AFC Policy Archives - Page 3 of 4

CDD, GDPR and POPIA Regulations: A Compliance Quandrum

February 5, 2021January 18, 2023 /Leave a comment

According to the site Malaphor, quandrum is a word combining ‘quandary’ (dilemma) and ‘conundrum’ (a puzzle).1 When finding a workable solution between customer due diligence (CDD) requirements, the General Data Protection Regulation (GDPR) and the Protection of Personal Information Act (POPIA), compliance becomes a puzzle...

AFC Challenges, AFC Policy, Regulatory Initiatives

Online Video Games: Regulatory Overview

November 20, 2019June 3, 2024 /Leave a comment

Money launderers have targeted the cyberworlds of online video games since they first came into existence. Their use of virtual currencies, both convertible and nonconvertible, and the anonymity provided to players has fostered an environment susceptible to criminal activity. While the games themselves were created...

AFC Policy, June - August 2019

One Year Later: The CDD Final Rule

June 26, 2019July 16, 2019 /Leave a comment

As the regulatory landscape shifts and turns in response to macroeconomic forces, technological innovation and geopolitical pressures, regulatory agencies amend existing rules and create new rules in an effort to ensure a level playing field for all. Outcomes are never guaranteed and those who follow...

AFC Policy, March - May 2019

GDPR: What it Means for AML Worldwide

March 28, 2019 /Leave a comment

To fully understand the impact the General Data Protection Regulation (GDPR)1 has on existing anti-money laundering (AML) legislation, one must understand the basic tenets of GDPR and which portions specifically apply to financial institutions. GDPR Overview GDPR went into effect on May 25, 2018,...

AFC Policy, Europe, September – November 2017

The Ultimate Beneficial Ownership Identification Requirement: Why It Matters to All of Us

September 19, 2017October 19, 2017 /Leave a comment

Money laundering, terrorist financing, evading taxes, bribery, corruption, abuse of human rights and even modern-day slavery differ in their nature, but they have some things in common: They destroy people’s lives, undermine the common values in our societies and they are facilitated by a lack...

AFC Policy, September – November 2017, Understanding AI

Why the Anti-Financial Crime Community Is Strongly Positioned for a Centralized Cross-Institutional Artificial Intelligence Platform

September 19, 2017August 2, 2024 /Leave a comment

In the present environment, roughly one in three organizations experience economic crime, only 50 percent of money laundering or terrorist financing occurrences are identified by system alerts and one in five banks are recipients of regulatory enforcement actions.1 The United Nations Office on Drugs and...

AFC Policy, September – November 2017

Carrots and Sticks…and Sanctions

September 19, 2017October 18, 2017 /Leave a comment

From behind a bank of computer monitors, performing day-to-day compliance operations, it is easy to see economic sanctions as a binary thing: sanctions targets are persona non grata, and everyone else is not. However, from a policy level, sanctions are a much more multifaceted tool...

AFC Policy, March - May 2017

Fourth time’s the charm?

March 6, 2017 /Leave a comment

In December 2016, the Financial Action Task Force (FATF) issued its Fourth Round Mutual Evaluation Report for the U.S.’ anti-money laundering and counter-terrorist financing (AML/CTF) measures. It weighs in at 14 pages of executive summary, 161 pages of the main report and 80 pages...

AFC Policy, Compliance

Remarks by Thomas J. Curry at the ACAMS 15th Annual AML and Financial Crime Conference

September 28, 2016October 3, 2016 /Leave a comment

Good morning, and thank you for having me here. It’s a pleasure to address a group of professionals who are on the front lines in the battle against some very bad actors. When I spoke with you in 2014,1 I discussed the importance of risk...

AFC Policy, June – August 2016

How high do we build the BSA wall?

May 27, 2016June 24, 2016 /Leave a comment

After months of talking politics and following the campaign, there is still no doubt over the question of who our next president will be and what policies may come into play. One particular issue that has caught the attention of voters, politicians and the...

ACAMS Today

The Magazine for Career-Minded Professionals in the Anti-Financial Crime Field

How Human Traffickers Exploit the Financial System for Child Sexual Abuse

Operationalizing the Intersection of Money Laundering and HT

Banks, Human Trafficking and P2P Payments

Trade Surveillance in 2025

SARs That Count: Words Matter

ACAMS Stars Lead the Way in 2024

AFC Policy