This paper explores the key amendments and implementations across four global financial hubs: the United Kingdom, European Union, Hong Kong and Singapore. These jurisdictions have been at the forefront of regulatory innovation, and will continue to lead development during 2024.
In this report, the team highlights legislative, regulatory, and industry developments occurring across the realms of anti-money laundering (AML), counter-terrorist financing (CTF), counter-proliferation financing (CPF), fraud, and sanctions, as well as notable enforcement and disciplinary actions from regulators. With the number, complexity, and speed of regulatory changes increasing from year to year, remaining up-to-date with new regulatory obligations is a necessity for financial crime compliance teams.
Several external factors shaped the regulatory developments in 2023. The team highlights how global geopolitical changes have shaped governments’ sanction and CTF/CPF regimes, the on-going push to regulate virtual assets, and how money laundering scandals have gained notoriety in Singapore and Hong Kong, resulting in renewed efforts to strengthen AML controls.