FINANCIAL CRIME

Levy-hearted

I have my fingers in my ears and am chanting “la la la” to myself, as I refuse to listen to any more corona-chatter.  For today’s blog I am going to pretend that nothing untoward is happening and have a … Continue reading

Planes and pandemics

One of the challenges of AML work is keeping up with the endless adaptability and imagination of criminals.  Unshackled by moral considerations, or by the need to report to risk committees or by the requirement to comply with legislation (quite … Continue reading

This time it’s personal

We’re fairly accustomed now to seeing firms of various stripe fined for AML failings, but for all the talk of personal accountability and statements of responsibility it is still rare for individuals to be held liable for poor AML behaviour. … Continue reading

More Bloody Embezzlement?

Just like police officers, customs officers and passport officers, MLROs find themselves doing a certain amount of profiling when it comes to looking for high risk clients.  We know about certain high risk occupations and high risk nationalities and even … Continue reading

I beg your pardon

Baron Black of Crossharbour is not my favourite person, as you may imagine, and it was a dark day in May 2019 when Donald Trump granted him a full pardon, citing Black’s “broad support from many high-profile individuals who have … Continue reading

COMPLIANCE

BSA’s Most Wanted

The post BSA’s Most Wanted appeared first on ACAMS Today.

One Part Harmony

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ANTI CORRUPTION

Judge Tosses FCPA Jury Verdict

On February 26, 2020, Judge Janet Bond Arterton, a federal judge for the District of Connecticut, overturned a former Alstom SA executive’s conviction under the Foreign Corrupt Practices Act (FCPA) relating to a project to build power plants in Indonesia. Judge Arterton found that, despite a jury verdict to the contrary, prosecutors failed to prove...… Continue Reading

The post Judge Tosses FCPA Jury Verdict appeared first on The Anticorruption Blog.

Linguistic Clues Narrow Identity of Country A in Mueller Probe

Fascination continues about the identity of Country A in Special Counsel Mueller’s investigation into Russian interference.  An unidentified corporation is a witness in the investigation and is owned by Country A. Recent developments provide clues in the unredacted portions of unsealed court rulings and party filings.  Based on linguistic analysis of court rulings and pleadings, Kristina...… Continue Reading

Will Russia Provide Missing Links to Murder, Kickbacks, Bribery?

The case against Leonid Teyf, a Russian citizen, in a federal court in North Carolina has enough juicy facts for an international crime novel. The U.S. prosecutors need evidence to convict Teyf and his accomplices of the central charges, stemming from an alleged kickback scheme in Russia. Will Russia provide missing links? U.S. v. Teyf,...… Continue Reading

Circuit Rejects Expansive Use of Conspiracy for FCPA

The Second Circuit issued its judgment on the case we have been monitoring, U.S. v. Hoskins. The court held that the “government may not expand the extraterritorial reach of the FCPA by recourse to the conspiracy and complicity statutes.” DOJ Theory Rejected The holding is of significant interest as it narrows the DOJ’s jurisdictional reach over...… Continue Reading

The Yacht Equanimity: a Symbol of Corruption?

This month, former Malaysian Prime Minister Najib Razak, who served from 2009 to 2018 as Malaysia’s sixth Prime Minister, pleaded not guilty to three new money-laundering charges related to the alleged multibillion-dollar looting of 1Malaysia Development Berhad (“1MDB”), a Kuala Lumpur-based strategic development company that is wholly owned by the Malaysian Ministry of Finance. The...… Continue Reading

DPA Regime a Landmark Change to Singaporean Law

A recent landmark change to Singapore’s criminal justice system providing for Deferred Prosecution Agreements (“DPAs”), or voluntary alternatives to adjudication, should increase corporate accountability for acts of bribery, corruption, and money laundering. DPAs a Dual-Purpose Enforcement-Prevention Tool DPAs provide a powerful enforcement tool for prosecutors seeking to hold accountable companies that commit crimes and to...… Continue Reading

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IN THIS WEEK

CORRUPTION

I beg your pardon

Free for all

Vote early, vote often

Pass the popcorn

The smile on the crocodile

Family values

EXCLUSIVE

BSA and the Efficiency Ratio

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Fighting Modern Slavery: What the Banking Sector Can Do to Help

Modern slavery, which represents the recruitment, transport, receipt and harboring of people for the purpose of exploiting their labor, affects almost all parts of the world. Globally, it is estimated that there are over 40 million men, women and children in modern day slavery, with about half of that population in Asia alone.1 Alliance 8.7...

