Looks interesting...but if the US does not follow, with international operations the tightest regulator sets the bar
The U.K. government said it will look to relax anti-money laundering controls as part of a plan to save British companies 10 billion pounds ($15.4 billion) over the next five years. Britain will look at ways to make the rules, designed to block terrorists and criminals from using the financial system, more efficient and effective, the Department for Business, Innovation and Skills said in a statement on Friday. The government said it wants to protect the country without putting “disproportionate burdens” on legitimate businesses. British lenders HSBC Holdings Plc and Standard Chartered Plc have been fined almost $2.3 billion between them by U.S. authorities for failures in their money-laundering controls.