ACAMS, a leading international membership organization dedicated to the fight against illicit finance, is pleased to share that is has published its inaugural Global Anti-Financial Crime (AFC) Threats Report. This comprehensive report outlines the top 10 perceived financial crime threats for the coming year, providing valuable insights based on a global survey involving nearly 800 diverse organizations.
The report emphasizes the dynamic nature of threats, underscores the growing importance of technological innovation, and advocates for tailored approaches to anti-financial crime (AFC) controls. From cyber threats and the misuse of artificial intelligence (AI) to the complexities of sanctions evasion amid heightened geopolitical tensions, the report navigates the multifaceted challenges posed by the financial crime landscape, including pitfalls associated with cryptoasset and blockchain technology.
Navigating this fragmented environment requires adept consideration of conflicts of law and regulations, personnel risks and evolving market volatility, the report finds. Amid an economic downturn, financial institutions grapple with talent retention and outdated IT systems, as highlighted by ACAMS’ global thought leadership team spearheading the report.
Additionally, the report unveils noteworthy variations in risk perception across regions. For example, concerns about transnational criminal smuggling differ across regions, with the Americas and Oceania viewing it as a higher perceived risk compared to other regions.
ACAMS, with its expansive global membership, stands in a unique position to foster dialogue and information-sharing in the global AFC space, aiming to inform and convene its partners, members, and the broader AFC community through the Global Threat Report. With a commitment to keeping pace with the ever-evolving threat landscape, ACAMS plans to issue updated threat reports annually.
“The report underscores ACAMS’ unwavering commitment to ongoing public-private partnerships and collaboration to combat criminal abuses of the financial system and advance common goals for a safer world,” said ACAMS CEO, Neil Sternthal. “The data underpinning the report illuminates the ever-evolving landscape of financial crime, emphasizing the dynamic nature of threats, and underscores the critical role of technological considerations, highlighting the need for tailored AFC approaches.”
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