AML / Financial Crime Regulations in United States

This speech by CFTC Director of Enforcement David I. Miller outlines the Division's five core enforcement priorities for 2026—insider trading (especially in prediction markets), market manipulation, market abuse/disruptive trading, retail fraud, and willful AML/KYC violations—while announcing the end of "regulation by enforcement" and previewing a new cooperation policy with enhanced declination incentives. It matters because it signals a targeted, risk-based enforcement shift under Chairman Selig, emphasizing fraud detection over rulemaking, which demands immediate strengthening of surveillance, insider policies, and self-reporting in derivatives, crypto, and prediction markets. Firms face heightened scrutiny in these areas, with cooperation now explicitly tied to penalty mitigation.

What Changed

- End of "regulation by enforcement": CFTC Enforcement will focus solely on policing fraud, abuse, and manipulation under existing CEA anti-fraud provisions, avoiding policy-setting via enforcement...
Five explicit enforcement priorities: 1. Insider trading, with strong emphasis on prediction markets (e.g., misappropriation of nonpublic information violates CEA). 2.
New cooperation policy advisory (forthcoming soon): Includes "significant changes" to declination policy, building on prior frameworks like mitigation-credit matrices and safe harbors for...

Suggested Considerations

Enhance surveillance: Implement robust monitoring for insider trading in prediction markets, manipulation in energy, disruptive trading, retail fraud signals, and AML/KYC red flags; prioritize misappropriated nonpublic info detection.
Update policies: Revise insider trading protocols to align with CEA anti-fraud provisions; train staff on prediction market risks (debunking "no insider laws apply" myth).
Strengthen cooperation readiness: Develop self-reporting/escalation processes, remediation plans, and documentation for declination credit under forthcoming policy; review prior CFTC advisories (e.g., 2025 mitigation matrix).
Conduct gap analysis: Audit AML/KYC programs for willful violations; assess exposure in priority markets (energy, prediction/crypto, retail).
Monitor updates: Subscribe to CFTC Press Room for cooperation advisory and related actions (e.g., Feb 25, 2026 Prediction Markets Advisory post-enforcement cases: https://www.cftc.gov/PressRoom/PressReleases/9185-26).

Key Dates

March 31, 2026

Speech delivery; Outlines priorities and previews new cooperation policy advisory

Soon after March 31, 2026

New cooperation policy advisory issuance; Expected imminently; firms should monitor CFTC site for formal release

Compliance Impact

Urgency: High – This immediate post-appointment speech (March 31, 2026) sets 2026 priorities amid CFTC's expanding oversight of dynamic markets like prediction/crypto/swaps, with Director Miller's prosecutor background signaling aggressive pursuit of "serious violations." Firms risk enforcement in core fraud areas without proactive surveillance/cooperation; aligns with "back-to-basics" trends but elevates prediction market insider risks, demanding swift program updates to leverage new declination incentives.

References

AI-generated analysis. May contain errors or omissions — verify with the original CFTC source before acting. Full disclaimer.

Sectors:

Capital Markets & Trading Crypto & Digital Assets Payments & E-Money

Topics:

Market Abuse / Surveillance AML / Financial Crime Authorisation & Licensing

Broker DealerCrypto ExchangeAll Firms

View Original

🇺🇸 CFTC Warning high

February 9th 2026

CFTC Targets Relationship Investment Scams with National and International Initiatives this Valentine’s Week

No description available.

Sectors:

Banking & Credit Investment Management Crypto & Digital Assets

Topics:

AML / Financial Crime Consumer Protection / Conduct Technology & Cyber

BankFintechCrypto Exchange

View Original

🇺🇸 CFTC News high

February 2nd 2026

Texas Resident to Pay Over $14 million for Misappropriation of Confidential Information, Illegal Kickbacks

No description available.

