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Despite the expectation of increased enforcement measures, the global know your customer (KYC) and anti-money laundering (AML) fines levied against banks shrank to $4.2 billion, a 22% decline from 2021 to 2022.
In the first half of 2023, a further staggering 88% drop was recorded in the first half of 2023, likely reflecting an improvement in compliance programs rather than an upsurge in regulatory scrutiny.
Regulatory adaptation taking place internally across Financial Institutions (FIs) is driven by significant changes in AML compliance, such as:
- Beneficial ownership regulations in Canada and the United States, and updated requirements in the European Union (EU)
- Proposal of tighter approaches to AML compliance in Australia
- Imminent AML reforms in EU member states with the introduction of new or improved regulations around emerging technology, such as crypto, in key financial markets including the Anti-Money Laundering Authority (AMLA), and the ongoing implementation of 6AMLD
- Regulators in Asia, like the Monetary Authority of Singapore (MAS), pushing for greater technology usage by FIs
Operating across multiple jurisdictions requires being attuned to the demands of many regulators which can sometimes have differing requirements or priorities. This can result in financial institutions struggling to adapt internal systems to service multiple sets of demands.
With 2023 drawing to a close, this report, authored by Fenergo, spotlights the major policy moves that FIs will need to embrace as they prepare for 2024.
Download the report now.