What New UK Money Laundering Law Means For Fintech

By Andrew Herd and Helena Spector (June 9, 2021, 6:05 PM EDT) -- Electronic money and payment institutions are set to benefit from the U.K.'s new money laundering legislation. However, an increase in state forfeiture powers and possibility of a broad failure-to-prevent offense still on the horizon leaves the regulatory future of the financial technology industry uncertain.

The Financial Services Act received royal assent on April 29. The act concerns the U.K.'s financial services legislative framework and starts to look at how the U.K. will regulate financial services outside of the EU.

As well as developing the U.K.'s approach to Libor, access to financial services markets and prudential regulation of credit institutions, the act...

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