ACAMS Today

Harmonisation of the EU AML Framework

Whilst the EU’s anti-money laundering (AML) directive has been in existence since 1991, the framework has continued to evolve over the past 30 years. The European Commission has implemented the Financial Action Task Force (FATF) recommendations whilst increasingly adopting its own standards and best practices to meet the political and economic requirements of its 27 member states.

Italy: The Mafia’s Infiltration Into Healthcare

Organised crime has a triple interest in the direct and indirect management of health services in Italy. First, there is interest because of the huge amount of money that revolves around these services, which can guarantee large profits for gangs. Second, investment in health is a fairly easy way to launder the proceeds of illegal activities derived mainly from drug trafficking.

Russia’s Ukraine Invasion Spurs on a United Europe

In 31 March, ACAMS was privileged to host the “Anti-Financial Crime Symposium—Baltics” in Vilnius. About 250 Lithuanian, Latvian and Estonian anti-financial crime (AFC) professionals from the private sector and government were delighted by the opportunity to meet face-to-face for the first time in more than two years.

ACAMS Germany Chapter: 2021 in Review

In 2021, the ACAMS Germany Chapter hosted five online events covering a range of emerging topics, such as environmental, social and governance (ESG) and decentralised finance (DeFi). In addition, it covered developments in some of the most crucial areas of anti-financial crime (AFC), such as sanctions and transaction monitoring.

ACAMS Malta Chapter: Virtually Building A Community From Zero

When we set out to build a new ACAMS Chapter in Malta more than two years ago, in December 2019, we were excited. Malta is a place that values connections and relationships, debate and education. At the time, Malta’s national anti-money laundering/combatting the financing of terrorism (AML/CFT) framework was coming under the international spotlight following MONEYVAL’s 2019 Fifth Round Mutual Evaluation Report on Malta.

Samar Pratt, CAMS-Audit—UK

Samar Pratt leads Exiger’s financial crime compliance advisory practise, specialising in audit and assurance. Since joining Exiger, Pratt has served as the deputy monitor on behalf of the US Department of Justice, and led independent examinations for the Financial Conduct Authority and the New York Federal Reserve board. In addition, she has helped clients to strengthen their financial crime compliance controls across the three lines of defence.

ACAMS Luxembourg Chapter: Continuous Growth and Looking Ahead

Located in proximity to political and financial “centres” Brussels and Frankfurt, Luxembourg—seat to several EU institutions, including the European Court of Justice of the European Union and the European Public Prosecutor’s Office—offers a dynamic scene for both private companies and public organisations.

ACAMS UK Chapter—A Short History in Time

In the last 10 years, the ACAMS UK chapter has become a force with which to be reckoned. Since its inception in 2011, the chapter board has comprised a stellar group of professionals, including veterans in law enforcement and the financial services industry.

Yuri Broodman, CAMS—Netherlands

Yuri Broodman is a proactive team player with 20 years of business experience in various functions. In addition, from 1999 to 2007, he served in the Royal Netherlands Navy. In 2014, Broodman began his compliance career in Luxembourg. His career advanced from senior compliance officer to country head of Financial Crime and Regulatory Compliance at HSBC.

Luiza Jarocka, CAMS—Poland

Luiza Jarocka, head of compliance for MoneyGram International, is responsible for customer investigations and regulatory filing of suspicious activity reports, suspicious transaction reports and customer transaction reports in over 30 jurisdictions.

Andrew Mackay, CAMS—Malta

Andrew Mackay is an independent AML/CFT compliance consultant currently engaged in the Caribbean, Malta and other international financial centres. Previously, Mackay was the head of Financial Crime Threat Mitigation for HSBC in Malta. This role involved identifying, understanding and mitigating the financial crime risks in Malta and transnationally through investigations, analytics and intelligence.

The Long and Winding Road to Anti-financial Crime Harmony

Music is an important part of many people’s lives. The first time I heard a live duo was on the playground in elementary school. I loved swinging and there were only a few swings available during recess for the entire school. Of course, if you were lucky to get one of those coveted swings, it always came with a duo concert from Justin and Scott singing songs from Metallica and Guns N’ Roses at the top of their lungs.

Financial Risks Involving the Taliban Regime in Afghanistan

The Taliban takeover of power in Afghanistan in August 2021 presents the international community, including the financial industry, with a range of complex challenges. Not only are key stakeholders of the Taliban regime sanctioned by the United Nations Security Council (UNSC) and several governments, including the US, but the Taliban movement continues to maintain a close symbiotic relationship with al-Qaida.

EU-wide Rules for Crypto Assets

Crypto assets have given private individuals and groups the ability to access and provide a range of alternative financial services, which fall outside the scope of traditional banking, investments and payment services’ monopolies.

