Over 100 global financial crime professionals attended, including financial supervisors, financial intelligence units (FIUs), law enforcement agencies (LEAs), and policymakers.
Key insights include:
➡️ Effectiveness Over Formal Compliance: While the focus on the risk-based approach is working, greater emphasis is needed on the effectiveness in reducing money laundering and terrorist financing (ML/TF) harms;
➡️ Better Public–Private Alignment: Authorities and the private sector should align more closely on risk-based resource allocation to better target high-risk activity and reduce friction for legitimate customers;
➡️ Trust as a Foundation: Effective risk-based supervision depends on trust and constructive engagement between supervisors and firms;
➡️ Moving Beyond Zero-Failure: Participants highlighted the need to shift away from a “zero-failure” culture and move towards prioritising higher-risk threats and reducing low-value compliance activity; and
➡️ Impact-Focused Supervision: Supervisory attention should concentrate on measures that deliver the greatest impact in preventing and detecting financial crime.
✅ Firms should ensure AML frameworks are risk-led, and demonstrably effective and aligned with supervisory expectations and the best practice outlined by the FATF.