Regulatory
Change With
Expanded Scope
Is on the Way
A 2022 survey of U.S. and U.K. financial services
compliance decision makers found 34% ranked
managing regulatory change as their top priority for the
next year. Among U.K. respondents, 95% said they are
at least somewhat worried about ongoing regulatory
changes due to Brexit.
Governments are already considering stronger
oversight in nontraditional, less-regulated sectors.
• The U.S. 2022 National Strategy for Combating
Terrorist and Other Illicit Financing lays out plans
to assess unregulated sectors and strengthen
beneficial ownership information reporting
• The Australian government issued a 2021 money
laundering and terrorism financing risk assessment
of the “non-bank lending and financing sector,”
finding a medium-level threat that warrants
additional regulation
• In the U.K., more than 70 fintech CEOs signed
an open letter in 2022 urging the government to
strengthen fintech regulations, calling out payments
alternatives such as crypto and blockchain as
needing particular attention
• A 2022 U.S. Department of the Treasury report
recommended more fintech regulation
• A 2022 International Monetary Fund report noted
efforts to regulate crypto assets have moved to
the top of national policy agendas, but different
countries take different approaches — from
prohibition to creating favorable crypto business
environments
Consumers may start pressing for more regulation.
A study of U.S. consumers at the end of 2022 found
86% are concerned that crypto and fintech firms
aren’t held to the same regulatory standards as
financial institutions.
Multinational companies know
regulatory change is not a
matter of if, but when.
34%
ranked managing regulatory
change as their top priority
95%
are at least somewhat worried
about ongoing regulatory
changes due to Brexit
Results of a 2022 survey of U.S. and U.K. financial
services compliance decision makers
04
Trulioo — White Paper