Earlier this month, SIFMA welcomed nearly 400 attendees to Washington, DC, for our 25th Annual Anti-Money Laundering and Financial Crimes Conference (SIFMA AML). Over the course of three days, industry leaders, regulators, law enforcement, and policymakers came together to assess the threats to the integrity of our financial system and examine the tools, strategies, technologies, and partnerships needed to respond to these evolving and complex threats.

Marking 25 years of convening the AML and financial crime professionals from the broker-dealer community, this year’s conference served as both a reflection on our progress and a forward-looking discussion on what lies ahead. It brought together policymakers and regulators alongside industry to look back on key developments, address the pressing issues of the day, and explore what the future may hold. Over the years, we have collectively tackled:

• The implementation of the U.S. Patriot Act of 2001;
• The extension of Bank Secrecy Act (BSA) requirements to broker-dealers;
• The customer due diligence rule of 2016;
• The AML Act of 2020; and
• The emerging framework to regulate cryptocurrency assets.

Together, we have helped safeguard the security and resiliency of financial markets through events such as the 2008 financial crisis, the COVID-19 pandemic, and Russia’s invasion of Ukraine.

Factors Shaping Today’s AML and Financial Crime Landscape

This year’s agenda reflected on the urgent topics shaping the AML and financial crime landscape today, including fraud, enforcement priorities, regulatory shifts, digital assets, generative AI, and sanctions enforcement. Through insightful panels and breakout discussions, we explored the evolution of the BSA, analyzed the collapse of FTX from the FBI’s investigative perspective, and heard directly from regulators, policymakers, and industry leaders about the current state and future of AML and financial crime programs

We were honored to be joined by several distinguished keynote speakers. Our first keynote speaker, Matthew Galeotti, Head of the Criminal Division at the U.S. Department of Justice, shared the Administration’s priorities for criminal enforcement of illicit activity and fraud.

Our program also featured:

• Michael Faulkender, Deputy Secretary of the U.S. Treasury on the new Administration’s priorities on AML, sanctions, cryptocurrency, and more;
• Deputy Director Antonia Apps of the SEC’s Division of Enforcement on SEC enforcement and examination priorities; and
• U.S. Senator Mark Warner of Virginia, who offered the Congressional perspective.

These keynotes provided insight into how the administration, regulators, and legislators are approaching AML enforcement and regulatory and legislative action and a view into policy priorities moving forward.

Treasury Deputy Secretary Michael Faulkender

In his keynote session with SIFMA Chief Operating Officer Joe Seidel, Deputy Secretary Faulkender underscored the Treasury Department’s commitment to advancing a modern, risk-based AML framework that fosters both innovation and financial system integrity. He outlined the administration’s priorities for addressing threats including cartel activity, terrorist financing, human and fentanyl trafficking, and sanctions evasion, emphasizing that effective enforcement must be aligned with economic growth.

Deputy Secretary Faulkender spoke to the need for a smarter approach to compliance —one that empowers firms to focus on high-risk areas rather than expending resources on prescriptive, low-impact tasks. He acknowledged that the AML Act of 2020 remains in continued implementation, and that Treasury must bring together stakeholders and examiners to fully realize a risk-based approach that allocates resources appropriately, particularly to national priorities and the highest risks.

He also addressed the evolution of digital assets and blockchain, noting both their promise and potential for misuse. He said that Treasury recognizes the benefits of faster, cheaper payments, but cautioned that strong safeguards are essential to ensure these technologies are not exploited by those engaged in illicit finance. He emphasized that the U.S. must be the standard setter in both innovation and regulation to ensure the digital asset future is led by America and that digital assets don’t become a tool for those committing illicit finance or financial fraud.

Finally, Deputy Secretary Faulkender emphasized a shift in regulatory posture: moving away from a “gotcha” model and toward greater transparency and information sharing between Treasury, regulators, and financial institutions. By strengthening public-private sector collaboration and focusing on real risk, Treasury hopes to support more effective, efficient compliance across the financial system.

