Despite a 33% rise in financial crime compliance costs ($42B in 2020), detection remains under 0.2% globally. Financial institutions face rising threats from cybercrime, synthetic identity fraud, predicate offenses, and exploitation of vulnerable populations. The paper urges a shift from box-checking to impact-driven AML strategies, enhanced collaboration with regulators, use of eKYC and AI tools, and improved training. New measures like the U.S. AML Act of 2020, whistleblower protections, and beneficial ownership registries support these goals. A unified approach across people, tech, and process is vital to fight evolving financial crimes effectively.

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