Sectors:

Banking & Credit Capital Markets & Trading Investment Management

Topics:

AML / Financial Crime Market Abuse / Surveillance Reporting & Disclosure

BankBroker DealerHedge Fund

View Original

🇺🇸 FINRA regulatory_notice critical

January 24th 2026

Enforcement Process

Sectors:

Investment Management Capital Markets & Trading Capital Markets & Trading

Topics:

AML / Financial Crime Consumer Protection / Conduct Reporting & Disclosure

Broker DealerAsset ManagerWealth Manager

View Original

🇺🇸 FINRA regulatory_notice low

January 24th 2026

Electronic Fingerprint Processing

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

AML / Financial Crime Consumer Protection / Conduct Reporting & Disclosure

Broker DealerAsset ManagerWealth Manager

View Original

🇺🇸 FINRA regulatory_notice low

January 24th 2026

Digital Experience Transformation (DXT)

Sectors:

Capital Markets & Trading Investment Management Wealth & Private Banking

Topics:

AML / Financial Crime Consumer Protection / Conduct Reporting & Disclosure

Broker DealerAsset ManagerWealth Manager

View Original

🇺🇸 FINRA regulatory_notice low

January 24th 2026

Customer Information Protection

Sectors:

Investment Management Capital Markets & Trading Consumer Credit

Topics:

AML / Financial Crime Consumer Protection / Conduct Reporting & Disclosure

Broker DealerAsset ManagerWealth Manager

View Original

🇺🇸 FINRA regulatory_notice low

January 24th 2026

Crypto Assets

Sectors:

Crypto & Digital Assets Capital Markets & Trading Investment Management

Topics:

AML / Financial Crime Consumer Protection / Conduct Reporting & Disclosure

Crypto ExchangeBroker DealerAsset Manager

View Original

🇺🇸 FINRA regulatory_notice medium

January 24th 2026

Credit for Cooperation

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

AML / Financial Crime Reporting & Disclosure Authorisation & Licensing

Broker DealerAsset ManagerBank

View Original

🇺🇸 FINRA regulatory_notice high

January 24th 2026

Anti-Money Laundering

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

AML / Financial Crime Reporting & Disclosure Operational Resilience / Outsourcing

Broker DealerBankAsset Manager

View Original

🇺🇸 FINRA regulatory_notice high

January 24th 2026

Regulatory Notice 25-11

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

AML / Financial Crime Reporting & Disclosure Authorisation & Licensing

Broker DealerBankAsset Manager

View Original

🇺🇸 CFTC News medium

December 19th 2025

CFTC Awards Two Whistleblowers More Than $1.8M

No description available.

Sectors:

Banking & Credit Capital Markets & Trading Crypto & Digital Assets

Topics:

AML / Financial Crime Market Abuse / Surveillance Reporting & Disclosure

BankBroker DealerCrypto Exchange

View Original

🇺🇸 CFTC News high

December 18th 2025

CFTC Obtains Judgment Against Wisconsin Man for Fraud, Misappropriation Scheme

No description available.

Sectors:

Banking & Credit Capital Markets & Trading Crypto & Digital Assets

Topics:

AML / Financial Crime Consumer Protection / Conduct Authorisation & Licensing

BankBroker DealerCrypto Exchange

View Original

🇺🇸 CFTC News medium

December 9th 2025

CFTC Obtains Over $2M Restitution for Victims of Precious Metals, Foreign Currency Pool Fraud

No description available.

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Consumer Protection / Conduct AML / Financial Crime Reporting & Disclosure

Broker DealerAsset ManagerBank

View Original

🇺🇸 SEC News medium

December 5th 2025

SEC Announces Agenda and Panelists for Roundtable on Financial Surveillance and Privacy

The Securities and Exchange Commission’s Crypto Task Force has announced the agenda and panelists for its rescheduled Roundtable on Financial Surveillance and Privacy.“New technologies give us a fresh opportunity to recalibrate financial surveillance…

Sectors:

Banking & Credit Investment Management Crypto & Digital Assets

Topics:

AML / Financial Crime Technology & Cyber Market Abuse / Surveillance

BankBroker DealerCrypto Exchange

View Original

🇺🇸 SEC News medium

November 21st 2025

SEC Announces New Date and Time for Roundtable on Financial Surveillance and Privacy

The Securities and Exchange Commission’s Crypto Task Force has rescheduled its Financial Surveillance and Privacy Roundtable, previously scheduled for October, to Monday, Dec. 15, 2025.“I am looking forward to getting this event back on the calendar…

Sectors:

Banking & Credit Capital Markets & Trading Crypto & Digital Assets

Topics:

AML / Financial Crime Consumer Protection / Conduct Technology & Cyber

BankBroker DealerCrypto Exchange

View Original

🇺🇸 CFTC News high

September 17th 2025