On November 13, 2024, Kan Nawaday was interviewed by Global Investigations Review as a part of an anti-money laundering roundtable. According to Global Investigations Review, the discussion explored the current landscape in the U.S. and UK and analyzed pivotal issues for businesses and practitioners.
Nawaday shared his thoughts on the most significant changes in the anti-money laundering space from the past year. “My view is we are going to see many more enforcement actions going forward and because of these new FinCEN rules and AML rules that now are bringing investment advisors, real estate professionals into the ambit of coming into compliance with US, AML rules, of course that means that the government's watching,” he explained. “There're going to be more people who could be in jeopardy of running afoul of AML rules.”
He also touched on the practical implications of the expansion of the AML program requirements to new industries, and the possible impacts of such rules. “The fact that investment advisors are now coming … into the fold of AML/BSA requirements should be no surprise. I imagine a lot of private funds out there – hedge funds, venture capital funds – have been preparing for this event,” Nawaday said. “Insofar as a practical consequence, if you fall under the investment advisor prong as a venture capitalist, hedge fund or private fund manager, you will now have to have a BSA compliant program… But insofar as practical implications of rolling this out, clearly the lift is not going to be as hard as if you are a bank, where you're touching transactions 24/7.”
Click here to access the interview.