Look up global fraud and AML regulations

Requires covered businesses to conduct KYC at account opening, verify ultimate beneficial owners of corporate customers, and file STRs to JAFIC.

Most sweeping AML reform since the BSA.

Regulated entities must enroll with AUSTRAC and implement an AML/CTF program (Part A: risk-based board-approved policy; Part B: KYC procedures).

Requires covered entities to conduct CDD (identify and verify customers and beneficial owners), perform ongoing monitoring of business relationships, and maintain records for at least 6 years.

Requires AML compliance programs with four pillars: internal policies/controls, a designated compliance officer, employee training, and independent auditing.

Enhances the Special Return Mechanism (MED) to trace and block fraud-linked funds across subsequent transactions beyond the original destination account.

Defines detailed implementation obligations including EDD for high-risk customers, PEPs, and correspondent banks.

Businesses may collect and use consumer personal information without opt-out rights for detecting security incidents and preventing fraudulent or illegal activity.

Entities must obtain a DFAL license from DFPI before conducting digital financial asset business with California residents.