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Govt to cut anti-money laundering red tape for banks

The Government is looking to reduce the burden of the anti-money laundering regime on banks.

It has launched a review which aims to improve the effectiveness of anti-money laundering and terrorist financing rules as part of its drive to cut red tape.

The Government says businesses have expressed concerns that the rules and proof of identity requirements can be “unnecessarily cumbersome and complicated”.

It says there is also confusion and inconsistency over how the regime should be applied.

Business secretary Sajid Javid says: “We are committed to saving businesses a further £10bn in red tape.

“This new review is about making sure the rules we have to protect our strong financial services industry from abuse are not unintentionally holding back new and existing British business. I want firms to come forward and tell us where regulation is unclear or its enforcement ineffective.”

The review is seeking evidence on the approach of the FCA and HM Revenue & Customs in supervising the anti-money laundering regime, as well as examples of where enforcement and supervision is not proportionate to the risks posed.

The call for evidence closes on 23 October.



Amicus completes short-term securitisation

Bridging lender Amicus has completed a £100m short-term mortgage-backed securitisation. The bond is made up entirely of regulated short-term loans, with a scheduled maturity date of July 2018. The average LTV is 60 per cent while the terms of the loans range from six to 18 months. Historically, securitisation has not been used for short-term […]


US banks join forces to buy £13bn of Northern Rock assets

Citigroup has reportedly joined a bid for £13bn-worth of mortgage assets owned by UK taxpayers. Sky News reports that Citi has joined forces with Goldman Sachs and units of Blackstone, TPG Capital and New York-based hedge fund Och-Ziff for mortgage securitisation vehicle Granite, which is now part of UK Asset Resolution. It is not yet […]


Keystone launches into bridging

Keystone has launched a range of bridging products. Rates start at 0.85 per cent a month for loans between £50,000 and £1m and Keystone will lend up to 70 per cent LTV as standard and 75 per cent by referral. The range is aimed at residential landlords looking to buy at auction, refinance and those […]


Mortgage Mole: Mortgage Strategy Awards are open for business

OPEN FOR BUSINESS Mole is amazed by how quickly the year is flying by. It seemed like two minutes ago he was rubbing shoulders with some of the industry’s finest at this year’s Mortgage Strategy Awards – and now the nominations are open once more. Have your say on who have been the top performers […]

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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  • Stuart Duncan 7th September 2015 at 4:27 pm

    I would welcome some progress on David Cameron’s 2010 promise to cut red tape. They could start by removing the bulk of due diligence requirements from £4£ re-mortgages and on product transfers.

  • Charles Evans 2nd September 2015 at 12:28 pm

    Yet another article that chips away at my soul.