shane.hoffman@adtalem.com, Author at ACAMS Today

Cracking Down on TBML and Terrorist Financing Requires a New Approach

October 5, 2021February 15, 2022 /1 Comment

Trade-based money laundering(TBML) is a massive problem worldwide, as criminals increasingly use trade activities and transactions to transfer large quantities of illicit cash into legitimate or less suspicious commodities to hide the origins of their ill-gotten gains. According to the World Trade Organization, the average...

Practical Solutions

Best Crisis Management Practices for Data Breaches: Part Two

September 29, 2021October 18, 2021 /Leave a comment

The first part of this article discussed the best practices in preventive activities for data breaches. This part will present best practices in response to a crisis and the follow-up activities. Response Activities (Post-Crisis) Despite all the preparation and vigilance, a crisis can occur...

ACAMS Conexión, Español, moneylaundering.com

La lucha contra la financiación del terrorismo, continua el trabajo en curso 20 años después del 11 de septiembre, ahora de menor prioridad

September 28, 2021February 3, 2023 /Leave a comment

Por: Valentina Pasquali, Koos Couvée, Gabriel Vedrenne y Daniel Bethencourt En retrospectiva, los gastos por parte de los secuestradores del 11 de septiembre desde que llegaron a EE.UU. a principios de 2000 hasta que estrellaron aviones comerciales contra el World Trade Center, el Pentágono y...

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AFC Challenges, Fraud

The Paycheck Protection Program Fraud

September 24, 2021April 26, 2024 /Leave a comment

Due to the vulnerabilities created by COVID-19, individuals and organizations operating around the globe are actively seeking to exploit and profit from the pandemic. From financial fraud schemes targeting vulnerable populations, to the importation of counterfeit pharmaceuticals and medical supplies, to websites defrauding consumers, these...

AFC Policy, Exclusive

Investment Funds and the U.S. Corporate Transparency Act

September 23, 2021 /Leave a comment

As mentioned in the “Investment Funds and AML” article published in the ACAMS Today Europe May-June 2021 edition,1 investment funds in the U.S. are not subject to the same requirements as financial institutions (FIs) in terms of ownership disclosure like they are in the...

Compliance, World Digest

Sun Tzu and the Art of Due Diligence

September 22, 2021September 22, 2021 /Leave a comment

Anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing (CPF) frameworks are recognized as key weapons in the global fight against crime, whether it be the war on drugs or the war on terror. Financial institutions (FIs) and designated nonfinancial businesses and persons (DNFBPs)...

Digital Dose, Financial Crime Matters

Following the Money Even When Its Cryptocurrency, With Gurvais Grigg

September 15, 2021October 6, 2021 /Leave a comment

In this episode, Kieran Beer talks with Gurvais Grigg, Chainalysis’ Global Public Sector chief technology officer, about tracking cryptocurrency used in fraud, ransomware and other crimes. Whether exchange-traded digital currencies or so-called privacy coins, companies like Chainalysis, in tandem with law enforcement, are increasingly identifying...

ACAMS Conexión, Español, moneylaundering.com

EXCLUSIVA: La caída de Afganistán deja al FBI sin sección de financiamiento del terrorismo

September 14, 2021February 6, 2023 /Leave a comment

Por Valentina Pasquali La pérdida de Afganistán ha abierto potencialmente una puerta para que Al Qaeda y otros grupos incluidos en la lista negra amplíen sus redes de recaudación de fondos, y ha puesto de manifiesto el cierre por parte del Agencia Federal de Investigación...

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Compliance, Exclusive, Fraud

Targeting Generational Differences: Turning Fraud Prevention Into Competitive Advantage

September 14, 2021April 26, 2024 /Leave a comment

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...

AFC Challenges, September 2021 - November 2021

The Nexus Between Ransomware, Cryptocurrency and Money Laundering

September 3, 2021March 28, 2023 /1 Comment

In May 2021, American motorists across the states of Virginia, Georgia and North Carolina panicked as they scrambled to fill their vehicles at gas stations. The run for fuel was a result of a cyberattack on the Colonial Pipeline, which was forced to shut down...