On the global front
AML regulations continue to shape financial landscapes worldwide, with penalties and enforcement reaching new heights.
In 2024 alone, the top 10 AML violations alone resulted in $3.1 billion in fines. An estimated $1.6 trillion is laundered globally each year—equivalent to 2.7% of global GDP—underscoring the scale of financial crime. These numbers are not trivial.
Human trafficking, generating $150 billion annually, remains a major concern, with AML initiatives playing a critical role in disrupting these networks. With 200 jurisdictions aligning on AML standards, international cooperation is driving more rigorous compliance and enforcement.
Meanwhile, Down Under...
In the lead up to Tranche 2, Australia is taking decisive action, with authorities seizing $1.2 billion in criminal assets over the past five years, including property, vehicles, cash and cryptocurrency.
The country’s domestic drug trade fuels an illicit economy worth $12.4 billion annually, while real estate remains a prime target for money laundering, posing a risk of the same scale.
Reports of human trafficking and modern slavery increased by 12% in 2024, with 382 cases flagged by law enforcement. These figures highlight the urgency of robust AML frameworks to ensure businesses stay ahead of evolving regulatory demands.
About First AML
This article is not only written from the perspective of a technology provider, but also from the lens of compliance professionals. Prior to releasing Source, First AML’s orchestration platform, we processed over 2,000,000 AML cases ourselves. Understanding the acute problem that faces firms these days as they try to scale their own AML, is in our DNA.
That's why Source now powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Source stands out as a leading solution for organisations with complex or international onboarding needs. It provides streamlined collaboration and ensures uniformity in all AML practices.
Keen to find out more? Book a demo today!