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FIS Horizons

2020 is likely to be another eventful year in the Financial Institutions Sector. The question is, how do we address – and even embrace – this change and how do we make the most of the opportunities that change brings?

Anti-money laundering in the UK & US: Looking ahead

AML enforcement is high on the agenda of UK agencies and regulators. The FCA has again highlighted AML as one of its cross-sector priorities for this year. It has at least 60 ongoing AML investigations and its latest AML report indicates that it has “begun a small number of ongoing investigations into firms’ systems and controls where there may have been misconduct that might justify a criminal prosecution under the Money Laundering Regulations 2017”.

Across the Atlantic, anti-money laundering enforcement and scrutiny is also at high tide in the United States. Enforcement activity, civil and criminal, remains strong across all financial institution sectors, including banks and other depository institutions; securities brokers and dealers; money services businesses; and financial services industries. The Financial Crimes Enforcement Network (FinCEN), the U.S. government’s lead AML regulator, has also paid particular attention (both in regulatory guidance and in enforcement) to the nascent cryptocurrency industry and the unique illicit finance risks in that sector.

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