FINANCIAL CRIME

RUSI and the red team

Regular readers will know how I love “crisp” writing: writing that is clear, well-structured, unambiguous and just that little bit elegant.  (Compare and contrast with most of the hurried, rambling and frankly inaccurate drivel that appears online these days.)  Two … Continue reading

The law(yer) is an ass

AML efforts tend to move in one direction: more, greater, stronger, bigger – whatever the right adjective may be.  Occasionally we see an unwinding (as when many jurisdictions removed general insurance business from the AML family) but for the most … Continue reading

Facecrook?

Here’s what I have read about Facebook Libra: According to the Financial Times, it is “a new global digital currency backed by assets and supported by more than two dozen companies ranging from Visa and Mastercard to Lyft and Spotify”. … Continue reading

On their own authority

Over a two-decade career in AML, one of the things I have noticed is the “normalisation” of the terms “money laundering” and “AML”.  When I first started out, I had to explain to everyone non-finance-y what money laundering was and … Continue reading

Exceeding slow

You remember the summer of ’98.  The European Central Bank was founded in Brussels, Pete Sampras won the men’s singles title at Wimbledon, “Sex and the City” premiered on the telly – and Nigerian dictator Sani Abacha died at the … Continue reading

COMPLIANCE

Counterfeit Jewelry—Spotting a Fake

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The Rise of Cloud in Compliance

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SARs Analysis on the Criminal Use of the Gaming (Casino) Sector

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IRS audit survival guide: 4 compliance keys for Finance

Few things are quite as headache-provoking as the thought of IRS auditors scrutinizing your company’s financial records, one by one. Of course, you and your finance staff do everything in your power to maintain accurate payment records and tax forms. But it’s a lot for staffers to manage. And despite your best efforts, you never […] [MORE]

Fyre Island Fraud: What Is Missing From the Documentaries?

Anti-money laundering (AML) compliance professionals are taught to read between the lines. The role involves gathering information directly from the source and doing independent research to offer firms a holistic view of clients who may be onboarded. The characteristics of an investigator must be inhabited and as investigators, it is often about following the money....

ANTI CORRUPTION

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

EXCLUSIVE

Inclusión Financiera y la Prevención de Lavado de Dinero: La Gran Oportunidad Fintech

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Blockchain, Criptomonedas y Privacidad

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How AI-Driven Social Media Monitoring for AML Works: Part 1

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Liaisons Dangereuses: 5AMLD et EDD

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Handelsbasierte Geldwäsche– Risikofaktoren und Sorgfaltspflichten

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INTERVIEWS

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...

Jennifer Hanley-Giersch, CAMS: Enhancing Empowerment and Driving Innovation

ACAMS Today  sat down with Jennifer Hanley-Giersch, CAMS, managing partner of Berlin Risk Limited, to discuss career advice and her sources for writing inspiration. Hanley-Giersch has nineteen years of experience in the risk management and anti-financial crime (AFC) fields. She has extensive experience in global investigations, compliance advisory, reputational risk management and political risk assessment....

Hera U. Smith: Lifting Each Other Up

ACAMS Today  interviewed Hera U. Smith, CAMS, global sanctions compliance officer of Associated Foreign Exchange, Inc. (AFEX), to discuss her work with international sanctions and her advice for increasing the participation of women in the anti-financial crime field. AFEX is one of the leading global payments and risk management solutions providers. Smith is responsible for...

AUTOMATION

Driving Improvements in Fraud Prevention As Threats Grow in Sophistication  

As the world digitizes, organizations and their customers are increasingly exposed to internet fraud. It’s the price we are paying for unfettered online growth. But it doesn’t need to be this way. Anti-fraud solutions have evolved over the years, from ...

Back-to-school, back to fraud: how e-commerce and loan providers can tackle scams 

Fraudsters are always looking for new ways to drive revenue and evade the scrutiny of risk teams. This cat-and-mouse game has seen the bad guys continually adapt their tools and techniques to stay one step ahead of those out to stop them. Despite headl...

Artificial Intelligence: A Powerful Weapon in the Battle Against ATO

The digital economy has given rise to disruptive business models that make it convenient for customers to transact online. Customers can easily set up and operate accounts online by providing personal information at sign-up and log-in, respectively. Th...

Fighting Fraud in a Rapidly Transforming Travel Industry

Like many sectors, travel is undergoing major digital-driven transformation. This is helping to drive customer engagement and growth on a scale never before seen. But while the internet has provided a new platform for airlines, hotels, travel agents an...

Driving 2019 Success Through Risk Management

At PayPal we’re celebrating another great start to 2019 after our first quarter financials were released last month. Alongside the headline 12% increase in revenue was the equally pleasing sight of millions more customers opening accounts with us, incl...

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