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2024 AML Updates: How to Steer into Constant Regulatory Change

Understand upcoming regulatory changes and how to adapt to constantly evolving requirements around AML, KYC, and CDD.

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As financial crime continues to evolve globally, maintaining a proactive stance on anti-money laundering (AML) regulations is critical for financial institutions.

The United States, European Union, and various Asian countries have recognized these challenges and are actively revising and expanding their AML frameworks.

In this report, we analyze how financial institutions are expected to adapt quickly to these evolving requirements. Firms are implementing stricter due diligence processes, enhancing reporting mechanisms, and broadly applying technological solutions to monitor financial activity. We go over some of the practical solutions for how firms can become more adaptable to constant regulatory upheaval – steering into the change instead of becoming overwhelmed by updates.

The 2024 reforms focus on tightening existing frameworks and expanding the scope of regulatory oversight. Many non-financial businesses and professions previously on the periphery of AML regulations in many jurisdictions, will find themselves under the purview of more stringent rules.
AML regulations remain poised for transformation. Every new set of regulations or regulatory updates is sure to drive up costs and increase manual processing times at every financial institution.

Regulators across the globe are introducing a series of reforms aimed at enhancing the effectiveness and reach of financial crime prevention measures. These changes reflect a proactive stance against the increasingly sophisticated methods of money laundering and the integration of advanced technologies in financial transactions.

This report addresses:

  • Overcoming the financial industry’s challenge to keep pace with regulations
  • FinCEN’s impact on regulation in 2024 and proposed rules for investment advisers
  • The EU AML single package and the road to regulatory harmonization across the continent
  • Regulatory updates from the Asia-Pacific region, including Australia’s Tranche 2 reforms and Singapore’s drive to create best practices
  • The expansion of AML rules outside of traditional finance sectors

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