FINANCIAL CRIME

Just do it

Sportswear and I rarely coincide, but I am a fan of the slogan “Just do it”.  Years ago a much-respected older friend gave me his top tip for efficiency: if you think of a job that needs doing and it … Continue reading

Made for the job

As regular readers will know, I harbour a little fantasy about life as an academic – I imagine quiet afternoons of deep thought, preferably in an ancient room overlooking a college garden…  It’s very unlikely to come to pass, but … Continue reading

Free for all

If I were sitting in a mountain-top lair, twirling my moustaches and cackling evilly, I don’t think I could devise an environment more conducive to financial crime than the UK in late 2020.  Put to one side the spinelessness of … Continue reading

Ethics girls and boys

With the recent headlines concerning Mr Trump’s tax arrangements and Mr Johnson’s awarding of government contracts to chums, you can imagine that the issue of morality has been much on my mind.  I come from mixed stock: one half of … Continue reading

Latest leak lessons

This is a tricky time to write a blog post, as everywhere is swirling with stories from the “FinCEN Files”.  I have explored the leaks on the ICIJ website, read the reputable (and disreputable) press sources and watched the “Panorama” … Continue reading

COMPLIANCE

Surviving and Thriving in Uncertain Times

Even during the best of times, anti-money laundering (AML) professionals are under great stress and strain from constantly changing regulatory and tactical environments. As criminals rapidly change tactics and technology inevitably lags, the AML profession must constantly improvise, adjust and overcome a plethora of obstacles. Unfortunately, the obstacles were not in short supply in 2020...

The post Surviving and Thriving in Uncertain Times appeared first on ACAMS Today.

AMLA: The Gamechanger

The Anti-Money Laundering Act of 2020 (AMLA)―included within the 4,517-page-long conference report on the National Defense Authorization Act for Fiscal Year 2021 (NDAA)1―is widely considered the most comprehensive change to the U.S. anti-money laundering and counter-terrorist financing (AML/CTF) regime since the USA PATRIOT Act (PATRIOT Act). The NDAA was issued on December 3, 2020, by...

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Seven Expected Changes in AML After COVID-19

The impact of COVID-19 can be witnessed in almost every industry. However, with global banks having provisioned a whopping $1.15 trillion for losses through the third quarter of 2020, it is quite visible for banks and financial institutions (FIs).1 Risks associated with terrorist financing and money laundering are particularly increasing during recent times as organized...

The post Seven Expected Changes in AML After COVID-19 appeared first on ACAMS Today.

Multilateral Development Institutions and Global Financial Crime Risk Management

There is a growing consensus among financial crime compliance stakeholders that the current global framework for anti-financial crime (AFC) is not as effective as it could be. There needs to be more action from the international, regional and national levels to help identify and stem the flow of illicit financing. Multilateral development institutions (MLDIs) and...

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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

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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

FEATURED NEWS

IN THIS WEEK

CORRUPTION

Wolves crying wolf

Gone but not un-rotten

Back to school

Ho-ho-ho and CDD

Latest leak lessons

EXCLUSIVE

Seven Expected Changes in AML After COVID-19

The impact of COVID-19 can be witnessed in almost every industry. However, with global banks having provisioned a whopping $1.15 trillion for losses through the third quarter of 2020, it is quite visible for banks and financial institutions (FIs).1 Risks associated with terrorist financing and money laundering are particularly increasing during recent times as organized...

The post Seven Expected Changes in AML After COVID-19 appeared first on ACAMS Today.

Origen y Evolución de la Función del Oficial de Cumplimiento

A través de los años veinte se prohibió a nivel nacional la producción, venta, transporte, procesamiento y consumo de licor en EE.UU. con el fin de prevenir los efectos nocivos del consumo de alcohol en la sociedad. Al mismo tiempo emergieron bandas del crimen organizado que se dedicaron al contrabando y a la comercialización ilegal...

The post Origen y Evolución de la Función del Oficial de Cumplimiento appeared first on ACAMS Today.

