As we move into 2023, it is prudent to assess the anti-money laundering environment from 2022.  This compelling session will take a practical approach at reviewing the FinCEN AML/CFT National Priorities, the National AML, CFT and Proliferation Financing Risk Assessments and compare them to crime trends, regulatory requirements, regulatory expectations and the implementation of the Anti-Money Laundering Act of 2020.  The reality is that the financial system serves as a facilitation tool or detection mechanism for money laundering.  There are many moving parts that contribute to facilitation versus detection.

Public and private sector stakeholders must work together and collaborate to foster and enhance detection while minimizing facilitation. Looking back at 2022, we can assess how the identified priorities compare to crime problem trends, touchpoints to financial institutions, and how they align with regulatory requirements and expectations. The requirements to identify money laundering and terrorist financing will continue to get more complex. Thus, detection versus facilitation becomes more important.

Intended takeaways for this session include:

• Developing a sense of situational awareness for aligning the priorities and actual crime problems with touchpoints to financial institutions
• Understanding and differentiating regulatory requirements from regulatory expectations
• Understanding the importance of public private partnerships