🚨 Key Anti-Money Laundering (AML) Regulations to Watch in 2024 🚨
Ashish Pradhan (CAMS,PMP®,LSSBB,MBA)
Financial Crime Professional | Transaction Monitoring | AML Compliance | KYC | Sanctions Screening
🚨 Key Anti-Money Laundering (AML) Regulations to Watch in 2024 🚨
2024 is set to bring significant reforms in anti-money laundering regulations worldwide. Here are five critical changes that could reshape global financial crime prevention:
1. Corporate Transparency Act (US)
Starting January 1, 2024, businesses must report their beneficial owners to the government, providing full names, addresses, and identification. Non-compliance could lead to fines and jail time.
2. EU AML Package
The EU's new AML package, expected in early 2024, aims to harmonize AML/CFT measures across Europe, establishing a dedicated AML authority and new regulations on crypto transfers.
3. Economic Crime Plan 2 (UK)
The UK’s ECP2 focuses on reducing money laundering, recovering assets, and combatting international illicit finance. Increased law enforcement resources and technology upgrades will play a major role.
4. Tranche 2 Reforms (Australia)
Australia will introduce new AML reforms to avoid FATF grey listing, targeting sectors like real estate, legal, and gambling, with stricter penalties and expanded regulatory oversight.
5. AI Regulations (G7)
The G7 is laying the groundwork for AI governance in AML/CFT systems. Expect more regulatory frameworks around AI usage in detecting financial crimes globally.
As regulations evolve, financial institutions must stay ahead to ensure compliance and mitigate risks in this changing landscape.