Iain Armstrong, Financial Crime Compliance Strategy Executive Director at ComplyAdvantage discusses the financial crime implications of the Chancellor’s “Leeds Reforms”. Iain believes that we are grappling with a false choice between growth and compliance. Smart regulation can deliver both speed and security – not simply cutting safeguards.
The Leeds reforms
“The Chancellor’s Leeds Reforms – cutting the Senior Managers and Certification Regime burden by 50% – are sensible efficiency measures, but we must ensure streamlining doesn’t become weakening. The regime exists because senior managers must be accountable for compliance failures. The real innovation opportunity is using AI to make compliance more efficient, not less rigorous.”
Retail investments campaign
“We’re supportive of measures helping people achieve better returns than bank accounts offer. However, fraudsters will take any opportunity to turn news stories into their own marketing material. Investment-focused campaigns typically prompt investment fraud activity. This isn’t an argument against the campaign, but government must not waste the chance to also educate the public about investment fraud via the wider campaign.”
