The year 2017 was marked by profound growth and development across the realms of Anti-Money Laundering and Finance, epitomized by the rise of several budding and potentially disruptive industries, ones that are likely to impact the regulatory landscape for years to come. Looking back on the year that was, there were many issues that played the role of both witness and contributor to the continuation of significant trends that carried over from 2016, most notably the continual advancements seen in regulatory and financial technologies (RegTech & FinTech, respectively). These developments continue to aid financial institutions, compliance departments, regulatory agencies and law enforcement globally in increasing efficiency in the detection of money laundering. It is hard to deny that the calling card of 2017 was the unprecedented ascent of bitcoin and other crypto-currency platforms around the world, coupled with the exponential growth of the Cannabis industry in North America. However, those in the financial sector continue working day and night to try to unearth the next major trend or lucrative initiative with ground breaking potential, while also attempting to gain access to the many opportunities that could subsequently present themselves.
2017 also saw its fair share of criminal and regulatory enforcement actions, record-setting fines, and continued emphasis placed on thwarting new and pervasive threats that continue to materialize; trends that are likely to continue in the coming year. Global RADAR was there to report on all of the major happenings of the past year, providing our followers with the most up-to-date and accurate information relating to AML, finance, and the political realm internationally.
This AML Digest, the first of its kind published by the founder of Global RADAR, Dominic Suszek, is a comprehensive collection of all of the key developments in the areas of BSA/AML compliance, financial crime and security, corruption, and sanctions reported on in 2017, allowing readers to get a look back on all of 2017’s top stories on a week-by-week basis. They say those who cannot recall the past are condemned to repeat it, thus this text should serve as a useful tool for all involved in compliance in one way or another and their respective institutions to avoid making costly mistakes and suffering from the subsequent repercussions that were inflicted upon their counterparts over the course of the past year.