- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-12-28T14:52:00
Keeping up with increasingly demanding anti-money laundering (AML) expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.
Many business leaders are expecting a recession to hit sometime next year, meaning compliance budgets will likely shrink while new initiatives are curtailed or shelved. But regulatory expectations for your organization’s AML compliance program are not going away.
Key areas of concern for regulators in 2023 include:
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The Securities and Exchange Commission reopened the comment period on proposed changes to “modernize” its beneficial ownership rule, including shortening certain filing deadlines.
South Dakota-based Kingdom Trust Co. agreed to pay a $1.5 million fine to the Financial Crimes Enforcement Network for anti-money laundering deficiencies that resulted in violations of the Bank Secrecy Act.
The Federal Reserve and other U.S. banking agencies are working to develop joint guidance to clarify regulatory expectations around third-party risk management, according to Fed Governor Michelle Bowman.
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
