In this year’s edition of Plenitude’s RegIntel report, our Regulatory Intelligence team provides an in-depth review of financial crime regulatory developments throughout 2024 and anticipates potential changes on the horizon for 2025. This paper covers critical regulatory advancements across four leading global financial jurisdictions: the United Kingdom, European Union, Hong Kong, and Singapore.
The report explores significant legislative, regulatory, and industry updates across the core anti financial crime areas such as, anti-money laundering (AML), counter-terrorist financing (CTF), counter-proliferation financing (CPF), fraud prevention, sanctions compliance, and enforcement actions from regulators.
This report is designed to assist financial crime compliance (FCC) teams in navigating the ever-evolving regulatory landscape, staying informed of new and amended requirements, and adopting best practices aligned with industry standards.
With the election of the Labour Party in early July, the United Kingdom's regulatory focus transitioned from the Conservative government’s anti-fraud blueprint—addressing payment fraud, corporate criminal liability, and fraud prevention, outlined within their Second Economic Crime Plan 2023–2026—to Labour's redoubled efforts against corruption and money laundering. Despite the change in political hue, both parties have remained resolute in their shared commitment to address fraud, both domestically and internationally, reflecting a consistent cross-party resolve.
The European Union has made notable progress in strengthening its regulatory framework, setting a global benchmark in key areas of governance. With the European AI Act now in force, the EU has set a new global standard for artificial intelligence, striking a delicate balance between fostering innovation and safeguarding societal values. In tandem, France also reinforced its financial crime prevention framework, tightening transparency requirements under the Monetary and Financial Code. Additionally, the EU’s comprehensive anti-money laundering and counter-terrorist financing reforms—embodied in the Sixth Anti-Money Laundering Directive, the ‘Single Rulebook’, and the AMLA Regulation—have fortified the Union’s commitment to tackling financial crime with a unified and robust approach across member states.
In 2024, Hong Kong spearheaded regulatory innovation, exemplified by initiatives such as the AML/CTF Surveillance Capability Enhancement Project (AMLS) and the HKMA's public consultation on information sharing —both of which reflect a decisive commitment to strengthening regulatory frameworks and leveraging RegTech solutions.
Similarly, throughout 2024, Singapore further cemented its position as a global financial hub with the introduction of key legislation, and initiatives aimed at bolstering its anti-money laundering (AML) and financial crime frameworks. Notably, the Anti-Money Laundering and Other Matters Bill expanded regulatory requirements for financial institutions, enhancing due diligence and reporting obligations to better combat money laundering and terrorism financing. In parallel, the Corporate Service Providers Bill introduced stricter regulations for corporate service providers (CSPs) subjecting them to AML/CTF rules and mandating nominee disclosures. Singapore also launched the COSMIC platform (Collaborative Sharing of ML/TF Information & Cases), which facilitated real-time information sharing between financial institutions, regulators, and law enforcement, further enhancing the nation’s collaborative efforts to detect and prevent financial crimes. These developments highlight Singapore's continued commitment to fostering a secure, resilient financial ecosystem, reinforcing its leadership in the global fight against money laundering and terrorism financing.
Both Hong Kong and Singapore placed a premium on cross-sector cooperation and the integration of advanced technologies to address emerging threats, such as cyber fraud and vulnerabilities arising from digital assets. As we look to 2025, the emphasis in Asia’s key financial hubs will undoubtedly pivot towards aligning cutting-edge technological advancements with robust regulatory frameworks, ensuring that firms are not only prepared to meet heightened regulatory scrutiny but also equipped to adapt to the evolving complexities of operational demands.
This report foresees continued regulatory evolution, particularly in relation to emerging technologies and the growing risks of international financial crime. As such, firms must stay vigilant and agile, ensuring their compliance frameworks are adaptable to the shifting global landscape. Providing critical insights into the regulatory developments of 2024, this RegIntel report also offers strategic foresight into the trends and challenges expected to shape 2025. Financial institutions must take proactive measures to adjust to these changes, positioning themselves to navigate an increasingly complex and interconnected financial system.
Throughout 2024, regulatory scrutiny on financial crime prevention has intensified, imposing stricter compliance requirements on firms across key jurisdictions. As we move into 2025, the regulatory landscape will be defined by a heightened commitment to accountability and corporate responsibility, notably through the introduction of the Failure to Prevent Fraud (FTPF) offence in the UK, compelling firms to adopt stronger internal controls. Simultaneously, the full implementation of the Markets in Crypto-Assets (MiCA) Regulation will solidify a comprehensive framework for digital asset oversight across Europe, reinforcing transparency and compliance. As regulatory bodies intensify their focus on emerging technologies like AI, 2025 will usher in an era of greater integration, collaboration, and sophistication in the global fight against financial crime.