Regtech: Thinking Beyond Plug-and-Play Solutions
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View ArticleNext-Gen Information Sharing and Collaboration Framework Using Graphs
Countries have long fought financial crime by relying on financial institutions (FIs) to identify and report suspicious transactions. This system is largely ineffective because it rarely provides...
View ArticleTechnology Will Not Save Us―Rethinking Risk Might
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View ArticleExam-Ready AML and Sanctions Programs
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View ArticleCase Management: Doing More With Less
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View ArticleAML: The Risk of Investor Citizenship Schemes in Europe
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View ArticlePutting Out Fire: A Global Collaboration Against Human Trafficking
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View ArticleHow Innovative Technologies Can Counter Emerging TBML Threats
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View ArticleApplying Machine Learning and RPA to Automate Financial Crime Investigations
Machine learning, a powerful subset of artificial intelligence, and robotic process automation (RPA) have shown promise in addressing various automation opportunities that can benefit the financial...
View ArticleHow to Add Foundational Value to Your AML Program
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View ArticleMicro AML and Partnerships
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View ArticleProfessional Matchmaking: Harmonizing Law Enforcement Investigations
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View ArticlePost-Pandemic: Forging Partnerships for the Fraud War
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View ArticleDeep Into the Weeds: Cannabis and Compliance
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View ArticleFour Important Digital Fraud Lessons for Your Employees
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View ArticleBest Crisis Management Practices for Data Breaches: Part Two
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View ArticleCybersecurity Requires Rethinking Cybercrime Investigation
Cybersecurity Awareness Month is a good time to take stock of what can be done differently to improve cybersecurity. Since this awareness event began in 2003, the cyberthreat risk has become...
View ArticleBeyond Ransomware: Navigating Threat, Risk and Damage
Many Americans were still celebrating Fourth of July when they learned of another ransomware attack—one more sophisticated and with more sinister purposes than previous attacks. The “biggest ransomware...
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Keeping Sanctions-Related Risk Assessments Effective and Current
The dynamic nature of sanctions risk—stemming from nuanced sanctions requirements, complex corporate structures and transaction protocols, and imperfect data insights on customers and related...
View ArticleTerrorist Financing: A 20-Year Retrospective
Congratulations to ACAMS on reaching its 20th-anniversary of publishing ACAMS Today. This is a great milestone for the anti-money laundering (AML) community. ACAMS Today has consistently provided a...
View ArticleThe Network-centric Approach: Helping Financial Crime Investigators to Combat...
Environmental crime might sound new to financial crime professionals, but it is a challenge that investigators have wrestled with for years. Discussions about using open-source intelligence (OSINT) to...
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Saving the Planet
Environmental crime is among the most profitable financial crimes with criminal proceeds of $110 billion to $281 billion annually. Forestry crime, illegal mining and waste trafficking1 amount to 60% or...
View ArticleA Three-pronged Approach to Fighting Crypto Fraud
Cryptocurrency has transitioned from a niche concept to a mainstream one. (You know a topic has hit big time when it is popular on TikTok!) There are more than 19,000 cryptocurrencies in the world1—and...
View ArticleTransaction Monitoring of Alerts: A Guide to Holistic Reviewing
All financial institutions (FIs) need to conduct transaction monitoring to check for suspicious activity in customer accounts. Software exists for FIs to establish parameters that help identify unusual...
View ArticleExterminating Your Casino Money Laundering Termites
Like all financial institutions (FIs), casinos do not have limitless resources to look for every conceivable criminal and their associated money laundering schemes. Regulators acknowledge this and...
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Managing Financial Crime Risks in Digital Payments
Payment services were long offered to companies and individuals by banks, but in the last 20 years, dedicated and specialized providers greatly expanded the market. In 2020, global payments revenues...
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Veterans: An Untapped Talent Pool in AFC
The world is changing rapidly, and the illicit financial threats we face are growing more complex. In today’s anti-financial crime (AFC) community, there is a heated battle over who can successfully...
View ArticleDeepfake 101: A Threat to FIs
Deepfake technologies, such as digitally altered videos in which a person has been replaced with another person’s likeness, have been used in the entertainment industry for years. Recently, however,...
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Elvis and the Fraud Triangle
In 2022, Warner Brothers released the movie Elvis, which explores the complex and sometimes contentious relationship between the King of Rock and Roll, Elvis Presley, and his longtime manager, Colonel...
