The recently concluded The Assembly, Las Vegas by ACAMS (2-4 Oct, 2023) was an invaluable opportunity to delve into the ever-evolving landscape of financial security, compliance, and risk management. The event brought together experts and thought leaders from across the AML industry to discuss and deliberate the topical themes shaping the evolution of AML and Financial Crime globally.
- Technology-Driven Compliance: Multiple discussions were centered around the increasing role of technology in elevating AML compliance. New-age solutions developed by leveraging emerging technologies such as AI/ML, blockchain, and big data analytics are enabling organizations to enhance their detection and prevention capabilities.
- Global Regulatory Evolution: Regulatory changes and updates were also a hot topic of discussion. Presenters and participants alike emphasized the importance of staying in sync with evolving AML regulations and ensuring that compliance functions evolve with a forward-looking view.
- Beneficial Ownership reporting: One of the most frequent topics was the emergence of global guidelines around Beneficial Ownership (BO) reporting. Driven by the Corporate Transparency Act (CTA) put forward by FinCen, global financial firms and technology solution providers believe other geographies will follow suit to ensure greater transparency in the ownership structure of firms.
All in all, the conference was a remarkable experience, shedding light on the future of AML in a rapidly changing world. Stay tuned as we integrate these takeaways into our AML strategy and continue to be at the forefront of combating money laundering.