AI: The Double-Edged Sword in AML/CTF Compliance

Artificial intelligence (AI) has enhanced financial services, improved regulatory compliance and more. However, AI poses an equally dangerous threat to ethical governance, data protection and cybersecurity, as well as fundamental human rights. There are over 70 proposed definitions for AI, one of which describes it as a suite of autonomous self-learning and adaptively predictive technology...

The post AI: The Double-Edged Sword in AML/CTF Compliance appeared first on ACAMS Today.

INTERVIEWS

Nichole Blankenbiller, CAMS: Creating an Inclusive Work Environment

For Women’s History Month, ACAMS Today spoke with Nichole Blankenbiller, CAMS, on addressing the fundamental causes of gender disparity in the workplace. A distinguished leader in the compliance field, Blankenbiller has an established career with 10 years of experience in Bank Secrecy Act (BSA), anti-money laundering (AML), sanctions compliance and operations. As a senior AML...

The post Nichole Blankenbiller, CAMS: Creating an Inclusive Work Environment appeared first on ACAMS Today.

Kelly Cooper, CAMS: Keeping Things in Focus

ACAMS Today interviewed Kelly Cooper, CAMS, on creating a proactive approach to maintaining an inclusive workplace. Cooper is a regulatory and anti-money laundering (AML) consultant for financial institutions (FIs) with a vast history of experience working in the anti-financial crime (AFC) field. She is a certified AML specialist and a law school graduate who passed...

The post Kelly Cooper, CAMS: Keeping Things in Focus appeared first on ACAMS Today.

Karla Monterrosa-Yancey, CAMS: The Importance of Advocating for All Women

ACAMS Today sat down with its own editor-in-chief Karla Monterrosa-Yancey, CAMS, to discuss the importance of mentorship and championing women’s voices. Monterrosa-Yancey is an award-winning editor, who, over the past 15 years, has turned the ACAMS Today (AT) magazine into an award-winning publication. Under her guidance the AT magazine has won over 200 awards for...

The post Karla Monterrosa-Yancey, CAMS: The Importance of Advocating for All Women appeared first on ACAMS Today.

Patricia Kordesch, CAMS: Collaborating to Achieve Equality

ACAMS Today chatted with Patricia Kordesch, CAMS on using her voice against workplace inequality and paving the way toward equal opportunities. Kordesch started her career as private banker, managing client relationships in Germany and Asia, driving business development, service culture and know your customer practices in Deutsche Bank Group. Later, as audit director, executive leadership...

The post Patricia Kordesch, CAMS: Collaborating to Achieve Equality appeared first on ACAMS Today.

Melissa Triplett, CAMS-Audit: Saying Yes to New Opportunities

ACAMS Today  chatted with Melissa Triplett, CAMS-Audit on maintaining an inclusive workplace and working with the ACAMS San Diego-Baja California Chapter. Triplett is currently the senior vice president, Bank Secrecy Act (BSA) officer for Pacific Western Bank. She has more than 21 years of experience in the banking and financial services industry. Triplett has significant...

The post Melissa Triplett, CAMS-Audit: Saying Yes to New Opportunities appeared first on ACAMS Today.

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.

AUTOMATION

ML Dashboards: Driving Insight From AI-Powered Fraud Analytics

Machine learning (ML) sits at the heart of advanced fraud prevention platforms like Simility, a PayPal Service. But there’s a difference between boasting of the technology on a specs sheet and delivering it in a meaningful way for users. Data scientists and in-house fraud teams are in short supply today, making it vital that organizations […]

Decentralized ML: Part I (Introduction)

The first part of the decentralized machine learning series focuses on understanding the need for decentralization using an intuitive example.Photo by Clint Adair on UnsplashThis is the first part of the series of blogs on the topic of Decentralized Ma...

Decentralized ML: Part II (Blockchain Basics)

The second part of the decentralized machine learning series introduces the basic concepts of blockchain, a tool used for decentralization.Photo by Launchpresso on UnsplashThis is the second part of the series of blogs on the topic of Decentralized Mac...

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...

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