Poll Archive

2017

May 2017

What is your institution doing to maintain public/private partnerships?
A) Conducting public/private networking events
33%
6
B) Asking our local LE to conduct training sessions
22%
4
C) Maintaining an active role in our local ACAMS chapter
33%
6
D) We are not currently partnered with our local LE
11%
2

April 2017

What is your institution doing to retain top talent?
A) Training our leaders to engage with their team to raise motivation and morale
23%
15
B) Revealing the deeper purpose behind employees’ work
6%
4
C) Providing employees with the tools and resources to reach their goals
45%
30
D) Listening to our employees’ opinions and recommendations
26%
17

March 2017

As an AML professional, what are you doing to remain marketable?
A) Seeking mentors
3%
8
B) Becoming the go-to person in the organization
20%
50
C) Building subject-matter expertise
55%
135
D) Encouraging knowledge sharing
21%
51

February 2017

Which of the following is most challenging when finding a new AML/CTF position?
A) Updating the resume
11%
35
B) Preparing for the interview
13%
41
C) Meeting the requirements/skills/certifications needed for the position
50%
165
D) Networking
27%
87

January 2017

Which are the biggest challenges to your institution or firm in 2017?
Assessing money laundering in real estate
9%
10
FinTech
11%
12
Cyber-enabled crime prevention
29%
31
Financial access to high-risk customers
24%
26
Sanctions
15%
16
Getting resources
11%
12

2016

December 2016

Which KYC challenge does your FI face?
Identifying customers’ business type
9%
21
Determining customers’ risk classification
22%
52
Understanding customers’ source of funds
59%
138
Identifying the location and country from which the customer originates
9%
21

November 2016

How well is your client onboarding process working within your institution?
It is working very well
20%
13
It works, but it needs some improvement
49%
32
It is currently under review
17%
11
New processes are being implemented
14%
9

October 2016

Should real estate agents be required to comply with the requirements of the USA PATRIOT Act?
Yes
94%
369
No
4%
14
Undecided
3%
10

September 2016

Has your institution clearly defined “marijuana-related businesses” in your policies and procedures?
Yes
35%
41
No
65%
75

August 2016

How has your institution been preparing for the new finalized CDD Rule?
By changing or amending our policy and procedures
39%
27
By creating new training and communications plans
20%
14
By evaluating our business focus and target market in light of the new rule
20%
14
We have no yet begun to prepare for the new CDD Rule
21%
15

July 2016

What is your biggest challenge when dealing with high-risk customers?
Verifying their identity
10%
32
Establishing beneficial ownership
21%
66
Establishing source of wealth/funds
44%
136
Managing the risk for regulatory compliance purposes
25%
77

June 2016

Has your FI added human trafficking prevention training in the past two years?
Yes
34%
67
No
67%
133

May 2016

How is your institution responding to the evolving world of daily fantasy sports (DFS)?
By keeping up-to-date on the legal developments surrounding DFS
20%
7
Detecting transactions to or from FanDuel and DraftKings
9%
3
Performing CDD to detect future suspicious activity
23%
8
Identifying our risk(s) associated with DFS and ensuring proper procedures and policies are in effect
49%
17

April 2016

What do you find most important in an AML workplace environment?
"Tone at the Top"
34%
86
Staying current with laws and regulations
32%
81
Communications
10%
24
Resources and training
24%
59

February 2016

As an AML professional in 2016, what remains your biggest worry?
Increased focus on holding compliance officers personally liable
17%
65
The myriad of issues beyond AML that are my responsibility (i.e., sanctions, cyber, fraud)
20%
78
Lack of management support for AML
13%
52
Reputation of the financial sector
3%
12
All of the above
46%
179

January 2016

Which of the following is most challenging when creating an effective compliance training program?
Understanding your target audience
52%
128
Identifying the topics
18%
44
How to train/present the material
25%
62
Choosing the best time and location
4%
10

2015

December 2015

What is your institution doing to help thwart human trafficking?
Working directly with law enforcement agencies
6%
7
Keeping up with related guidance to help identify suspicious activity
12%
14
Providing training on monitoring accounts for related suspicious activity
9%
10
All of the above
73%
83

November 2015

Has your institution discovered a marijuana-related business (MRB) in your client base?
Yes
33%
40
No
61%
73
Yes, because our institution accepts MRBs
6%
7

October 2015

Has your friend, colleague or family member been impacted by human trafficking or smuggling?
Yes
8%
7
No
92%
82

