FINANCIAL CRIME

The new crimino-normal

Much as I try to ignore it – otherwise it absorbs our every waking moment, and some of our nightmares – I do occasionally find that there is an interesting nexus between the coronavirus and money laundering.  And this week … Continue reading

A pandemic of efficiency?

These are very odd times: on the one hand, my daily life has slowed considerably, with elements of “Groundhog Day” about it, while on the other it is all but impossible to keep up with the fast-changing advice and requirements … Continue reading

No, no, no to UWO, UWO, UWO

Most of us in the world of AML have welcomed the advent of the Unexplained Wealth Order – the court order introduced by the Criminal Finances Act 2017, which can be served to compel either a PEP or someone involved … Continue reading

Keep washing that money

This blog – much like its author – veers wildly between buoyancy and doom, and this week it’s the latter.  Sorry about that.  And it’s about the pestilence.  Sorry about that too.  But there’s no lock-down for criminality and I … Continue reading

The topic will be sin and that’s what I’m ag’in

At the beginning of April 2020 the UK’s National Crime Agency published its “National Strategic Assessment of Serious and Organised Crime 2020”.  Of course, much of this report looks at the damage being done by criminals but – as instructed … Continue reading

COMPLIANCE

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

Keep washing that money

I beg your pardon

Free for all

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EXCLUSIVE

Your AMLRx for COVID-19: Part One

By now, reality has set in. The world is in this for the long haul, and anti-money laundering (AML) and sanctions professionals have certainly recognized that the work to protect the financial system will be changed forever. Financial institutions’ (FIs) initial SWAT teams have set up temporary infrastructure to weather out the initial storm. Hopefully...

The post Your AMLRx for COVID-19: Part One 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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