With the government and professional bodies turning the screw on anti-money laundering and client due diligence, technology is evolving to provide solutions that not only help accountants navigate a more heavily regulated future but also provide greater financial insights.
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Since its launch in 2018, progress on the flagship Open Banking initiative has been incremental and occasionally inconsistent. Will the removal of a significant obstacle to adoption and an increasingly diverse range of products in the space help Open Banking deliver on its promise to accountants?
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The Treasury expects to recover just a quarter of the £5.8bn lost to fraud and error across multiple Covid support schemes. However, industry experts told AccountingWEB their warnings ahead of time fell on deaf ears as the government pressed ahead with inferior technology and outdated processes that played straight into the hands of fraudsters.
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