Mar – May ’20 Issue

Vol. 19 No. 2

Issue: Vol. 19 No. 2

Featured

Stop the Money Mules, Protect Your Financial Institution

In the years since the last ACAMS Today  installment on “smurfing” and “money mules,” money laundering has advanced, applied new techniques and grown in...

Managing the High-Risk Cannabis Industry

The risks associated with banking hemp companies versus hemp-derived cannabidiol (CBD) companies versus marijuana-related businesses (MRBs) all differ tremendously; for each, the risk posed by a deposit...

From the Director of Editorial Content

Twenty-Five Years Later

During the winter holiday season, I spent some time in Mexico City. As hoped, the museums, the architecture and the...

From the Editor

The Side Hustle

When looking for a way to supplement cash flow, most people look for a side hustle. What is a side hustle? A side...

Inside this Edition

Partners in Crime: Fraud and Money Laundering

Shortly after coming to Canada in late 2003 to join the Royal Bank of Canada, I presented at a conference in Toronto on competitive advantages in the fight against financial crime...


Stop the Money Mules, Protect Your Financial Institution

In the years since the last ACAMS Today installment on “smurfing” and “money mules,” money laundering has advanced, applied new techniques and grown in sophistication and scale...


Managing the High-Risk Cannabis Industry

The risks associated with banking hemp companies versus hemp-derived cannabidiol (CBD) companies versus marijuana-related businesses (MRBs) all differ tremendously; for each, the risk...


Following the Money: Terror in Asia

Recently, in a capital city in Asia, a major LE agency released the following official public statement (redacted in accordance with the terror sensitivity and business confidentiality concerns...


Lessons Learned From Kassim Tajideen Case

There are two reasons why anti-money laundering (AML) and counter-terrorist financing (CTF) professionals should review the Kassim Tajideen case. First, there are a limited number of...


Stewart McGlynn: The Demand for Collaboration

The Association of Certified Anti-Money Laundering Specialists (ACAMS) would like to express a heartfelt thank you to everyone who participated in ACAMS’ 11th Annual Hong Kong ...


1945—The Origins of Currency Transaction Reports

History is full of surprises, even in the world of anti-money laundering (AML) compliance. The enactment of the Bank Secrecy Act (BSA) in 1970 did not constitute the first time the U.S....


BSA’s Most Wanted

Picture this: It is the morning of a child’s birthday and this child receives a sought-after building block set. The child knows that the blocks, divvied up by phase into separate packages packages...


Biometrics in the Age of GDPR

Biometric technology is slowly creeping into consumers’ everyday lives, with the banking industry rapidly adopting technology to prevent identity theft and fraud while generating a stronger...


Smaller Banks, Higher Risks?

All financial institutions (FIs) are potential targets of criminals seeking to wash their ill-gotten revenues from the telltale signs of their illegal origins. In order to use the money, criminals and....


Developments in Europe: A Glance at 2020

2020 is an exciting year for Europe with the addition of the Fifth AML Directive (5AMLD) and new developments regarding Brexit. 5AMLD was transposed into national law in several European...


Utilizing the Three Lines of AML Defense Protocols

While I am not a football fan myself, I know that there are lines of defense and each team is trying to prevent the other side from making a touchdown. Similarly, in financial services there are...


Impact of the FATF Greylist

The Financial Action Task Force (FATF) monitoring process began in 2007 and the mutual evaluation assessment methodology is regularly updated to take into account the revised FATF...


AFC in Canada: A 360-Degree View

Canada—despite facing huge money laundering challenges in the real estate, human trafficking, casino and cannabis sectors—is one of the biggest anti-money laundering (AML) pioneers among...


Barbara Martinez: An Advocate for Human Trafficking Victims

Since 2009, Barbara A. Martinez has served as the chief of the Special Prosecutions Section at the U.S. Attorney’s Office in Miami. She supervises federal prosecutors who handle cases...


Giving Back With Ronald McDonald House Charities

At its core, the Association of Certified Anti-Money Laundering Specialists (ACAMS) San Diego – Baja California Chapter was established to serve its members professionally by providing...


ACAMS New York Chapter 2019 Wrap-Up

The Association of Certified Anti-Money Laundering Specialists (ACAMS) New York Chapter wrapped up 2019 as an impressive year of learning and networking events! During the fourth...


Zuley Izquierdo, CAMS: A Proud Participant in the Fight Against Financial Crime

ACAMS Today  sat down with Zuley Izquierdo, CAMS, customer care training and solutions lead for the Association of Certified Anti-Money Laundering Specialists (ACAMS), to chat about the...


Abena S. Agard, CAMS—St. Michael, Bahamas

Abena S. Agard is a dedicated compliance and financial professional with an extensive regulatory background. Agard joined Barbados’ Financial Services Commission (FSC) in 2012...


Michael Dunlop, CAMS-FCI—Dubai, United Arab Emirates

Michael Dunlop is the head of investigations, financial crime threat mitigation and compliance at HSBC Middle East Limited. There, he is accountable for providing strategic direction and...


Susanna Mills, CAMS—Helsinki, Finland

Susanna Mills is a lead anti-financial crime (AFC) specialist at OP Financial Group, the largest financial group in Finland. She holds over a decade of anti-money laundering (AML) expertise within...


Syeda Mehar Zehra, CAMS—Karachi, Pakistan

Syeda Mehar Zehra is a money laundering reporting officer and head of anti-money laundering (AML) and sanctions compliance at HBL Currency Exchange in Pakistan. Currently, she is...


Deconstructing the OFAC Monolith

If one follows the U.S. Department of the Treasury’s A Framework for OFAC Compliance Commitments (Framework document), one’s sanctions risk assessment is driven by details of a firm’s...


A Call for Better Cybercrime Investigation

The financial sector is both a target and a tool for cybercriminals. Year after year, criminals syphon billions of dollars from financial institutions (FIs) and victimize customers through fraud and...


Fintech: Expanding Regulatory Territory

Fintechs are somewhat of a buzzword today with numerous types of companies in various parts of the transaction flow—many entities dubbing themselves as fintechs simply if they can move...


Is This AI System For Me?

It has been almost two years since the Understanding AI column debuted on ACAMSToday.org. In that brief span of time, the technology has gone from fringe to fixture in the minds of...


Where Has Your ACAMS Today Been?

The inaugural Association of Certified Anti-Money Laundering Specialists (ACAMS) Caribbean conference convened in Miami, Florida on December 9-10, 2019. As always, an ACAMS...