The ACAMS Las Vegas 2024 conference kicked off with a dynamic Day 1 filled with engaging discussions and valuable insights into the latest trends and challenges in anti-money laundering (AML) and counter-terrorism financing (CFT). With a diverse group of industry experts and regulators, the first day set the tone for the importance of adopting innovative approaches to compliance in an increasingly complex financial landscape.
Focus on Risk Assessment
A primary focus of the day was FinCEN’s proposed rulemaking, which is set to strengthen AML/CFT programs by mandating risk assessment as a regulatory requirement.
In the “Roundtable – Straight from the Source” session, regulators and experts emphasized the need for structured, methodical risk assessments that align with the pillars of AML/CFT programs. As part of the new rule,
- Institutions are now required to map risk assessments to key elements such as customer, geographic, product/service, and transaction risk.
- Risk assessments should incorporate national AML/CFT priorities, including corruption, cybercrime, fraud, and terrorism financing.
- There was considerable focus on the need for risk assessments to be dynamic, allowing for seamless integration of new products, services, or technologies and ensuring that appropriate controls and staffing are in place.
The discussion also touched upon how technology can be leveraged to create powerful automation and workflow-based solutions that can accelerate compliance with the new rules.
How Solytics Partners Can Help
Solytics' Risk Assessment Tool is designed to help financial institutions meet these evolving requirements through automated workflows and risk evaluation processes.
- Our solution enables automated risk scoring across various business units and provides comprehensive, customizable dashboards, making it easy for institutions to conduct thorough and periodic assessments.
- The platform’s strong audit trails and look-back capabilities allow for easy referencing of past metrics and adjustments to control frameworks as needed.
To know more about the proposed rule and Solytics’ expert analysis of the same, do read out whitepaper: Strengthening AML/CFT Programs: Key Changes and Expectations Under FinCEN’s Proposed Rule
Day 1 has set the stage for deeper conversations on compliance, technology, and the evolving financial crime landscape. Solytics Partners is proud to be part of this ongoing dialogue and looks forward to supporting financial institutions in meeting their compliance needs with cutting-edge solutions.
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