SEC Deputy Director Antonia Apps

Deputy Director Antonia Apps of the SEC’s Division of Enforcement joined Saima Ahmed, SIFMA’s Executive Vice President and General Counsel, for a conversation on the SEC’s evolving enforcement and examination priorities. She opened by reaffirming the SEC’s core mission: protecting investors and holding those engaged in fraud and illicit finance accountable. At the same time, she noted that the SEC is more receptive to industry concerns around regulatory burden and is seeking to better balance robust enforcement with fairness and transparency.

Deputy Director Apps emphasized that self-reporting, cooperation, and remediation will be rewarded under the current SEC regime for firms that demonstrate a willingness to do the right thing. She pointed to a more tailored approach to enforcement remedies, particularly the use of Independent Compliance Consultants (ICCs). While ICCs were often imposed under the prior SEC administration for most off-channel enforcement cases, the current SEC is evaluating whether they are truly necessary on a case-by-case basis, especially when firms have demonstrated meaningful remediation. When ICCs are used, the Commission is focused on ensuring that they operate within the confines of their intended purpose.

She also discussed the SEC’s decision to reinstate its general policy of granting Wells meetings, reinforcing the agency’s focus on procedural fairness and due process. This gives firms and their counsel a clearer opportunity to present their case before any enforcement action is taken.

On the regulatory coordination front, Deputy Director Apps acknowledged the overlap that can exist among various regulators, such as FINRA and FinCEN, when it comes to AML enforcement. She affirmed the SEC’s commitment to reducing duplicative oversight with other agencies through enhanced communication and collaboration.

In the digital assets space, the SEC is focused on establishing a clear, fit-for-purpose regulatory framework through the SEC Crypto Task Force, while the newly formed Cyber and Emerging Technologies Unit will investigate fraud and cyber misconduct.

Overall, Deputy Director Apps conveyed a strong desire to engage constructively with industry, uphold fairness and transparency, and ensure that enforcement efforts remain aligned with the SEC’s core mission: to protect investors and safeguard the integrity of the financial markets.

U.S. Virginia Senator Mark Warner

In the final keynote of the conference, U.S. Senator Mark Warner of Virginia joined SIFMA President and CEO Ken Bentsen for a wide-ranging discussion on the role of Congress in strengthening the AML framework. Senator Warner began by underscoring the importance of updating regulatory and legislative structures to match the speed of innovation in artificial intelligence, payments, and digital assets and said that the U.S. is not moving fast enough.

He highlighted the growing strategic competition with China, noting that the U.S. must take proactive steps to lead in the development and regulation of financial technologies. Falling behind, he warned, could allow China to set global rules for emerging technologies such as AI, digital assets, and privacy, which will not align with democratic values or be in the best interests of resilient, stable, and efficient capital markets.

Senator Warner called on Congress to modernize the AML/CFT regime, reduce unnecessary burdens on businesses, simplify and streamline compliance requirements, and pursue bipartisan solutions. He also discussed the Senate’s stablecoin legislation, noting that it includes robust AML and BSA safeguards, and called for broader market structure legislation with critical input from the financial sector and SIFMA.

Throughout the conversation, he emphasized the importance of industry input in the policymaking process. The financial sector, he said, brings critical expertise and real-world insight that can help Congress craft legislation that is both effective and workable. His message was clear: strong AML policy depends on bipartisan cooperation, forward-looking regulation, and sustained dialogue between the public and private sectors.

Looking Ahead

As we close out the 25th anniversary of SIFMA AML, I want to express my sincere gratitude to our attendees, speakers, panelists, sponsors, and my colleagues at SIFMA for making this milestone conference a success. It was a pleasure working with our members on the Conference Planning Task Force to develop a program that reflects not only where we’ve been, but where we’re headed, evaluating the trends, technologies, and regulatory priorities that will shape AML and financial crime programs in the years ahead.

We look forward to continuing these critical conversations at next year’s AML Conference, which will be held June 3–4, 2026, in New York City. See you then!

Author

Bernard Canepa is Managing Director and Associate General Counsel, SIFMA

Related Resources

• Anti-Money Laundering and Financial Crimes Conference

• Podcast

  Regulation, Innovation, and Risk: A Recap of SIFMA’s 25th Annual AML Conference