The landscape for anti-money laundering (AML) regulations in the United States is evolving rapidly. The AML industry is projected to expand significantly, reaching $16.37 billion by 2033, representing a remarkable compound annual growth rate (CAGR) of 17.8% over the forecast period.
The United States AML framework is regarded as a global model, with international financial institutions required to adhere to its regulations. While state laws may vary, federal regulations are uniformly applied nationwide. These updates aim to strengthen the financial system’s defenses against illicit activities and ensure compliance with evolving global standards. Here are some of the proposed developments in AML regulations:
Proposed FinCEN AML/CFT Rules for Investment Advisers: On 15 February 2024, the Financial Crimes Enforcement Network (FinCEN) proposed new regulations extending AML and CFT laws to investment advisers. Historically excluded from these regulations, investment advisers manage substantial assets, including over $20 trillion in private funds as of Q4 2022. The new regulations aim to address gaps that have allowed illicit actors to exploit weaker AML/CFT compliance programs, including potential threats from foreign adversaries accessing crucial technologies through investment advisers and private funds.
Periodic Risk Assessments: Require all financial institutions (FIs) to conduct and update risk assessments periodically, considering factors such as current AML/CFT National Priorities, business activities, and relevant reports.
AML/CFT Program Requirements: Mandate the designation of a qualified AML/CFT officer, periodic independent testing of AML/CFT programs, and ongoing employee training tailored to the institution’s risk profile.
Standardised Requirements and Oversight: Establish that AML/CFT programs must be maintained and overseen by U.S.-based personnel, approved by the FI’s board, and eliminate distinctions between federally and non-federally regulated banks for consistency in AML/CFT requirements.
Join us at the 15th NextGen Payments & RegTech Forum on 10-11 December 2024 at the Hyatt Regency in Austin- Texas, USA. Discover the latest updates in anti-money laundering with top-tier industry leaders, featuring:
Ahmed (Alex) Fayed, Assistant Director of the Division of Complex Institution Supervision and Resolution (CISR), FDIC
Andres Betancourt, Vice President, AML Sanctions Canada & International Advisory at PNC Bank
John Wiethorn, Head of Financial Crime Compliance & AML/BSA Officer at Gusto
Matt Shustrin, CCO (Chief Compliance Officer), BSA/AML Officer, Sr. Director, Assoc General Counsel at eBay Payments
Dave Wildner, Managing Director, Global Head of AML/Deputy Global Head of Financial Crimes Compliance at BNY Mellon
Dan Alexander, Global Head of Financial Crime Compliance at Airwallex
Explore key regulatory challenges and opportunities, develop frameworks to ensure the responsible and ethical use of AI and ML, and create a coherent framework for regulating emerging digital assets with leading organisations such as SEON, the U.S. Treasury, Stripe, LexisNexis Risk Solutions, Visa, Mastercard, USAA, and many more!
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