IBS Intelligence Podcast: Phil Cotter, CEO SmartSearch, on the challenges of managing AML & KYC compliance in the UK

In the latest episode of the IBS Intelligence Podcast, CEO of SmartSearch, Phil Cotter, sits down with host Robin Amlôt to discuss the complex and evolving landscape of Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance challenges facing regulated businesses in the UK.  

Podcast Highlights

Discussing the impact of HM Treasury’s published consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations, Phil & Robin cover how it is an important step in the continually evolving AML regulatory landscape.  

Since the publication of the consultation “we’re seeing more regulation and increasing enforcement” says Phil. “Given some of the geopolitical tensions we have now, Russia invading Ukraine for example, the sanctions regime has now been stepped up, and I believe that [AML compliance] will continue to be high up on the political agenda.” 

Drawing on his extensive experience as a seasoned business leader at firms such as LSEG & Experian, Phil continues to delve into more key issues surrounding AML regulations, such as the wider impact of financial crime; AI as a game-changer on both sides of financial crime, and the importance of improving communication on new regulations. 

Throughout this engaging conversation, Phil highlights the importance of staying up to date with regulatory changes and implementing robust compliance strategies to mitigate risks and protect against money laundering activities.   

“Compliance is not a ‘nice to have’ - it’s a must have”, adds Robin. Phil responds, “Indeed, sometimes we can lose sight about why it is we must implement these regulations. Money laundering is often the result of some extremely serious crimes, and these crimes often prey on the most vulnerable in society. There are real victims behind the illicit flow of money.” 

The podcast expands on how organisations such as SmartSearch can offer businesses the systems and tools to help ease the burden of compliance checks for both staff and customers alike. 

A valuable resource for regulated firms  

By tuning into this episode, you’ll learn practical insights and best practices for navigating these challenges. The podcast is the perfect listen for industry professionals seeking to enhance their compliance programmes and safeguard their organisations from regulatory scrutiny.  

The podcast serves as a valuable resource for those looking to deepen their understanding of compliance within the UK, offering practical solutions and information for businesses seeking to stay ahead of regulatory changes and uphold high standards of integrity and accountability. 

The podcast is now available to listen to via all major streaming platforms such as Spotify and Apple Music, or by following this link.