In the wake of the FinCEN Files, regulators in North America are increasingly focused on AML reform and implementing a more holistic, risk-based approach to combat financial crime. Data privacy is also growing in importance with proposed privacy bills in 26 states while ESG and sustainable finance is also proving to be hugely topical amongst US and Canadian regulators and supervisors.
Key findings include:
- 45% of North American financial institutions say financial crime prevention is their organization's No. 1 regulatory challenge
- Over 26 U.S. States have new data privacy legislation on the horizon
- Nearly one in five financial institutions (19%) say compliance remains the biggest risk to their business