Anyone following the regulatory news coming from the United States may have noticed that it’s been a very eventful start to 2024.

In the first three months of the year, FinCEN has released two notices of proposed rulemakings, or NPRMs, and each could have potentially substantial impacts for two major sectors of the US economy.

The first NPRM addresses long-standing concerns about illicit finance in the real estate sector, and would implement a set of reporting requirements for residential real estate transactions.

The second proposed rule has been brewing for about 20 years, and would finally extend AML requirements to the investment advisor space.

Still expected this year is FinCEN’s proposed rule that could codify risk assessment requirements for all institutions covered by the Bank Secrecy Act, one of the primary US laws related to financial crime.  

It’s important to note that these rules aren’t final, but if past NPRMs are any guide, they are well on their way, and their effects will extend not only to the sectors they cover but also the world of financial institutions more broadly.

What does all this mean for fincrime compliance programs, and the financial sector in general?

Join ACFCS and Elizabeth Callan, a FinCrime and Sanctions SME with Symphony AI Financial Services, as we hit the highlights of these pending rules, discuss their impact for financial crime professionals, and provide advice on how you can prepare now to get out ahead of these changes.

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