The global AML Compliance Landscape is becoming complex. Geo-political events are likely to pose a bigger challenge for the aml compliance experts.
Here are the Top Five Predictions that every AML professional should take into consideration in their AML Compliance program.
➡️ Sanctions screening
Russia’s invasion of Ukraine in February 2022 has created a major geopolitical challenge. India has taken neutral stand but is looking for opportunities in Trade.
A new set of sanctions were imposed against #russian businesses, #oligarchs, and allies of Russia. This would add to more screening challenges for AML Professionals. Indian #amlexperts would be required to be cautious about the sanctions while trading.
➡️ Cryptocurrency regulations
Countries in Middle East Asia are adopting new laws for attracting cryptocurrency investors across the world. Dubai has issued the norms for registering businesses in #dmcc whereas #qatar has issued a new bill. Cryptocurrency exchange Binance has tested the pilot in #bahrain. Middle Eastern countries are allies of India. The flow of funds in crypto currencies would be a challenging task for Indian #amlexperts.
➡️ AML and KYC Certifications
I have been involved with the teams developing the curriculum for the AML Compliance professionals. The domain of AML is changing so fast that continuos training is becoming the need of an hour. If the professionals have to survive they have to be updated.
In such scenario the training programs like #came and #camp are becoming popular in India.
➡️ UBO Registries
In past decade world witnessed significant number of leaks like #swissleaks, #panama papers etc. which made an effort to identify the entities in the tax heaven. #fincen published #beneficialownership Information Reporting Rule in September’2022. #switzerland announced its plans to create a beneficial owners registry followed by UK’s plans.
This is going to create a global pressure for identification of #ubo and the #amlexperts would be required to scan through these registries to understand the ownership structure.
➡️ AI/ML Technologies
As the complexities in the operations of #amlcompliance grows use of new technologies like #artificialintelligence #machinelearning and #nlp would gain prominence.
These are my predictions and there could be much more to this.
I am sure the experts in the AML domain would have much more to add. I am waiting for the comments section of this post to be busy soon.