September 2015

With the FIFA indictments and corruption allegations, has your FI:
Made AML policy changes
0%
0
Increased training and awareness about similarly situated organizations
10%
7
Increased due diligence on certain accounts
15%
10
All of the above
75%
51

August 2015

How important is mitigating insider fraud risk to your FI?
Very important, we have a strong know your employee (KYE) program
67%
90
Important, but it is not seen as a high priority
24%
33
Not very important, but we do require a pre-employment background screening
9%
12

July 2015

Are cyber intrusions at your financial institution being properly reported in SARs?
Unsure, but very concerned they are not
23%
20
Our cyber security team has an independent relationship with law enforcement
10%
9
We do not have an integrated program, but first line of defense staff has been trained on SAR requirements
15%
13
We have an integrated fraud, cyber security and AML program that facilitates the filing of a SAR as required by FinCEN
52%
45

June 2015

What has your FI done to help detect and/or address elder financial exploitation?
Clearly define “elder” as part of KYC
18%
12
Decide whether added CDD or EDD is warranted
11%
7
Training
42%
27
Staying current with the ever-changing landscape of laws and regulations affecting elders
29%
19

May 2015

How familiar are you with terrorist financing trends and typologies?
Very familiar
24%
33
Somewhat familiar
36%
48
Limited knowledge
32%
43
No knowledge
8%
11

April 2015

How prepared do you think your local authorities are at handling a terrorist attack in your area?
Very prepared
11%
5
Somewhat prepared
37%
17
Not very prepared
26%
12
Not at all prepared
22%
10
Not sure
4%
2

February 2015

Which of the following components of the terrorist-business model have you come across?
Their mission
100%
1
The infrastructure they use to support their operations
0%
0
Their funding requirements
0%
0
Their source of funds
0%
0
Their method of moving funds in and out of the financial system
0%
0

January 2015

Which factors drive fine tuning for your firm's suspicious activity monitoring systems?
Confirming that the system is tailored to the risks of the business
0%
0
Mitigating false positives
33%
1
Ensuring that the system is working properly
33%
1
Managing volumes
33%
1
N/A—my firm does not currently tune suspicious activity monitoring systems
0%
0

2014

December 2014

What does your institution do to conduct EDD on MSBs?
Review list of agents & locations that will be receiving services directly or indirectly through the MSB account
20%
2
Review the MSB’s AML program
10%
1
Review written procedures for the operation of the MSB
20%
2
Conduct onsite visits
0%
0
All of the above
50%
5
Other
0%
0

November 2014

What is the biggest challenge for casinos?
Having a fundamental understanding of money laundering risk
0%
0
Knowing their customer and implementing KYC best practice protocols
100%
6
Building an effective working relationship with marketing, finance, compliance, etc.
0%
0
Receiving frequent and proper training
0%
0

October 2014

Suspicious activity reporting or suspicious transaction reporting in my jurisdiction is:
the cornerstone of an effective AML program
88%
28
a "tick the box" exercise that does not assist law enforcement
3%
1
frustrating because financial institutions do not know how reports are utilized
6%
2
inconsistently administered and confusing to understand
3%
1

September 2014

Which of these factors highly influences your decision to de-risk?
Change in policy and/or risk appetite
29%
6
Perceived risk is greater than the expected value of the business
38%
8
Inadequate budget to support increased due diligence and monitoring activities
19%
4
Inconsistent regulatory expectations
14%
3

August 2014

If a financial institution determines that a marijuana business is not engaged in any one of the eight federal enforcement priorities, their SAR will be considered:
Marijuana Limited
41%
16
Marijuana Suspicious
33%
13
Marijuana None
13%
5
Marijuana Priority
13%
5

July 2014

If a cyber intrusion occurs, who should the response initiative fall on?
The IT department
21%
13
It should be a collaborative effort between departments
79%
50
The marketing department
0%
0

June 2014

What happens when there is a lack of the beneficial ownership requirement?
Flight capital from poor countries
0%
0
Tax avoidance or evasion from all countries
2%
1
Illicit proceeds from corruption and criminal activity in countries
9%
5
All of the above
89%
51
Other
0%
0

May 2014

When should companies and financial entities be required to make their ownership public?
Information should always be open and accessible to the public
70%
33
Only regulatory, tax authorities, and law enforcement agencies should have access to this information
26%
12
It should not be released to anyone
0%
0
Other
4%
2