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Prepaid Debit Cards for Teens: A Target for Online Scammers
Gone are the days of the piggy bank! Today, teenagers can manage their finances with the use of prepaid debit cards through prepaid debit card accounts. Parents can register for prepaid debit card...
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Banking Cannabis in 2022: ‘Weeding Out’ the Right Answers Among Industry...
Since the initial legalization of medical/recreational marijuana in California in 1996, the conversation has been open about how the legislation would affect financial institutions (FIs). Since then,...
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Human Trafficking: Persona-based Typologies and Methodology
Editor’s note: This article is the first of a two-part series on human trafficking typologies and methodology. Human trafficking (HT) has been widely researched and discussed in different forums and...
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Effective Compliance Programs Have One Thing in Common
According to the Financial Action Task Force (FATF), financial institutions (FIs) should be required to implement programs against money laundering and terrorist financing. The program According to the...
View ArticleThe Importance of Regular Independent AML Audits
The legal and regulatory landscape of the anti-money laundering/counter-terrorist financing (AML/CTF) sector is in constant flux and necessitates a dedicated function to assess the level of compliance...
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Choppy Waters: Negotiating the Complexities of Sanctions Due Diligence in an...
In the not-too-distant past, a large international financial institution (FI) was weighing a golden opportunity. It was asked to provide funding for a sizeable manufacturing project in Central Asia....
View ArticleTrade Finance Risk and Controls
Trade finance is described as the provision of finance and services by financial institutions (FIs) for the movement of goods and services between two points, either within a country or across...
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The Great Divide: Getting Convergence Right This Time
As the world becomes increasingly interconnected and digital, so too has the threat of financial crime. Traditionally, siloed methods of combating financial crime, such as anti-money laundering (AML)...
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The Big Impacts of Small, In-House BMAs: A Case Study in the Fight Against...
Faced with the challenges imposed by COVID-19 and global economic downturns, what will differentiate strong businesses from weak ones going forward will be their ability to think ahead, adapt and...
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Financial Crime Prevention in Small Companies
“Who watches the watchmen?” Often, in a very small company, there is only one person who serves as both the back office and compliance person. And as the person in the hot seat, you know that good...
View ArticleThe Rising Demand for AML Specialists
The global COVID-19 pandemic had widespread consequences. International lockdowns and subsequent work-from-home mandates created an unprecedented increase in financial crime, leading to a rising demand...
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The Potential Perils of Online Gaming
Online video games have become a popular pastime for people of all ages. However, with the evolution of the gaming industry, exposure to financial crimes is rapidly increasing.1 The rise of virtual...
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Revolutionizing AFC Through ChatGPT
Integrating ChatGPT into current anti-money laundering (AML) techniques is a novelty and a controversial issue. ChatGPT was created by OpenAI in 2020 and it is a powerful artificial intelligence (AI)...
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Better Investigations Through the Five Whys Method
Customer due diligence (CDD) is a compilation of various requirements under the Bank Secrecy Act like know your customer processes, identification and verification of the identities of beneficial...
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How Trustworthy AI Can Help With Accountability in AML
The abundance of data provides an incredible opportunity and a significant risk for banks. Efficient and effective use of data is critical to combat fraud and financial crimes, manage credit as well as...
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Financial Information Sharing Partnership in Mexico
Cross-border trade is growing across North America. U.S. trade with Canada and Mexico reached a record $1.78 trillion last year.1 Mexico emerged as the top trade partner for the U.S. this year, with...
View ArticleCasinos: Responding to New and Evolving Money Laundering Risks
Throughout history, people have engaged in games of chance for entertainment or financial gain. Games of chance are, at their core, based on mathematics and probability. A roll of the dice or spin of...
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Understanding SAR Transactions in Multiple Jurisdictions
According to the Financial Action Task Force (FATF), if a reporting entity has reasonable cause to suspect that funds are associated with illegal activity or terrorist funding, it must immediately...
View ArticlePreventing Deepfake-related Fraud in KYC
In an era where technology is growing at an unprecedented pace, the rise of deepfakes has sparked a new wave of concern across industries. The ability to manipulate video and audio content with...
View ArticleAML Investigations for Correspondent Banking: A Best Practice Guide
Correspondent banking has long been the backbone of the global financial system, facilitating cross-border payments, enabling international trade and promoting global financial stability. It involves...
View ArticleFederal Grand Jury Subpoenas for Financial Records: The Secrets Revealed
What is a federal grand jury subpoena? A federal grand jury subpoena for financial records is a document issued by the U.S. Attorney’s Office to compel action by a financial institution (FI). What is a...
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