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Predicting the Future: LLMs in AML Regulation
Generative artificial intelligence―especially large language models (LLMs)―has the potential to reshape industries through advanced language understanding and pattern recognition. In anti-money laundering (AML) compliance, LLMs can enhance transaction monitoring, improve risk assessment and automate report generation, program governance and investigations.
🤑Smileys to 💉Syringes: Deciphering Emojis and Slang in Illicit🍁Drug Sales
Cole Millsap preferred to text his clients when he had drugs available. Customers saw him as their go-to person for fentanyl, heroin and other drugs. The 22-year-old Millsap eked out a living selling dime bags. Unfortunately for Millsap, one of his clients took just 0.4 grams of powder―for $40―and died. Millsap is now facing jail time.
From the Editor
Future Gazing
Years ago, while living in Paris, France, I had the great fortune to meet a lovely elderly woman who had lived a full and amazing life. Another friend and I would visit her at her small apartment in the 11th arrondissement each week. Our routine consisted of reading together and engaging in lively conversation while having an apéro.
Inside this Edition
- AFC Challenges
- Career Guidance
- Compliance
- Europe Express
- Financial Crime Matters and Beyond
- Know Your Chapter
- Meet the ACAMS Staff
- Member Spotlights
- Sanctions
- Tech Scope
- Understanding AI
Seeing Positives in False Positives
False positive alerts―those system-generated events that flag normal behavior as suspicious―are a big pain point for most anti-financial crime (AFC) professionals. Even though the activity is normal, AFC staff must still review the events and document their normalcy.
Credit Unions and the New Age of Financial Crime
With roots that go back to the 1850s, credit unions remain an integral part of the global financial system. They provide services to underserved communities as well as large urban settings. Credit unions differ a great deal from banks in that they are member-owned nonprofit cooperative financial institutions.
🤑Smileys to 💉Syringes: Deciphering Emojis and Slang in Illicit🍁Drug Sales
Cole Millsap preferred to text his clients when he had drugs available. Customers saw him as their go-to person for fentanyl, heroin and other drugs. The 22-year-old Millsap eked out a living selling dime bags. Unfortunately for Millsap, one of his clients took just 0.4 grams of powder―for $40―and died. Millsap is now facing jail time.
Elections and Suspicious Activity
Candidates for elected office in the U.S.―whether on the local, state or federal level―are required to report the donations and expenditures of their campaign on periodic campaign finance disclosures.
AI’s Potential Impact on AFC Careers
I thought writing this article was going to be simple. I was going to profess my love for the immeasurable potential AI has and its ability to make our lives easier, to make our work more productive, and to create new jobs―with titles we cannot even think of yet.
The Rise of the Fraudulent Career Services Professional
Job seekers today are learning a tough lesson: Not every connection request is a compliment, and not every direct message deserves a response. If job hunting was not already difficult enough, there is a new threat lurking in the virtual corridors of professional networking sites―turning what was once a search for a better life into a battle for security and trust.
SAR Optimization for Financial Institutions
The first two articles in this series, published in the December 2024-February edition of ACAMS Today and on ACAMSToday.org respectively, focused on suspicious activity report (SAR) optimization for law enforcement (LE)―how to determine the most valuable SARs from an LE standpoint from a seemingly endless stream of reports submitted by the banking industry.
When to Make the Call to LE
Public-private partnerships are all the rage these days. It seems one cannot scroll social media or flip through industry magazines without seeing references to public-private partnerships. And rightly so.
BSA Scofflaws and Black Boxes
Advances in technology―employed in processes ranging from transaction monitoring programs at banks to even security screening systems at the airport―are making it easier to detect and apprehend low-level financial criminals when they make their inevitable mistakes.
Scaled-Down Suspicious Activity Investigations
Currently, financial institutions and private sector corporations are investing in scaling solutions that will expand anti-money laundering efforts, improve suspicious activity detection and enhance loss prevention systems.
AI in AFC
Among the most widely discussed topics today are the opportunities provided by artificial intelligence (AI) to improve efficiency and to reduce costs. This also stands true for anti-financial crime (AFC) processes.
Are We Ready for the Golden Era of Crypto?
2025 looks increasingly likely to inaugurate a global golden era for digital assets, with the U.S. leading the way. This is less of a prediction and more of a fait accompli if you read mainstream news sources, let alone if you tune into the cryptocurrency trade press.
ACAMS South Florida Chapter: Second Annual Awards Ceremony
On January 23, 2025, the ACAMS South Florida Chapter held its Second Annual Awards Ceremony and honored local colleagues for making significant contributions to the anti-financial crime community.
Anne Scholz: Supporting ACAMS With a Positive Attitude
Anne Scholz has been with ACAMS since 2019. In her current role as executive assistant, she supports Angela Salter, chief product officer; Justine Walker, vice president of thought leadership; and other colleagues within the Europe, Middle East and Africa region with their calendars, travel bookings and overall office and facilities management duties.
Jaede Tan: Leading the AFC Fight in Asia-Pacific
Jaede Tan is head of Asia-Pacific at ACAMS, leading a team of sales, support and anti-financial crime (AFC) specialists across the region with contingents in Singapore, China, South Korea, India, Japan and Australia.
Nathalie Bosse, CAMS, CGSS—Paris, France
Nathalie Bosse is the director of Trad and Co., a company she created 10 years ago. She lives in Paris, France. For the past 10 years, she has focused on translation, compliance training and diverse writing assignments.
Dustin Eaton, CAMS-RM, CGSS, CAFS—Utah, USA
Dustin J. Eaton is an accomplished executive in risk management and fraud prevention, bringing nearly two decades of expertise across the financial services landscape, including traditional banking and fintech.
Steve Gurdak, CAMS—Virginia, USA
Steve Gurdak serves as the group manager for the Washington/Baltimore High Intensity Drug Trafficking Area’s Northern Virginia Financial Initiative (NVFI). The NVFI was created to be a model for suspicious activity report (SAR) review teams.
Instant Payments: A Sanctions Revolution or Burden
Ten seconds―that is all it takes to break payment barriers across European borders under the European Union’s new Instant Payment Regulation. Entered into force in April 2024, it requires all payment service providers to receive instant payments as of January 9, 2025, and send such payments by October 9, 2025.
The Crypto Industry Does Not Hinder Law Enforcement
Human history shows that civilization, at least at the beginning and for the majority, fears new technologies and oftentimes takes a skeptical and negative approach to innovation. Generally speaking, there is much fearmongering around us, coming from the media, politics and “traditional” businesses.
Predicting the Future: LLMs in AML Regulation
Generative artificial intelligence―especially large language models (LLMs)―has the potential to reshape industries through advanced language understanding and pattern recognition. In anti-money laundering (AML) compliance, LLMs can enhance transaction monitoring, improve risk assessment and automate report generation, program governance and investigations.