INTERVIEWS

Mia Lee: Women Are Up to the Challenge

In honor of Women’s History Month, ACAMS Today’s Community Banking Corner column is profiling women in the world of community banking. Mia Lee has worked in the banking and financial services industry since 1989, focusing on Bank Secrecy Act/anti-money laundering (BSA/AML) practices since 2002. She is currently the compliance and Bank Secrecy Act (BSA) officer...

The post Mia Lee: Women Are Up to the Challenge appeared first on ACAMS Today.

Candice Huggins: Recognizing Women’s Daily Contributions

For International Women’s Day 2020, ACAMS Today had the pleasure of interviewing Candice Huggins, chief compliance officer at CIBC FirstCaribbean International Bank, about her career, her role as a woman in anti-money laundering (AML), and what she is doing to make an impact in this industry and her community. Huggins’ experience spans over 20 years...

The post Candice Huggins: Recognizing Women’s Daily Contributions appeared first on ACAMS Today.

Stacey Ivie: Promoting the Spirit of the Law

For International Women’s Day 2020, ACAMS Today  chatted with Stacey Ivie, detective for the Alexandria Police Department who holds a Special Deputation with the U.S. Marshals Service, to discuss her career in law enforcement. Ivie is currently assigned as a task force officer (TFO) to the Washington Baltimore High Intensity Drug Trafficking Area (HIDTA) Northern...

The post Stacey Ivie: Promoting the Spirit of the Law appeared first on ACAMS Today.

Marina Adams: Networking in the Workplace

ACAMS Today  spoke with Marina Adams,1 compliance officer and assistant vice president of the Federal Reserve Bank of New York (NY Fed), to discuss career advice and equality in the workplace. Adams helped create and develop the compliance function of NY Fed. Adams’ responsibilities include the development and implementation of the anti-money laundering (AML) and...

Deborah Lehr: Think Big, Why not? You Never Know What You Might Achieve

ACAMS Today  sat down with Deborah M. Lehr, to speak about her background, professional experience and her passion to protect human heritage. Lehr is chairman and founder of the Antiquities Coalition. Lehr is an accomplished global business strategist who has supported leading global firms and organizations to grow their presence in the world’s most complex...

Lisa W. Wardell: The Importance of Mentorship and Diversity

ACAMS Today  had the privilege to speak with Lisa W. Wardell, president and CEO of Adtalem about her background, professional experience and what it means to break boundaries as the only African-American female CEO in the S&P 400. Wardell is a philanthropist, mother of six, wife, mentor, sponsor and CEO. She was appointed president and...

AUTOMATION

How to Stop Account Takeover Attacks in Their Tracks

Twenty-first century consumers live much of their lives online. To do so, they open accounts with a variety of internet-based companies — everything from banks, insurers, and social media providers to e-commerce stores. This makes life easier, with car...

Overcoming The Challenge Of Bias And Discrimination In Machine Learning

After Phillip Alston, UN rapporteur on poverty and human rights, presented his report to the UN a few weeks ago, the machine learning (ML) community sat up and took notice. In his report, Alston pointed out how new technologies revolutionize the intera...

As Online Fraud Professionalizes, It’s Time To Empower Risk Teams With Better Tools

Law enforcement works tirelessly around the world to combat the scourge of online fraud and is now warning of organized gangs increasingly gravitating to fraud.  Enterprises must match these efforts with improvements of their own. That means supporting...

As Online Fraud Professionalizes, It’s Time To Empower Risk Teams With Better Tools

Law enforcement works tirelessly around the world to combat the scourge of online fraud and is now warning of organized gangs increasingly gravitating to fraud.  Enterprises must match these efforts with improvements of their own. That means supporting risk teams with highly usable, data-centric fraud prevention platforms that leverage the power of machine learning to stop scams in their tracks.  […]

As Online Fraud Professionalizes, It’s Time To Empower Risk Teams With Better Tools

Law enforcement works tirelessly around the world to combat the scourge of online fraud and is now warning of organized gangs increasingly gravitating to fraud.  Enterprises must match these efforts with improvements of their own. That means supporting risk teams with highly usable, data-centric fraud prevention platforms that leverage the power of machine learning to stop scams in their tracks.  […]

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