Exclusive Archives - Page 2 of 19

LinkedIn for AFC Professionals

August 30, 2024 /Leave a comment

Has LinkedIn morphed from a business networking platform into a social media hub? This fast-growing tool, generating $15 billion a year,1 is often used in a manner similar to Twitter and Instagram. Brimming with motivational hashtags, carousel posts, emojis, sensationalized headlines and even gym selfies,...

ACAMS Connection, AFC Challenges, Compliance, Exclusive

Make Your Models Right

August 8, 2024August 23, 2024 /1 Comment

Consider this: A senior model validator recently estimated that computer-based tools classified as “models” incur at least $350,000 annually in additional compliance costs—per model—compared to non-model applications or end-user computing spreadsheets. These are compliance costs, mind you, and they are on top of the substantial...

AFC Policy, Compliance, Core AFC Resources, Exclusive

The Role of Accountants in Combating Financial Crimes

July 24, 2024 /Leave a comment

Accountants provide various services related to bookkeeping, accounting, budgeting and financial planning. They are seen as business enablers because they help business owners make informed decisions. Since they know the real intent and the ultimate beneficial owners behind business transactions, they have firsthand information about...

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...