In our recent “BSA/AML/CFT New Year Update” webinar, Kevin Edwards shared several topics that will likely be “hot” as we progress through 2025. A few of those include transitioning your existing BSA/AML programs with the now new and improved AML/CFT terminology. Suspicious activity, especially related to sanctions evasion is another area that doesn’t seem to be going away. The beneficial owner requirements, specifically the new database, saw some volatility in the courts toward the end of 2024. While this doesn’t have much impact on financial institutions at this point, we do expect there will be tweaks to the financial institution requirements coming down the road.
Kevin explains more in the video.