Financial crime USA research roundup

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n this feature the results from CeFPro Events’ Financial Crime USA Congress’ extensive research project are reviewed. CeFPro’s dedicated research team conducts extensive research with industry leaders across a range of organizations, ranging in scale to ensure diversity in challenges, and consensus on key developing trends on the horizon for 2024. As global geopolitical tensions continue, the focus on financial crime continues to rise, as a host of regulations look to both strengthen the increased risk of internal fraud from in an economic downturn, through to the everevolving sanctions regime. As tensions continue and develop further in the Middle East, the future of sanctions remains unclear, though what is clear, is that there remains much work on the horizon for financial crime teams.RegulationThe first area to highlight was regulatory change and the diversity of expectations within financial crime, AML, and fraud. Anti-money laundering regulation continues to advance, with the AML Act, Bank Secrecy Act, and among others remaining top of mind for risk teams. As organizations grapple with developing a roadmap and understanding best practices to implement the AML Act into programs, they also have an eye on the future and what could be on the horizon to ensure program flexibility.With the AML Act spanning a broad range of areas for focus, organizations are grappling with prioritizing the extensive list set out by FinCEN, which includes :• Corruption• Cybercrime, including relevant cybersecurity and virtual currency considerations• Foreign and domestic terrorist financing• Fraud• Transnational criminal organization activity• Drug trafficking organization activity• Human trafficking and human smuggling• Proliferation financingPart of the AML Act includes the Corporate Transparency Act and beneficial ownership, as outlined by FinCEN. Launched in September 2022, the beneficial ownership information reporting requirement looks to crack down on illicit finance and enhanc