Regulatory bodies are adopting a more proactive approach as the 6th AML, ASIC, and APRA plans focus on cybersecurity and cryptocurrency. The US anti-corruption strategy will exert pressure on businesses worldwide. Businesses need to be more responsible as the regulatory burden rises. Penalties have become more severe, and businesses must comply to avoid financial crimes.

Recent regulatory developments have emphasised identifying UBOs. The UBO regulation will be more volatile in the UK, US, and Australia, among the countries with quite diverse populations. The UK, Australia, the US, the EU, and many other countries have imposed economic sanctions on Belarus and Russia in response to the invasion of Ukraine in February 2022.

The in-house workforce is often not good at handling compliance matters well. Modern-day compliance requires optimised data collection. The challenge to remain compliant while maintaining business profitability is now greater than ever. As per a FATF digital transformation survey, over 80% of participants hailed cutting-edge technology usage for AML/CFT matters.

Download the full report to understand the latest trends in regulatory financial crime markets and how to circumnavigate compliance regulatory landscapes of anti-money laundering laws in the UK, the US, and Australia.