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FINANCIAL CRIME

Please release me

The principle of mitigation is an important one in the justice system.  Once someone has pleaded guilty to an offence – or been found guilty of it after a trial – the attention of the court turns to sentencing, and … Continue reading

Dull as dishwater

One of the most common requests I have from people commissioning my training is for case studies – stories about money launderers.  And I am more than happy to oblige, as researching these creatures is one of the guilty pleasures … Continue reading

Underfunded, under-supervised and over here

I know, I know: who thought I would spend my last few months as an AML-er shaking my fist impotently at the madness that is freeports?  But here we are.  I’ve written before (here and here) about why they’re such … Continue reading

Less than super-vision

I assume most of you know how I feel about the theory of OPBAS – i.e. that the solution to the fragmented and conflicting AML/CFT supervision arrangements in the UK is not to rationalise the number of supervisors but rather … Continue reading

A bid for freedom

Woohoo, I do love a good helping of Schadenfreude, and to this end one of my favourite things is hearing about what happens to the fancy assets of criminals when they are taken away (both the assets and the criminals).  … Continue reading
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COMPLIANCE

A mammoth task for the MLRO

A little while ago I was giving a training session and used an analogy that the people attending found useful and amusing.  And, being both vain and generous, I thought I would share it in case it helps with your … Continue reading

Terrorist Financing in 2021

The post Terrorist Financing in 2021 appeared first on ACAMS Today.

Targeting Generational Differences: Turning Fraud Prevention Into Competitive Advantage

There is a new twist on the “generation gap” these days―and fraudsters are exploiting it to win, while financial services organizations (FSOs)are mining it for better personalization and competitive differentiation in their product offerings and target markets. Today virtually all FSOs, no matter their size or location, are aware that fraud threats are evolving as...

The post Targeting Generational Differences: Turning Fraud Prevention Into Competitive Advantage appeared first on ACAMS Today.

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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

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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FEATURED NEWS

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IN THIS WEEK

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CORRUPTION

Wolves crying wolf

Gone but not un-rotten

Back to school

Ho-ho-ho and CDD

Latest leak lessons

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EXCLUSIVE

Targeting Generational Differences: Turning Fraud Prevention Into Competitive Advantage

There is a new twist on the “generation gap” these days―and fraudsters are exploiting it to win, while financial services organizations (FSOs)are mining it for better personalization and competitive differentiation in their product offerings and target markets. Today virtually all FSOs, no matter their size or location, are aware that fraud threats are evolving as...

The post Targeting Generational Differences: Turning Fraud Prevention Into Competitive Advantage appeared first on ACAMS Today.

Why Cryptocurrency Matters in the AML World

Since Bitcoin’s launch in 2009, cryptocurrency has driven new markets, spurred advancements in financial infrastructure and driven innovative thinking in how to meet the world’s economic needs. However, many stakeholders, including regulators, compliance professionals and law enforcement, still do not understand cryptocurrency or its anti-money laundering (AML) impact. That needs to change as cryptocurrency adoption...

The post Why Cryptocurrency Matters in the AML World appeared first on ACAMS Today.

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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.

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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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BLOG

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