As you may recall, clear back in 2020 there was a push for anti-money laundering (AML) reform which really hadn’t been done since the U.S.Patriot Act. We got a proposed rule in November 2024 that sought to strengthen and modernize AML/CFT (Countering the Financing of Terrorism) programs as a whole. We expected a final rule in March 2025 but we’re still obviously waiting. Regardless of when the final rule comes,there are some things that will happen based on what the law requires. For example, all financial institutions are going to be required to have effective, risk-based, and reasonably designed AML/CFT programs; a risk assessment will be mandatory; and the AML/CFT national priorities, as designated by the federal government, will need to be incorporated into any risk assessment.
Kevin explains more in the video.