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AFC Challenges, Exclusive, Regulatory Initiatives

Trade Surveillance: The Complexity of Modern Market Manipulation

July 16, 2024 /Leave a comment

Recent expensive enforcements involving major financial institutions (FIs) like JPMorgan Chase & Co. (JPM) and Goldman Sachs (GS) underscore the profound risks associated with incomplete data reporting and inadequate surveillance mechanisms that are not capable of adapting to the strategies in use today. In the...

Compliance, Exclusive, Tech Scope

Data-Driven Solutions

July 3, 2024 /1 Comment

It should not be a revelation to say that transaction monitoring started with a manual review of single payments. The next step was gathering all information in the form of spreadsheets and creating simple rules (e.g., filtering transactions over a certain amount). While financial crime...

Compliance, Europe Express, Exclusive

Investment Funds and AML/CTF: US Regulation Is on the Horizon

June 21, 2024June 28, 2024 /Leave a comment

The article on investment funds and their exposure to anti-money laundering/counter-terrorist financing (AML/CTF) risks, published in ACAMS Today in 2021,1 discusses venture capital firms and private equity funds and how these face AML risks throughout a fund’s lifecycle—from fundraising and investing, to their exit. Financial...

AFC Challenges, Exclusive, June – August 2024

The Economics of Sushi and Fentanyl

June 14, 2024 /Leave a comment

Sushi is now available everywhere, from grocery stores to high-end gourmet restaurants. Not long ago, it was only found in specialty restaurants. What is less known about sushi’s rise in popularity is that spicy green condiment―often part of the recipe and commonly referred to as...

Exclusive, Fraud, Fraud Alert

FINTRAC Outage: Guidance for AML Reporting Entities

June 13, 2024 /Leave a comment

On March 2, 2024, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)1 experienced a major cyber incident. As a security precaution, FINTRAC has taken most of its corporate systems offline (including reporting systems) to ensure their integrity and to protect the information that...

ACAMS Connection, Exclusive, Sanctions

Sanctions and the War of 1812: An overview

May 24, 2024June 3, 2024 /Leave a comment

While economic sanctions are a frequent component of U.S. foreign policy today and have been used frequently for much of the past century, their use as a tool to protect American interests goes back to the republic’s early days. The Office of Foreign Assets Control...

ACAMS Connection, AFC Challenges, Exclusive

NPOs: Risk for Suspicious Activity

April 25, 2024May 1, 2024 /Leave a comment

Based on a 2009 study by the United Nations Office on Drugs and Crime (UNODC), it is estimated that criminal proceeds generated 3.6% ($2.1 trillion) of the global GDP. However, the total amount of money generated through criminal proceeds cannot be measured accurately because of...

Compliance, Exclusive

AFC Developments Addressed at the Assembly Hollywood

April 17, 2024 /Leave a comment

An impressive variety of topics of interest to the anti-financial crime (AFC) community—ranging from Russian sanctions and the Financial Crimes Enforcement Network (FinCEN) whistleblower program to export controls violations, fraud and the potential threat artificial intelligence (AI) poses to the fight against financial crime—were discussed...

ACAMS Connection, AFC Challenges, Europe Express, Exclusive

Financial Crimes Detection: Awareness of Financial Habits

March 13, 2024April 3, 2024 /1 Comment

In the summer of 2023, a peculiar political issue made headlines in Austria: The conservative government, responding to cross-party concerns about a digital euro initiative, began exploring ways to establish a right to cash payments in the constitution. A few other countries have had similar...

ACAMS Connection, Exclusive, Fraud Alert

Let the Dogs Out: Puppy Laundering Crimes

March 1, 2024March 27, 2024 /3 Comments

We dreamt of adding a puppy to our family after a lovely weekend of dog-sitting. As I scrolled through the internet, our excitement turned to dismay as we uncovered the concept of puppy laundering: The deceptive practice of marketing puppies from mills as rescued dogs....

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