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The United States’ Regulatory Landscape in 2024

2024 is a landmark year for AML/CFT regulation in the United States.

With federal elections due in November, it’s unlikely any new, high-profile legislation will be passed in the coming months. Rather, the focus is on implementing bills that have already become law. The most notable example is the Corporate Transparency Act, which has ushered in a new era of beneficial ownership reporting. FinCEN has also issued a proposed rule covering non-financed residential real estate property transfers as part of a US government crackdown on corruption and illicit finance in the real estate sector.

Artificial intelligence is another crucial area of activity. While legislation remains in its infancy in the US, the Biden administration has issued several initiatives, including a Blueprint for an AI Bill of Rights, an updated National AI R&D Strategic Plan, and an Executive Order on Safe, Secure,
and Trustworthy Artificial Intelligence. The administration has focused on making the US an attractive place for AI companies to build and grow while guaranteeing safeguards, privacy, and consumer and civil rights.

This guide is designed to provide compliance teams with an overview of the key legislation and policy areas they need to know about in the year ahead. It also highlights top regulatory themes and how the US measures up against other major global markets. Some information on Canada’s AML/ CFT approach has also been included for additional context.

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Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

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