Practical Solutions Archives - Page 2 of 23

ACAMS Connection, Interviews, Practical Solutions

Florence Hui: Maximizing AFC Efficiency

July 2, 2024July 12, 2024 /Leave a comment

Talking with ACAMS Today about the increasingly complex anti-financial crime (AFC) field and the challenges in training AFC professionals is Florence Hui, senior manager, Anti-Financial Crime Solutions at ACAMS. Hui is responsible for developing AFC solutions for ACAMS enterprise clients. Hui joined ACAMS in June...

AFC Policy, Compliance, Practical Solutions

Law Firms Can Offer Compliance Consulting Support for FIs

July 2, 2024 /Leave a comment

Governments and regulatory bodies worldwide have been tightening their grip on financial markets in response to economic crises. Meanwhile, there is also the need to prevent money laundering, fraud and other financial crimes. As a result, financial institutions (FIs) are subject to many regulations, including...

Back to the Basics, Compliance, Featured Column, Practical Solutions

Understanding Suspicious Transaction Reports

June 28, 2024July 22, 2024 /Leave a comment

What is a suspicious transaction report (STR) or a suspicious activity report (SAR)? In some jurisdictions, the terms STR and SAR are used interchangeably. However, in other locations, suspicious activity reporting is broader in terms of the definition and may encompass the observance of overall...

June – August 2024, Practical Solutions

Building a Communication Bridge Between LE and FIs

June 14, 2024June 14, 2024 /Leave a comment

“Successful collaboration” in any relationship is built upon open and honest communication, which is sustained through a shared desire to accomplish a similar mission. This is critical to establishing, nurturing and maintaining collaboration between law enforcement (LE) and financial institutions (FIs). Conceptually, collaboration sounds easy;...

ACAMS Connection, March – May 2024, Practical Solutions

Federal Grand Jury Subpoenas for Financial Records: The Secrets Revealed

March 1, 2024March 20, 2024 /Leave a comment

What is a federal grand jury subpoena? A federal grand jury subpoena for financial records is a document issued by the U.S. Attorney’s Office to compel action by a financial institution (FI). What is a federal grand jury subpoena? A federal grand jury subpoena1 for...

ACAMS Connection, Practical Solutions, World Digest

AML Investigations for Correspondent Banking: A Best Practice Guide

February 8, 2024February 21, 2024 /Leave a comment

Correspondent banking has long been the backbone of the global financial system, facilitating cross-border payments, enabling international trade and promoting global financial stability. It involves a financial institution (FI), (the correspondent), providing a deposit account or other services to another bank, (the respondent).1 Anti-money laundering...

ACAMS Connection, Fraud Alert, In Focus, Practical Solutions

Preventing Deepfake-related Fraud in KYC

October 2, 2023November 27, 2024 /Leave a comment

In an era where technology is growing at an unprecedented pace, the rise of deepfakes has sparked a new wave of concern across industries. The ability to manipulate video and audio content with remarkable precision has left businesses pondering the implications of this advanced technology....

Practical Solutions, World Digest

Understanding SAR Transactions in Multiple Jurisdictions

September 22, 2023 /Leave a comment

According to the Financial Action Task Force (FATF), if a reporting entity has reasonable cause to suspect that funds are associated with illegal activity or terrorist funding, it must immediately notify the country’s Financial Intelligence Unit (FIU).1 This article dives into suspicious activity reports (SARs)...

FRAML Why Machine Learning Is FIs’ Greatest Weapon

Fraud, In Focus, Practical Solutions, Tech Scope

FRAML: Why Machine Learning Is an FI’s Greatest Weapon

September 22, 2023July 2, 2024 /Leave a comment

What do songwriting, coding, stand-up comedy and fraud have in common? Humans take hours or even days to do them well. It takes ChatGPT less than a second to do the same. To illustrate, I asked generative artificial intelligence (AI) to write a three-verse song...

ACAMS Connection, Practical Solutions, September – November 2023

Casinos: Responding to New and Evolving Money Laundering Risks

September 13, 2023September 20, 2023 /Leave a comment

Throughout history, people have engaged in games of chance for entertainment or financial gain. Games of chance are, at their core, based on mathematics and probability. A roll of the dice or spin of the wheel, in conjunction with a set of rules, makes it...