Steve Marshall, the Director of Advisory Services at FinScan, highlighted the key business themes for 2024, which included rising geopolitical tensions and evolving regulations. The U.S. imposed new sanctions on Russia, Iran, and Venezuela, making compliance more crucial for banks, especially after significant fines for inadequate measures. Regulatory focus also shifted to beneficial ownership reporting and aligning with global standards. Technologically, the rise of AI frameworks for AML and KYC compliance became apparent. A surprising development was Stripe’s $1.1 billion acquisition of the stablecoin platform Bridge, signaling a shift toward blockchain adoption. Looking ahead to 2025, greater international cooperation on regulations and an emphasis on dynamic customer due diligence and ESG factors in compliance practices are expected.
Steve Marshall Takes the Helm at FinScan as Director of Advisory Services
In a year marked by dynamic changes, Steve Marshall, the Director of Advisory Services at FinScan, has shared insights into the key themes that shaped 2024. Increasing geopolitical tensions, evolving regulations, and breakthroughs in technology characterized the landscape, making compliance a top priority for businesses.
The year brought significant developments in sanctions. The U.S. government rolled out new measures targeting Russia, Iran, and Venezuela. These changes underline the importance of having strong anti-money laundering (AML) and sanctions screening systems, especially after major fines issued against banks for compliance lapses in 2024.
On the regulatory front, beneficial ownership reporting gained attention. The U.S. Treasury’s Financial Crimes Enforcement Network launched its beneficial ownership registry, while Europe updated its guidelines to align closely with U.S. standards. This focus on ownership transparency is part of broader anti-money laundering reforms across the EU.
Technology also played a vital role in compliance efforts. The introduction of AI frameworks by the G7 and other governments highlights a more structured approach to automation in AML and Know Your Customer (KYC) processes. The EU’s Artificial Intelligence Act, published in July, emphasizes the necessity of high-quality data in maintaining robust compliance programs.
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Users are encouraged to stay informed about these rapid changes, particularly in light of major operations like Stripe’s acquisition of the stablecoin platform Bridge for $1.1 billion. This notable move signals an accelerating trend towards blockchain integration in financial transactions, enhancing speed and reducing costs.
Looking ahead to 2025, Marshall anticipates a heightened focus on compliance, especially with the implementation of new EU regulations and the formation of the European Anti-Money Laundering Authority. Increased international collaboration on AML standards is also expected, mirroring a growing trend towards responsible banking and investment practices.
In summary, the business landscape is evolving quickly. Companies must adapt to regulatory changes and embrace technological advancements to remain compliant and competitive.
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