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The Money Laundering Regulations 1993
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Total compliance costs
13. It has not been possible to produce more than very broad brush estimates based on illustrative assumptions.
Substantial revision of computer programmes may well be needed by most medium and large institutions outside the banking and building societies area. This might affect some 500 firms, at a weighted average cost of around £40,000 each. Ongoing maintenance might be 10 per cent. of this total.
Identification procedures will require new manuals to be produced by all but the smallest firms, at a total cost of perhaps £3 million, and the procedures may increase ongoing staff workload by perhaps 500,000 man-hours.
Staff training might amount to some 500,000 man-hours annually, with additional total set-up costs of perhaps £5 million.
Recurring record-keeping costs might be of the same order.
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