Anti-Money Laundering in 2022
With the increased global focus on anti-money laundering (AML) and countering the financing of terrorism (CFT), regulatory agencies around the world are tightening restrictions, broadening their reach and putting additional compliance burdens on companies who do business in their jurisdictions. Furthermore, international groups such as the Financial Action Task Force (FATF) and the International Consortium of Investigative Journalists (ICIJ) are taking aim at money laundering across borders and treating it as a worldwide problem that requires a global solution.
As a result, there have been many recent regulatory changes — and many more changes coming in 2022 and beyond — that fintechs should be aware of, especially if you are considering expanding your business outside of your current jurisdiction.
For example, Australia implemented stricter rules around the use of correspondent banks but expanded exceptions to the tipping-off rules. Perhaps most importantly, Australia recognized the value of third-party providers like Jumio who perform customer due diligence (CDD) for financial institutions, reducing the burden on the institutions themselves.
By implementing these changes, Australian Transaction Reports and Analysis Centre (AUSTRAC) is helping to bring Australia’s AML standards closer to the FATF guidelines. And in 2022, new regulations around reporting of cross-border payments will come into effect to further help Australia’s efforts to take a global view of AML.
The new guide Anti-Money Laundering in 2022: Understanding the Global AML Regulatory Landscape explores some of the changes in the AML regulatory landscape in seven countries around the globe. It also describes the advantages of an end-to-end compliance solution like Jumio for addressing this global problem.
Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through a unified, end-to-end identity verification, eKYC and AML platform. The Jumio KYX Platform offers a range of identity proofing and AML services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring.
Leveraging advanced technology including AI, biometrics, machine learning, liveness detection and automation, Jumio helps organizations fight fraud and financial crime, onboard good customers faster and meet regulatory compliance including KYC, AML and GDPR. Jumio has carried out more than 500 million verifications spanning over 200 countries and territories from real-time web and mobile transactions.
