Trump's rules cutbacks could weaken financial crime enforcement

US president Donald Trump makes an announcement about Apple with Apple CEO Tim Cook in the Oval Office in Washington, earlier this week. Picture: AP Photo/Alex Brandon

Firms in Ireland’s financial services sector fear cutbacks for US regulatory bodies under president Donald Trump’s administration could weaken global financial crime enforcement and lead to “serious vulnerabilities”.

The Compliance Institute polled 110 compliance experts working primarily in Irish financial services organisations nationwide, with 78% of respondents saying looser US anti-money-laundering (AML) rules will either make it more difficult for Irish firms to follow EU rules or could have the potential to do so.