AML still tough for some AFAs

Richard Manthel

Richard Manthel, of AML Solutions, said big organisations had become proactive about their AML requirements and were doing a better job of upgrading their customer databases, improving their monitoring, keeping up with documentation and recognising the need to have adequate training for staff.

But he said smaller firms tended not to have the same capacity to handle what was required, and their compliance suffered.

“Some of them in a smaller company, whether that’s an AFA or a smaller finance company, the compliance officer role might be 10% of their job. They are very time poor and there is a lack of understanding of legislation.”

He said many were only doing the minimum required and sometimes even basic record-keeping requirements were not met.