April 2014

Does your institution have a no-SAR documentation process?
Yes
71%
22
No
29%
9
Not Sure
0%
0

March 2014

What challenge has your institution been facing while upgrading your AML systems?
Understanding and keeping up with current regulatory expectations and issued guidances
13%
2
Understanding the complexity and life cycle of a new AML system
13%
2
Understanding the features, functionality and options available in updated AML softwares
19%
3
All of the above
56%
9

February 2014

Banks are expected to have all the processes for FATCA compliance in place by July 1, 2014. Will your institution be prepared?
Yes
47%
14
No
20%
6
Not Sure
33%
10

January 2014

Your AML Policy Manual should
Explain all technical terms and acronyms thoroughly
36%
4
Exclude your organization's propriety information
9%
1
Omit procedures
9%
1
All of the above
45%
5

2013

December 2013

What topics would you like to read more about in 2014?
Virtual Currencies, i.e.,Bitcoin
20%
24
Legalization of marijuana in U.S. states and Uruguay
11%
13
Iranian and Syrian Sanctions
8%
10
Regulator Expectations
23%
27
Compliance hiring trends
14%
17
Lessons learned from enforcement actions
23%
27

November 2013

Does your institution have a clear, effective way to escalate compliance issues within your institutions management?
Yes
91%
10
No
9%
1

October 2013

If you were the compliance officer at an institution and you detected high level bank officials’ complicity in laundering illicit funds, your first step would be to:
File a SAR/STR
61%
20
Contact law enforcement
24%
8
Confront the complicit officials
3%
1
Resign
3%
1
Seek legal counsel
9%
3

August 2013

Since we have just passed the mid-year point in 2013, what are your biggest concerns for the rest of the year in AML compliance?
Need for additional resources
47%
7
Completion of our risk assessment
33%
5
Next AML examination
20%
3
Filling staff with qualified personnel
0%
0

June 2013

What has been the most important development in the field of law enforcement in the past 10 years?
Increased partnerships with the private sector
29%
6
Increased international cooperation and information sharing via MOUs, MLATs, etc.
29%
6
Advancements in technology for investigations
33%
7
Not sure
10%
2

April 2013

Does Bitcoin pose a financial crime risk?
Yes
94%
49
No
4%
2
Don't know
2%
1

February 2013

What will be the biggest challenge of the Fourth Anti-Money Laundering Directive?
Increased PEP obligations
21%
5
Predicate tax crime offense
50%
12
Increased regulation over gambling sector
21%
5
Increased emphasis on the risk-based approach
8%
2

2012

December 2012

As a compliance professional, what is your New Year’s career resolution?
Obtain my CAMS certification or if CAMS seek more training
50%
79
Improve our compliance program
25%
40
Lobby for more resources
7%
11
Expand my network of compliance contacts
18%
28

October 2012

How often will you use the new ACAMS Today mobile app?
Once a day
44%
8
Weekly
33%
6
2 to 3 times a month
11%
2
Monthly
11%
2

September 2012

What steps should taxpayers outside the United States follow as prerequisites to avoid federal tax liabilities?
Provide the correct address on their tax returns
27%
6
Complete TECS registration
32%
7
Sign a waiver with their tax adviser
0%
0
None of the above
41%
9

July 2012

Fraud is contingent on five common elements: 1) Integrity 2) Opportunity 3) Incentive 4) Rationalization and 5) Capability.
True
75%
82
False
25%
27

May 2012

What is the best way to improve your compliance training?
By seeking employee feedback
37%
15
Using social networking tools
5%
2
Implementing recognition programs
15%
6
Using resources from the compliance community
44%
18

April 2012

Is there money laundering risk in life insurance?
Yes
100%
9
No
0%
0

February 2012

What is the most important thing you can do to prepare for FATCA implementation?
Set up a checklist and timeline for full implementation
0%
0
Communicate with customers so that they understand the new law
0%
0
Work closely with your legal department
3%
1
All of the above
97%
33

January 2012

How often do you conduct compliance training for your frontline personnel?
Once a month
7%
2
Every three months
7%
2
Every six months
10%
3
Once a year
72%
21
Never
3%
1

2011

December 2011

What is the biggest challenge you face when dealing with cross-border money laundering?
New methodologies used by criminals
10%
2
Movement of money through intermediary countries
10%
2
New funding channels used by criminals
0%
0
All of the above
81%
17

September 2011

Is customer due diligence considered a financial burden at your institution?
Yes
31%
47
No
66%
99
Undecided
3%
4