Thomson Reuters has unveiled a report detailing the evolving landscape of global compliance concerns, marking a significant shift in focus for professionals in the field.
Titled "10 Global Compliance Concerns for 2024," the report is a collaborative effort between the Thomson Reuters Institute and Thomson Reuters Regulatory Intelligence. It forecasted a year of challenges and rapid developments for compliance officers worldwide.
The report underscored the continued impact of technological advancements, particularly in artificial and generative artificial intelligence (AI), which are set to redefine the compliance sector. While offering immense benefits, these technologies also escalate the risks associated with fraud, highlighting a pressing need for compliance professionals to adapt swiftly.
In addition to technology-induced complexities, the report drew attention to persistent threats such as pig-butchering scams and human trafficking schemes, which are expected to grow in sophistication and intertwine with modern slavery issues. These evolving threats underscore the necessity for solutions that are intuitive and precise in combating such challenges.
Looking back at 2023, the report reflected on the significant concerns that dominated the compliance sector, including global developments around beneficial ownership and the regulatory scrutiny over cryptocurrency and decentralized finance. Despite the initiation of beneficial ownership databases in the United States and abroad, the year ahead will require continuous monitoring and adaptation to these evolving regulatory landscapes.
Environmental, social, and governance (ESG) issues remain at the forefront of compliance concerns, with international standards developing alongside country-specific regulations. The report emphasized the importance of compliance officers ensuring organizational adherence to these evolving standards as investments and initiatives in ESG continue to expand.
Another critical aspect of the 2024 compliance landscape highlighted by Thomson Reuters is the impact of significant national elections across the globe. These elections have the potential to drastically alter regulatory environments, particularly concerning cross-border sanctions and digital economy regulations. Compliance professionals must stay abreast of these changes to navigate the complex and potentially treacherous terrain ahead effectively.
The report is available in digital form on Thomson Reuters’ website.