AML Trends for the remaining part of the Year
United States
Continued trends from the start of the year include FedNow, for real-time payments, increased crypto regulations, and increased focus on beneficial ownership regulations. There is also a push for cooperation between public and private sector. This trend is becoming more prevalent in the US, UK and the Caribbean. It was a subtle shift in 2022, but has become more obvious in recent months.
European Union
Like the US, Europe has a big push for cooperation and collaboration between public and private sector. It is extemely important to take advantage of government solicitation for feedback or engagement. These interactions assist in improving the regulatory framework.
Caribbean
In the Caribbean, the buzz is much louder than before with continuous interest in VAs and VASPs. Many countries have released new or newly revised regulatory framework for fintech companies. Additionally, beneficial ownership and economic substance requirements continue to be a concerns on compliance and reporting of the various requirements. Lastly, correspondent banking requirements is a sensitive topic between enforcement and compliancy. It appears more interest has increased on conversations and discussions, it will be interesting to see how it evolves in 2024.
