In October, the ACAMS Greater Phoenix Chapter hosted its 2024 Forum, featuring speakers from both the public and the private sectors. The event drew more than 100 attendees from more than a dozen financial institutions (FIs). This forum provided an excellent opportunity for professionals to engage with experts from both the public and private sectors, culminating in a post-event happy hour that facilitated networking and further discussions with speakers and peers.
Federal Insights on Financial Crimes
This forum provided an excellent opportunity for professionals to engage with experts from both the public and private sectors
The event kicked off with a presentation from Lindsay Short, assistant U.S. attorney in the Financial Crimes and Public Corruption Section of the U.S. Attorney’s Office for Arizona. In her session, “Prosecuting Federal Money Laundering Crimes: Overview, Trends and Case Studies,” Short explored major trends in Arizona, such as elder financial exploitation and structuring. She provided valuable insights into the role of the U.S. Attorney’s Office in Phoenix and how they collaborate with the private sector in advancing investigations. Key takeaways included a detailed look at the investigative process, including flowcharts for identifying suspicious money movement and guidelines for building strong cases. She concluded with an overview of pressing issues in her office, including pig butchering scams and fraud involving cryptocurrency.
The Role of the U.S. Secret Service
Following Short’s session, William Mack, special agent in charge of the U.S. Secret Service in Arizona, shared a deep dive into the history and mission of the Secret Service. While well-known for its protective duties, the agency continues to focus on its original mandate: combating counterfeit currency and investigating crimes against the U.S. financial system. Mack highlighted significant issues affecting Arizona, including credit card skimmers at gas stations and markets. He emphasized the importance of filing suspicious activity reports (SARs) and fostering strong relationships between the private sector and law enforcement agencies like his.
Artificial Intelligence in Financial Crime Prevention
The next session featured Mark DiGiacinto, senior manager at Protiviti, who provided an in-depth analysis of artificial intelligence (AI) and its growing role in financial crime prevention. DiGiacinto broke down the differences between generative AI and predictive AI, sharing key insights into how the technology is transforming industries. He cited examples of successful AI integration into transaction monitoring, which led to more SARs and higher detection rates for suspicious activity. He concluded by noting the potential for AI to enhance the second and third lines of defense in FIs.
Cryptocurrency and SARs: A New Frontier
Skyler Palmer, senior AML analyst at Western Alliance Bank, concluded the presentations with an introduction to cryptocurrency and its role in SARs. Palmer provided an accessible overview of blockchain technology, defining key terms and concepts for an audience that included many who were previously unfamiliar with cryptocurrency investigations. He demonstrated how both open-source and paid software tools can be used to track crypto transactions, guiding attendees through a case study of a complex scam that was uncovered using blockchain analysis. Palmer encouraged attendees to deepen their understanding of cryptocurrency to better support investigations.
Networking and Continued Dialogue
The event concluded with a lively cocktail hour, allowing attendees to network, share insights and discuss emerging industry trends. Conversations were focused on industry trends, cryptocurrency and the strengthening of public-private sector collaborations.
ACAMS Greater Phoenix Chapter Board, ACAMS, greaterphxacams@gmail.com
