UK removes AISPs from AML regulation

The UK government has decided to remove account information service providers (AISPs) from anti-money laundering regulation, according to Finextra.

Open banking giant Plaid says the decision will be a „boon” for the industry, with European policy lead Dan Morgan arguing: „The decision resolves a long period of uncertainty for UK open banking, given there never was clear ML risks have been identified for AIS providers.„

„Now, startups will be able to innovate more quickly and bring open banking-based products and services to market much faster, ultimately to the benefit of consumers and SMEs across the UK.”