2024 has been a pivotal year for U.S. anti-money laundering (AML) regulations.
This year was marked by final rules that reshape financial compliance landscapes, and proposed changes that promise to further tighten regulations.
Rules finalized in 2024
- Residential real estate rule
- Registered investment adviser and exempt reporting adviser rule
Proposed changes ahead
- Customer Identification Program (CIP) for RIAs/ERAs
- AML/CFT program modernization
- Recordkeeping for custodial accounts
Who will feel the impact?
- Certain parties to non-financed residential real estate transfers
- Registered investment advisers (RIA)
- Exempt reporting advisers (ERA)
- FDIC- insured depository institutions and potentially third-party non-bank companies (e.g. payment providers & fintechs)
Notable Implications
- RIA/ERA rule extends to certain “foreign located IAs”
- Only one “reporting person” for each reportable real estate transfer
- Proposed CIP requirements are generally consistent with the CIP requirements for brokers or dealers and mutual funds
- Real estate transfers resulting from death or divorce are exempt from rule requirements
- AML/CFT programs must include a risk assessment process
- With some additional requirements, an IDI could maintain the records through an arrangement with a third-party
Let’s solve it together
Amidst these regulatory shifts, technology plays a pivotal role and it is imperative that institutions and firms find the right mix of technology to ensure effective risk management and compliance.
- AI-driven transaction monitoring
- Flexible & adaptive risk assessment tools
- Entity resolution & network analysis
- Generative AI & copilots
- AI-powered holistic case management
Stay ahead of financial criminals and ensure compliance with evolving AML regulations worldwide. SymphonyAI delivers an end-to-end suite of AML, sanctions, and KYC compliance and risk management solutions.
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