Developing an Anti-Money Laundering Transaction Monitoring Strategy

Developing an Anti-Money Laundering Transaction Monitoring Strategy

Are all rules created equal? How do you design effective transaction monitoring rules that are capable of capturing the vast majority of money laundering and related illicit activities? In this post, we take a closer look at a US financial institution’s (“FI”) AML transaction monitoring environment. Specifically, we examine how an FI can ensure comprehensive transaction risk coverage by utilizing a targeted top-down approach in the development of its monitoring rules.

Anti-Money Laundering Look Back and Remediation Projects

Anti-Money Laundering Look Back and Remediation Projects

Where do look back and remediation projects arise from? What are the typical root causes leading to a look back or remediation project? What are the pitfalls of a look back or remediation? How do you create a winning strategy on how to approach a look back or remediation? 

This post explores the answers from an insider’s perspective of dealing with some of the most sensitive and interesting look backs of the last 11 years.

Transnational Trade-Based Money Laundering

Transnational Trade-Based Money Laundering

Transnational Trade-Based Money Laundering ("TBML") constitutes one of the most challenging and malevolent forms of money laundering to investigate. According to Immigration and Customs Enforcement ("ICE"), "Criminal organizations frequently exploit global trade systems to move value around the world by employing complex and sometimes confusing documentation associated with legitimate trade transactions." The flagrant volume of the criminal activity has resulted in ICE establishing the Trade Transparency Unit, designed to target transnational trade-based money laundering worldwide.

ACAMS AML & Financial Crime Conference September 2016

ACAMS AML & Financial Crime Conference September 2016

Law enforcement officials, banking executives, and vendor representatives spoke at sessions covering everything anti-money laundering from a regulatory perspective to staffing and training recommendations. Real life examples such as El Chapo, the Bangladesh bank cyberheist, and well-known fraud schemes were used to educate attendees on money laundering. Regulations were discussed and it was clear that they are not going away any time soon.

BSA Officers: Using a staffing firm comes with risks. You CAN mitigate that risk.

BSA Officers: Using a staffing firm comes with risks. You CAN mitigate that risk.

The demand for AML/BSA personnel is higher than ever before. And while demand is at an all-time high, the supply of smart, well-trained people is deficient. This simple issue is crippling banks’ ability to stay current with their day-to-day operations.

AML RightSource Welcomes New Partner, Vic Maculaitis

AML RightSource Welcomes New Partner, Vic Maculaitis

AML RightSource is excited to name Vic Maculaitis as Partner/Head of Financial Crimes Advisory. "His practice will greatly expand our current advisory capabilities and will allow us to better serve our clients," said Frank Ewing, Partner/Assistant General Counsel of AML RightSource. Mr. Maculaitis and the Financial Crimes Advisory practice will be based out of the firm's Phoenix office.