September - November 2016 Archives

Europe, Interviews, September - November 2016

Rick McDonell: AML Issues and FATF

September 20, 2016September 30, 2016 /Leave a comment

ACAMS Today had the privilege of interviewing Rick McDonell about his accomplishments, the Financial Action Task Force’s (FATF) mutual evaluations and anti-money laundering (AML) challenges. McDonell is currently the executive director for ACAMS and a member of the ACAMS advisory board. McDonell has many years...

Practical Solutions, September - November 2016

Hype vs. Reality

September 20, 2016September 20, 2016 /Leave a comment

Casinos are a rather arcane business given that not too long ago legal gambling was confined to the states of Nevada and New Jersey. Lest anyone think otherwise, operating a successful legal casino is a lot harder than it looks. The smiling faces of...

Practical Solutions, September - November 2016

Do Not Roll the Dice

September 20, 2016September 20, 2016 /Leave a comment

At the 2014 Bank Secrecy Act (BSA) Conference, former Financial Crimes Enforcement Network (FinCEN) Director Jennifer Shasky Calvery stated that “under existing regulations, a casino is required to develop and maintain a robust risk-based anti-money laundering program ... [this imposes] the obligation to identify...

AFC Challenges, September - November 2016

Defining Marijuana-Related Businesses

September 20, 2016September 20, 2016 /Leave a comment

What is a marijuana-related business? The answer—or more accurately the definition—must be considered and discussed by all financial institutions. Regardless of an institution’s general policy toward marijuana-related businesses (MRBs), poorly constructed policies and procedures are a high risk to any effective compliance program. Although...

AFC Challenges, Europe, September - November 2016

When Two Worlds Collide

September 20, 2016January 14, 2020 /2 Comments

Over two days in June, the Cryptocurrency Certification Consortium (C4) hosted the inaugural Blockchain Training Conference at MaRS Discovery District in Toronto, Canada. This event saw some of FinTech’s brightest minds come together with entrepreneurs, bankers, regulators, anti-money laundering (AML) professionals and law enforcement officials,...

Compliance, September - November 2016

Navigating FATF Recommendation 16

September 20, 2016November 15, 2016 /Leave a comment

Amid concern about the rise of terrorist organizations and other criminal bodies, banks are being asked to step up their role in monitoring international payments. While much attention has been paid to issues such as know your customer (KYC) deficiencies and sanctions violations—and the sizeable...

Practical Solutions, September - November 2016

Unmasking Bias in AML Algorithms

September 20, 2016September 20, 2016 /Leave a comment

Bias within big data has been found everywhere from Google search results to Amazon Prime delivery locations. As anti-money laundering (AML) departments increase their reliance on analytics and algorithms, the need to unmask potential bias (including racial, ethnic, religious and gender) is a topic...

Practical Solutions, September - November 2016

Understanding Customer Risk

September 20, 2016 /Leave a comment

In May 2016, the Financial Crimes Enforcement Network (FinCEN) issued final rules under the Bank Secrecy Act (BSA) outlining customer due diligence (CDD) requirements for covered financial institutions such as federally regulated banks, federally insured credit unions, mutual funds, brokers or dealers in securities,...

From the Executive Vice President, September - November 2016

AML in Today’s Environment

September 20, 2016 /Leave a comment

It is certainly difficult to believe that we are approaching the ACAMS 15th Annual AML & Financial Crime Conference. With another impressive showing from over 160 speakers and topics that run the gamut from understanding social media’s role in countering the impact of terrorist...

From the Editor, September - November 2016

What Happens in Vegas… Stays in Vegas

September 20, 2016 /Leave a comment

But does it? Not always. Especially if your stay in Vegas involves some type of financial crime. Most people go to Vegas for the opportunity to escape reality and to be entertained. So what is hype and what is reality? A few years ago,...

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September – November 2016

Rick McDonell: AML Issues and FATF

Hype vs. Reality

Do Not Roll the Dice

Defining Marijuana-Related Businesses

When Two Worlds Collide

Navigating FATF Recommendation 16

Unmasking Bias in AML Algorithms

Understanding Customer Risk

AML in Today’s Environment

What Happens in Vegas… Stays in Vegas