The Biden Presidency - Key financial crime challenges in a new political landscape

Following the federal elections of 2020, both the US executive branch and both chambers of Congress are under the effective control of the Democrats.

There is significant expectation in the financial crime compliance world that this is going to lead to changes in the US regulatory approach; some expect a return to the tougher approach of the Obama presidency on AML/CFT, and an impact on Sanctions that will rely on Allies working in concert, while others expect to see significant continuity with the Trump years, as President Biden seeks to govern ‘from the center’, after a tumultuous election.

There can be little doubt, however, that whichever direction the Biden/Harris administration seeks to go, there will be many significant financial crime issues for them to address over the coming four years, from the next steps in corporate transparency, SAR reform and the Iran nuclear deal, to ensuring that ‘main street’ Financial Institutions keep up with AML/CFT change.

The administration will almost certainly also help frame the country’s long-term approach - and arguably also a global tone - to still evolving areas such as cryptocurrencies and Financial and Regulatory Technology.

In this session, Jim Richards and Michelle Neufeld will explore the new administration’s likely direction of travel, and what this will mean in practical terms for compliance professionals.