FINANCIAL CRIME

Friends in low places

For my sins, I start every working day with a trawl of the latest money laundering stories.  As I scan them, I am doing mental triage: Really significant developments go onto the Newsroom page of my website Those, and other … Continue reading

Performance negated pay

Much has been written in recent weeks about the pandemic’s impact on AML endeavours – how to conduct CDD checks on clients who cannot leave their homes, and whether to accelerate acceptance of online CDD documents (is the risk of … Continue reading

Data doom and delight

With writing a post once a week only (I’ve fallen into writing longer posts less frequently – hope that’s OK), there’s sometimes a bit of a delay until I get round to dealing with something that’s been in the news.  … Continue reading

A sprinkling of SAR-dust

There is regularly – and quite rightly – a fair amount of soul-searching about the SARs regime.  Does it shift the burden of investigation from law enforcement to the financial sector?  Does it cost much more than it saves?  Are … Continue reading

A most tempting offer

The name of my company is the result of a family joke: my father observed one day that I was always thinking about crime.  I wasn’t sure I’d be allowed to have the name but I was, and it’s memorable … Continue reading

COMPLIANCE

Your SARs Matter

The post Your SARs Matter appeared first on ACAMS Today.

The Distinction Between Human Trafficking and Human Smuggling

Human trafficking and human smuggling should be defined according to the “United Nations Convention against Transnational Organized Crime and the Protocols Thereto”1 adopted by the General Assembly of The United Nations Office on Drugs and Crime (UNODC) as it is considered to be the first international instrument with agreed definitions on the trafficking of human...

The post The Distinction Between Human Trafficking and Human Smuggling appeared first on ACAMS Today.

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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CORRUPTION

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EXCLUSIVE

AML in Capital Markets: Insider Trading

Securities typologies are often overlooked by anti-money laundering (AML) programs. The issue is compounded by the absence of effective industry solutions, which tend to focus on payment-oriented transaction monitoring. As AML regulators intensify the monitoring requirements for securities, organizations will need to add the requisite subject-matter expertise to their AML arsenals. There are numerous different...

The post AML in Capital Markets: Insider Trading appeared first on ACAMS Today.

The Distinction Between Human Trafficking and Human Smuggling

Human trafficking and human smuggling should be defined according to the “United Nations Convention against Transnational Organized Crime and the Protocols Thereto”1 adopted by the General Assembly of The United Nations Office on Drugs and Crime (UNODC) as it is considered to be the first international instrument with agreed definitions on the trafficking of human...

The post The Distinction Between Human Trafficking and Human Smuggling appeared first on ACAMS Today.

COVID-19: The Lurking Financial Crime Threat for FIs

Financial crime risk management in financial institutions (FIs) has undergone big changes due to paradigm shifts in business dynamics, emerging threats, regulatory climate and technological advancements. However, in the last few months, the world has been experiencing something unprecedented that has made all other changes somewhat secondary: COVID-19. This once-in-a-lifetime phenomenon will change the face...

The post COVID-19: The Lurking Financial Crime Threat for FIs appeared first on ACAMS Today.

How Well Do You Understand AI?

Every tech wave has a steep learning curve. In the not-too-distant past, understanding what the internet was or how to use email made one a party standout. Now it is impossible to imagine not knowing either. Just as it was with these innovations, artificial intelligence (AI) is having its brief moment of magical novelty, and...

The post How Well Do You Understand AI? appeared first on ACAMS Today.

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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