As 2024 begins, the resurgence of the monitorship model in enforcement practices is among the evolving challenges for professionals dealing with Bank Secrecy Act and anti-money laundering compliance. Fresh regulatory hurdles include scrutiny of broker-dealers, a possible rule on financial institutions’ sharing of suspicious activity reports with foreign affiliates and the growing prominence of whistleblowers. The Corporate Transparency Act, effective as of January 1, 2024, and new developments in artificial intelligence are also introducing questions. This article distills insights that King & Spalding partners Olivia Radin and Matthew Biben shared in a recent webinar regarding AML developments, risks and enforcement activity from 2023 and what to expect in the coming year. See “Progress and Challenges in Implementation of Anti-Money Laundering Act of 2020
” (Jun. 21, 2023).