Staying ahead of anti-money laundering and countering the financing of terrorism (AML/CFT) hot topics is critical to a sound AML program. After all, knowing about current AML concerns and emerging trends is the first step toward ensuring AML compliance.
Financial institutions find themselves at the forefront of safeguarding the integrity of the U.S. financial system, despite the challenges of navigating pressing matters that accompany technological advancements, regulatory changes, and heightened global risks. Banks and credit unions that are educated about the timely topics in fighting financial crime will be more prepared to address these AML/CFT matters head-on during regulatory examinations while demonstrating a strong commitment to combatting money laundering and fraud.
Eight of the hot topics in AML that are shaping the industry for this upcoming year, described in more detail below, are: