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Association In Talks With HM Treasury To Discuss Burdensome Anti-Laundering Compliance Measures


Lady Olga Maitland, CEO of the IAMTN met at the HM Treasury in London, Barry Humphries, Head of Criminal and Enforcement Policy, HM Customs and Revenue. The purpose of the discussion was the burden that money transfer networks face in complying with anti-money laundering measures.

Says Lady Olga:”Our approach is to work alongside the regulatory authorities pointing out the difficulties that affect money transfer networks and operators.

“We take very seriously the challenges posed by money laundering and will aim to share our experiences and knowledge with the relevant authorities. I am glad to say we had a useful and constructive meeting. David Humphries said that it would help his department if they could have a survey on where the regulations ‘pinch the most.’ We will provide him with this information in due course.”

The Honorary President of the IAMTN, Lord Lamont, former Chancellor of Exchequer adds:”We need to have a real dialogue with the regulatory authorities, not just in the UK, but at the European Commission and beyond. We will be showing the effects of the understandable but somewhat burdensome requirements by the authorities have on money transfer operators.”

Both the operators and the ‘send money home’ client have difficulty in coping with the requirement. Documents have to be produced on every occasion, no matter how frequent or for how small a sum. The average transaction is just £200 but the compliance requirements are the same for all levels.

One company which has considerable experience at monitoring money laundering is Kroll, Carolina Garces, Associate Director of Kroll says ,”Money transmitters face undoubtedly the constant threat of money laundering and its associated reputational risks. It is however important to note that for every risk, there is a mitigating strategy.

“To prevent and/or mitigate these risks, it is essential to understand their nature and how they apply to a business. The misinterpretation of the nature of a risk can lead to an unnecessarily heavy hand in burdening the service with too much compliance regulation. If one is not careful, such regulations can threaten the very existence of such a company.”

The danger, as Olga Maitland points out is that businesses could either close or more worryingly, go underground and operate informally away outside the regulatory framework.

“Our aim is to bring the informal operators into the regulatory fold, but this is less likely to happen if there are too many obstacles.”

For further information contact:
Hon. President: Rt. Hon. Lord Lamont of Lerwick
Chairman; Gagik Zakarian
CEO: Lady Olga Maitland
on: +44-207-531-1354; m 00-44-(0)7778-917133


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