A Lexis Nexis survey has found that 73% of "financial crime professionals" in the British financial services industry believe that the European Union's fourth anti-money-laundering directive will make it easier for firms to prevent money laundering.

The Future Financial Crime Risk 2017 report has revealed that asset managers are especially positive about the advantages, with more than 80% saying that it will aid the fight against financial crime. This marks a shift in attitude from the last survey's figures in 2015, when only 17% of people in the survey believed that the regulation would reduce money laundering significantly and nearly a third (32%) thought it would make no difference at all or, even worse, increase the volume.

The Money Laundering Regulations 2017 (also called the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017) have now come into force, enshrining in British law the parts of the directive that are not there already. To support this, the Joint Money Laundering Steering Group (JMLSG) has revised its guidelines and Compliance Matters will be commenting at length on its changes in due course. A Lexis Nexis spokesman told Compliance Matters: "Britain has always been at the forefront of fighting financial crime."

Defence lawyers at the City law firm of Kingsley Napley told Compliance Matters: “Senior Managers need to be aware of the responsibility that they bear for their firm’s compliance with the new regulations. Failure to do so could result in a fine, censure or temporary or permanent restriction from holding a management role in the industry. The FCA has new powers to cancel, suspend or restrict an authorisation or registration of an authorised person or firm for breaches of the regulation. And have no doubt that the FCA is ready to flex its muscles. The recent FCA business plan stated the intention to use enforcement powers where they find poor AML controls especially where ‘failings are particularly serious or repeated’. While there is no direct change to the regime for reporting money laundering suspicions, the introduction of enhanced customer due diligence in a wider range of circumstances may indirectly bring about an increase in circumstances where a report is required.”