Since the UK decided to leave the EU five years ago, Brexit and its subsequent impact has never been far from the spotlight. Regardless of your political stance, there are some advantages to be gained in the UK having greater freedom and powers to set its own agenda. A prime example is the UK’s approach to anti-money laundering  regulation.

Conservative estimates are that it costs UK financial institutions spend £28.7bn to comply with AML regulations each year. For context, that's half of the entire UK defence budget. Perhaps most worryingly, costs are on the rise.