Sep ’15 – Nov ’15 Issue

Issue 14.4

Issue: Vol. 14 No. 4

Featured
The World Cup of Fraud

The World Cup of Fraud

The Fédération Internationale de Football Association, better known as FIFA, is the world governing body for international soccer (or “football,” as it is referred outside of the U.S.). Soccer is the most popular sport…

Heist of the Century

Heist of the Century

In recent years, the controls on money laundering have strengthened. Huge institutional fines, stringent rules and a climate of compliance have made it more difficult to convert large amounts of cash. Red flags go up…


From the Executive Vice President
Diversity, Expertise and Strategic Counseling

Diversity, Expertise and Strategic Counseling

As we approach the ACAMS 14th Annual AML and Financial Crime conference in Las Vegas, Nevada, it strikes me that our membership continues to provide the…

From the Editor
For the Love of the Game

For the Love of the Game

This edition’s headline articles combine two of my greatest loves: Soccer (or as the rest of the world knows it football) and art. Why do I love soccer? I grew up with…


Inside this Edition
The Fourth EU AML/CTF Directive: A Holistic Risk-Based Approach

The Fourth EU AML/CTF Directive: A Holistic Risk-Based Approach

Two high-profile cases, namely the Charlie Hebdo and the Fédération Internationale de Football Association (FIFA) investigation, which have dominated news headlines over…


Conflict and Uncertainty: Due Diligence Challenges for Marijuana-Related Businesses

Conflict and Uncertainty: Due Diligence Challenges for Marijuana-Related Businesses

State and federal legislative and regulatory developments regarding marijuana continue to lead headlines across the U.S., with numerous states recently legalizing or beginning to…


Dial-in and Cash Out: VoIP Technology and Associated Risks

Dial-in and Cash Out: VoIP Technology and Associated Risks

A sound anti-money laundering (AML) regime is one that evolves parallel to existing money laundering risks. A more robust regime proactively scans the external environment and identifies…


Heist of the Century

Heist of the Century

In recent years, the controls on money laundering have strengthened. Huge institutional fines, stringent rules and a climate of compliance have made it more difficult to convert…


Virtual Currencies in the Money Laundering Cycle

Virtual Currencies in the Money Laundering Cycle

Currently, virtual currency does not constitute a threat to our national security any more than the use of fiat currency. Rather, virtual currency is a tool for commerce and funding for both…


Suspected Breach of the Banking Act by Chen XX et al of Company A

Suspected Breach of the Banking Act by Chen XX et al of Company A

In January 2011, Bank A submitted a suspicious transaction report (STR) to the Anti-Money Laundering Division (AMLD), Ministry of Justice, Investigation Bureau (MJIB). The following…


The World Cup of Fraud

The World Cup of Fraud

The Fédération Internationale de Football Association, better known as FIFA, is the world governing body for international soccer (or “football,” as it is referred outside of the U.S.)…


A Risk-Based Approach…to the Risk-Based Approach

A Risk-Based Approach…to the Risk-Based Approach

At a recent industry event, a prominent industry figure, whose views I respect, opined that the oft-referenced “risk-based approach” really was a myth and those that claim to adhere…


Hiring the Artful Financial Crimes Investigator

Hiring the Artful Financial Crimes Investigator

This article is a follow-up to From Columbo to Holmes, the cover article in the June-August 2015 edition of ACAMS Today. In From Columbo to Holmes, Ed Beemer astutely compares the…


The Dismantling of Operation Choke Point: Bring Back the Lost Business!

The Dismantling of Operation Choke Point: Bring Back the Lost Business!

The de-risking of businesses slowly began within banking. Many trace its start back to 1994 with the passing of the Money Laundering Suppression Act (MLSA). The MLSA required…


The Evolution of Sanctions and PEPs

The Evolution of Sanctions and PEPs

Sanctions have been used throughout history to bring about change. They can influence a country’s or an individual’s activities or policies—particularly if breaches of international law or…


European News and Updates

European News and Updates

Since joining ACAMS in January, I have had the opportunity to meet many of our members in person at the ACAMS 11th Annual AML and Financial Crime Conference and at several…


Timothy J. Delaney: Cooperation and Information Sharing

Timothy J. Delaney: Cooperation and Information Sharing

ACAMS Today had the opportunity to interview Timothy J. Delaney, special agent in charge for the FBI, to discuss health care fraud, cyber-crime and corruption. In August 2014, Delaney…


Secretary Abdul Hafiz Mansour, CAMS: Working Toward a Greater Mission

Secretary Abdul Hafiz Mansour, CAMS: Working Toward a Greater Mission

ACAMS Today had the privilege of interviewing Mr. Abdul Hafiz Mansour. Mr. Mansour was recently elected as Egmont Committee’s (EC) vice chair and as the regional representative…


Announcing the new ACAMS Germany Chapter

Announcing the new ACAMS Germany Chapter

The ACAMS Germany Chapter was founded on June 26, 2015, at the offices of UBS in Frankfurt. The chapter brings together a team of anti-money laundering (AML) and financial crime…


Lindy Thomas: The Wonderful World of Enterprise Members

Lindy Thomas: The Wonderful World of Enterprise Members

Lindy Thomas is ACAMS’ client relationship specialist for enterprise members. She enjoys working with individual enterprise members and demonstrating what each element…


Abbas Bou Diab, CAMS—Doha, Qatar

Abbas Bou Diab, CAMS—Doha, Qatar

Abbas Bou Diab is an executive manager—head of compliance and anti-money laundering (AML) at BLOM Bank Qatar LLC, since November 2008. BLOM is a regional bank licensed by the…


Andrew Findlay, CAMS—Las Vegas, NV, USA

Andrew Findlay, CAMS—Las Vegas, NV, USA

Andrew Findlay, vice president of compliance at Station Casinos, was hired in November 2003 to build a comprehensive anti-money laundering (AML) program after the company…


Stephen Gray, CAMS—Dublin, Ireland

Stephen Gray, CAMS—Dublin, Ireland

Stephen Gray is currently an anti-money laundering (AML) and financial crime compliance manager with Elavon Financial Services (a U.S. Bank Company) in their European HQ in…


Ryan Hodge, CAMS-Audit—San Francisco, CA, USA

Ryan Hodge, CAMS-Audit—San Francisco, CA, USA

Ryan Hodge is the financial intelligence unit (FIU) director for Dwolla, a burgeoning payment network company. In this role, he built the Bank Secrecy Act (BSA) and Office of Foreign…


Mara McLaughlin, CAMS, CFE, CCIE—Long Island, NY, USA

Mara McLaughlin, CAMS, CFE, CCIE—Long Island, NY, USA

Mara McLaughlin has over 20 years of diversified experience as an investigator. She began her career investigating integrity issues in the workplace, workers compensation and…


The Power of Peer Groups for Community Banks

The Power of Peer Groups for Community Banks

A superhero is an ordinary individual who, in spite of overwhelming obstacles, finds strength to persevere and endure toward his mission. Being heroic means having an overall…


Sanctions and Beneficial Ownership—From Arithmetic to Calculus

Sanctions and Beneficial Ownership—From Arithmetic to Calculus

Sanctions compliance is about to get a lot harder, and for once, the Office of Foreign Assets Control (OFAC) had nothing to do with it. The impending beneficial ownership rules, outlined…


Trust but Verify: New Trends and Technology in Identity Document Verification and Authentication

Trust but Verify: New Trends and Technology in Identity Document Verification and Authentication

The birth of commerce—the idea of trading goods and services for some kind of remuneration—is lost in history, but early examples can be seen when man learned to trap and hunt and traded…