• Reports
• 02.02.2022 09:00 am
• ComplyAdavantage

Financial Crime Threat Landscape

Criminals will continue to adapt and exploit opportunities to grow and evolve as the world continues to contend with COVID-19 and emerging variants. Dominant themes of the “new reality” this year will include disrupted supply chains, the implosion of fraud, widespread ransomware attacks and a digital payments ecosystem under continual attack by criminals.

Geopolitics and Sanctions

The tense, rapidly changing geopolitical landscape will see the release and removal of sanctions as Western powers face off against China and Russia, coups take hold of fragile states and new sanctions measures introduced to tackle the misuse of technology by nefarious actors.

Regulatory Trends and Enforcement

In 2022, the massive overhaul of regulatory frameworks will continue as Europe, the US and others work to bring greater legal definition to crypto firms. Measures will also be designed to prepare for upcoming FATF evaluations and/or address deficiencies that have already been identified to avoid being added to the gray list. Regulators will continue to step up fines to deal with firms that have deficient AML/CFT programs.

Industry Trends

With regulatory action and competitive threats driving change across the compliance industry, firms will continue to invest in new RegTech solutions in 2022. Alongside rising levels of automation, hiring the right staff remains critical, with banking the most sought-after industry background for firms that are recruiting.