Whether it’s global reforms in combatting financial crime, the impact of Brexit or the acceleration of digitalization in financial services, 2021 promises to be a year to watch in terms of financial regulatory trends. Fenergo’s Rachel Woolley covers the top regulatory trends to watch for this year.
1. Increase in Reforms Across the Globe
Many countries and regions across the globe are in the process of introducing AML reform in an effort to enhance the industry’s response to financial crime. Over the next few years, we can expect to see sweeping change in the Americas, Europe and the APAC region. While financial institutions have been subject to AML and counter-terrorism financing (CTF) legislation for many years now, many key industry stakeholders have not been held to account for their roles in some of the biggest money-laundering scandals in recent years. As such, the legislative environment has evolved in many regions, with legal, auditing and other professional services firms under the spotlight. Additionally, regimes continue to evolve in response to emerging technologies, with many countries now introducing AML/CTF requirements for cryptocurrency and digital asset exchanges.
Filed as an amendment to the National Defense Authorization Act, the Anti-Money Laundering…
