Guidance on the Global 2024 Regulatory Changes: Priorities and Concerns for Regulators Across the Globe

2024 is primed for several significant anti-money laundering (AML) regulatory packages to hit multiple jurisdictions. The EU has a proposed ‘single rulebook regulation’ providing guidance on multiple key AML red flags, Australia is pushing through significant reforms to AML/CFT regulations, and the US is implementing far stricter beneficial owner thresholds. And that’s just the tip of the regulatory iceberg.

All these changes are sure to cause real difficulties for compliance departments across the globe as they adapt to the upcoming demands. But the regulations are working.

Fines have gone down by 88% in the first half of 2023. But the cost of know your customer (KYC) reviews is going up as well, with the average cost of a review sitting between $2500 and $5000 per commercial client. With these accelerating costs it’s become more important than ever to understand how to change internal policies and processes efficiently.

Our expert panel will discuss:

• The EU’s new AML package and its impact
• Why FinCEN is adopting a new approach to beneficial owners
• How Australia’s new AML/CFT update will affect regulatory harmonization