ACAMS New York Chapter

The ACAMS New York Chapter began 2011 with two impressive evening learning events and its very first full-day learning event!

The first was an in-depth look into cybercrime hosted at Brown Brothers Harriman on February 17. Cybercrime in the Financial Services Industry was moderated by ACAMS New York Chapter member Gary Ferrari of Citi and included speakers James Verini, author of The New York Times Magazine article The Great Cyberheist, special agent Derek Rieck of the FBI's Cybercrime Unit and David Szuchman, chief of the Cybercrime and Identity Theft Bureau of the Manhattan District Attorney's Office.

Verini's article focused on the life and cybercrime career of notorious computer hacker Albert Gonzalez. In his presentation to the ACAMS New York Chapter, he spoke about the far-reaching world of cybercrime, the methods hackers use to steal and sell identities and the surprising moral code often followed by cybercriminals.

Rieck used case studies to detail the FBI's methods for identifying and capturing the many players in a typical cyber fraud. Both he and Verini stated how it is often a small slip due to hubris or a feeling of invincibility that leads to arrests in these cases.

Szuchman spoke about the recent creation of the Cybercrime and Identity Theft Bureau of the Manhattan District Attorney's Office. He outlined the reasons why such a specialized division became necessary in New York and the types of cases his office has tried over the past year. Szuchman also noted the importance of SAR filings in helping the bureau and other branches of law enforcement catch identity thieves and cyber criminals.

The New York Chapter convened again on April 12 at Ernst & Young's midtown office for a FATCA information session. The event was moderated by Chapter co-chairperson Barry Koch of JPMorgan Chase and featured speakers from Ernst & Young including Steve Beattie, partner and AML services leader and senior managers Justin O'Brien and Fred Cibelli. FATCA: The Foreign Account Tax Compliance Act, focused on how the IRS Notices 2010-60 and 2011-34 specifically state that certain elements of FATCA compliance should be overseen by financial institutions' compliance departments and leverage off of existing Know Your Customer data. The presentation was greeted by many questions from the audience in regards to international privacy laws, penalties for non-compliance and the responsibilities of U.S. financial institutions in regards to FATCA enforcement. The unprecedented level of audience participation was no doubt a response to how necessary a session like this was for the AML community.

On June 1, the ACAMS New York Chapter became the first ACAMS Chapter to host a full-day learning event. Sponsored by Accuity, The 2011 Compliance & AML Conference was hosted at the Union League Club and chaired by ACAMS New York Chapter member Peter Wild of JPMorgan Chase. The event consisted primarily of four sessions: a conversation with senior regulators on current AML trends, a review of SAR filing guidelines with local prosecutors, a detailed discussion on recent anti-corruption legislation and a close look at AML transaction monitoring and investigations. The conference included speakers from FinCEN, Federal Reserve Bank of New York, OCC, FBI, NY HIFCA, U.S. Attorney's Office, Manhattan District Attorney's Office and several prominent law and consulting firms. The event also included lunch and a cocktail reception where the chapter members enjoyed some socializing and networking.

For event materials and information on membership or future New York Chapter events, please visit our web page at Questions or comments should be directed to We look forward to seeing and hearing from you in the third quarter!

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