Top Compliance Trends to Watch in 2023

Compliance professionals were expected to face major regulatory and operational changes in 2023 as digital transactions, financial crime risks, and regulatory scrutiny increased. Key U.S. developments included FinCEN implementation of Anti-Money Laundering Act requirements, expanded customer identification and due-diligence expectations, beneficial-ownership reporting, stronger controls for synthetic and third-party fraud, possible restrictions on prefilled consumer data, and emerging cryptocurrency oversight. Globally, the discussion emphasizes perpetual KYC systems that continuously update customer risk profiles, real-time sanctions screening amid rapidly changing geopolitical restrictions, and growing attention to environmental, social, and governance-related crime typologies such as trafficking, corruption, and environmental crime. Demographic shifts were also identified as challenges, with Gen Z consumers often having limited traditional identity records and older consumers facing elevated fraud and abuse risks. The report argues that organizations will need to balance budget and staffing constraints with investments in automated identity verification, risk monitoring, sanctions compliance, and scalable compliance technology, while promoting Socure’s products as tools intended to support these needs.

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