Anti-Money Laundering Legislative Reform: A Global Response to Financial Crime

Anti-Money Laundering Legislative Reform: A Global Response to Financial Crime

Financial crimes are a global epidemic, serving as a constant reminder that crime does not discriminate and cannot be contained at the border. If you recall from our last article, 'Threat Finance Spotlight on the Democratic People's Republic of Korea', illicit actors are rapidly unearthing new tactics, techniques, and procedures (“TTPs”) to gain access to and exploit the financial system. How is the world responding, as a result? Surprisingly, in unison. There has been a broad global consensus pertaining to the necessity of anti-money laundering (AML) laws and regulations.

August 2, 2017 Webinar

August 2, 2017 Webinar

What goes into designing, implementing, and sustaining a high performing Financial Intelligence Unit (FIU)? With the Association of Certified Financial Crime Specialists (ACFCS), join AML RightSource leaders Vic Maculaitis, Anthony Lear, and John Wintrow on Wednesday, August 2nd 1:00 - 2:00 PM EST to learn more.

Threat Finance Spotlight on the Democratic People's Republic of Korea

Threat Finance Spotlight on the Democratic People's Republic of Korea

In this post, we closely examine the current global threat environment and more specifically, the innovative tactics, techniques and procedures (“TTP”) exploited by illicit actors to launder US funds through evasion of US economic sanctions against the Democratic People’s Republic of Korea (“DPRK”). Ask yourself as you read this article whether or not your FI’s AML and OFAC compliance programs have the appropriate safeguards in place to avoid such exploitation.

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.