FINANCIAL CRIME

Free for all

Just as Voldemort’s name cannot be used for fear of conjuring him up, so too we have declared a taboo in our house on the B word (the one to do with the EU) and on the name of the … Continue reading

Regrets, he’s had a few

Here in the UK – and I am sure that many countries will have something similar – we have an organisation called the Restorative Justice Council.  The purpose of restorative justice, as explained on the RJC’s website, is “[to bring] … Continue reading

The sniff test

The relationship between jewellers and the AML regime is a complicated one.  For several years most jurisdictions have recognised the concept of the “high value dealer” – under UK legislation, that’s “a firm or sole trader who by way of … Continue reading

Taking money laundering to ‘art

“I don’t know much about art, but I know what I like.”  That (very common) attitude might be OK when you’re standing in a gallery trying to make sense of something you’ve seen, but it won’t pass muster if you’re … Continue reading

The special joy of damage joy

I remember the first time I was told what schadenfreude means – pleasure derived from another’s misfortune.  I quickly realised what an essential component of life it is, and thought how odd it is that only the Germans have seen … Continue reading

COMPLIANCE

One Part Harmony

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ACAMS Vegas From the Ground Floor

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Follow the Money and Then Follow the Behavior

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Digital Identity: The Integrity of Information

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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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CORRUPTION

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The smile on the crocodile

Family values

Exceeding slow

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...

Eyes on Vancouver: Money Laundering in Canada

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What’s in my wallet?

Typically, articles titled “What’s in my wallet?” discuss the merits of various credit card products comparing interest rates, fees, hidden fees and features, like travel insurance or other consumer protection coverage, but that relates to the traditional financial operating environment. However, this article addresses the title in the context of the alternative financial operating environment—an...

How Fintech Can Counter Terrorism Funding

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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

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...

Why It’s Time To Recession-Proof Your Organization With Anti-fraud Tools

After one of the longest periods of US economic expansion on record, many experts are saying it’s time for a recession. That’s troubling in itself, in terms of the potential for job losses, financial uncertainty and economic stagnation. But it could al...

How Machine Learning Can Unlock Value For Fraud And Risk Professionals

At Simility, we often talk about the need for machine learning-powered systems to combat a new wave of sophisticated digital fraud. But what exactly is machine learning – and how can it be leveraged to provide an advantage over legacy rule-based tools?...

Patching Problems Perpetuate Fraud Challenges

Online fraud is a complex problem requiring a sophisticated solution. We all know it’s on the rise. But there’s no single, definitive cause. Instead, a confluence of factors including digital transformation, the rise of dark web sites, credential stuff...

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