the survey revealed only 42 per cent of compliance professionals are convinced of its value in the detection and prevention of financial crime.
The research, undertaken in March 2021, surveyed over 875 compliance professionals, equally split across the real estate, banking, accountancy, lending, wealth management and legal sectors.
Legal compliance professionals showed the least enthusiasm for the regulations, with their contemporaries in other regulated industries more positive about the pote...