What the new UK money laundering law means for fintechs

Law360 (June 9, 2021, 6:05 p.m. EDT) – Electronic money and payment institutions set to benefit from new UK money laundering legislation. However, an increase in state confiscation powers and the possibility of a broad non-prevention 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 relates to the UK’s financial services legislative framework and begins to consider how the UK will regulate financial services outside the EU.

In addition to the development of the British approach to Libor, access to financial services markets and prudential regulation of credit institutions, the law …

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