The Evolution of Social Fraud

Fraud can be simply described as the act of deception for personal gain. Acts of deception usually involve victims, either individuals or businesses. In most fraud occurrences, the primary motive and gain is financial. However, data has also become the primary target of fraudulent acts.

Matis Mäeker: Starting With a Clean Slate

ACAMS Today Europe editorial interviewed Matis Mäeker, head of the Estonian Financial Intelligence Unit (FIU) and a member of the MONEYVAL Bureau. Mäeker has been the evaluator and reviewer of many mutual evaluation reports conducted by MONEYVAL. He is also a member of the Estonian delegation to MONEYVAL and a member of the Heads of FIU of the Egmont Group.

Italy: The Mafia’s Infiltration Into Healthcare

Organised crime has a triple interest in the direct and indirect management of health services in Italy. First, there is interest because of the huge amount of money that revolves around these services, which can guarantee large profits for gangs. Second, investment in health is a fairly easy way to launder the proceeds of illegal activities derived mainly from drug trafficking.

Lora von Ploetz: The New Face of Leadership

ACAMS Today Europe spoke with Lora von Ploetz, head of a Global Financial Crime Unit focusing on mitigating significant financial crime risks, proactive investigations, analytics and technology. She discusses the impact of Russian sanctions, challenges faced by European anti-financial crime (AFC) professionals and how she has been a mentor for women in AFC.

The Global Rise of Crypto-based Investment Scams

According to recent estimates, cryptocurrency-based crime reached a new all-time high in 2021, with 14 billion dollars of stolen funds, compared to 7.8 billion dollars in 2020. One of the most common ways to steal money from unsuspecting investors is the so-called “rug pull,” a practice whereby developers build what appears to be a legitimate cryptocurrency investment platform to lure investors in and steal their funds.

Metaverse: A Virtual World

The metaverse has been making headlines for the past few months since Facebook announced its rebranding to Meta. However, there is much more to the metaverse than Facebook’s version. The metaverse has actually been around for a few years now, and there is more than one single metaverse. The metaverse itself is a concept in its very early stages of development.

Institution-related Trafficking: Ukrainian Children at Risk

A month after the invasion of Ukraine, more than seven million people had been displaced as a direct result of the war, according to the International Organisation for Migration (IOM). The United Nations High Commissioner for Refugees (UNHCR) highlighted that most displaced people and refugees are women and children.

Central Bank Digital Currencies: The Do’s and Don’ts

Monetary value has taken various forms over time—beef, salt, mother of pearl, amber, metal, paper, shells, etc. Today, there are two types of money issued by countries via their central banks: fiduciary money or fiat (money and banknotes) and scriptural money (checks and transfers).

The Role of ESG in Global Governance and the Supply Chain

Environmental crime is one of the largest criminal activity sectors in the world. There are many kinds of environmental crimes, including illegal emissions into the air, discharge of substances into water or soil, illegal trade in wildlife or ozone-depleting substances, as well as illegal shipments or rubbish dumping.

France: The Risks of Outsourcing AML Tasks

In today’s world, decentralisation and globalisation are universally accepted values. Indeed, manufacturing a single pair of jeans involves multiple actors from around the world. “It is estimated that for some [jeans], if you were to put each one of them end to end, the jeans would stretch in kilometres, one and a half times around the world (i.e. 65,000 km!).”

The Network-centric Approach: Helping Financial Crime Investigators to Combat Environmental Crimes

Environmental crime might sound new to financial crime professionals, but it is a challenge that investigators have wrestled with for years. Discussions about using open-source intelligence (OSINT) to prevent financial crime have long been underway. The Financial Crimes Enforcement Network (FinCEN) published articles urging organisations to consider the importance of environmental crime when doing business.

Paper Leaks: Their History and Impact

The Pandora Papers refers to a set of documents leaked from offshore services firms detailing tax evasion and avoidance practices, published by the International Consortium of Investigative Journalists (ICIJ) in October 2021. The ICIJ is a non-profit network that works with more than 100 media organisations and 280 journalists in more than 100 countries and shares sources, transcripts and videos of interviews.

Targeted Financial Sanctions and Their Interaction With Trusts

Several jurisdictions have recently put in place sanctions against individuals with ties to the Russian government, either directly or through enterprises. As targeted financial sanctions (TFS) place freezing measures on sanctioned individuals’ economic resources, some sanctioned individuals might inevitably seek ways to avoid these restrictions.

COVID-19 and The Sexual Exploitation of Children Online

The COVID-19 crisis triggered an unprecedented rise in the production and distribution of child sexual abuse material, child sexual exploitation material, live streams of child sexual abuse and, especially, self-generated sexual content involving children. During the onset of the pandemic, both children and child sex offenders were forced to stay home due to lockdown measures.

Putting Out Fire: A Global Collaboration Against Human Trafficking

Exploitation, vulnerable communities and trafficking have all existed throughout history. Even now, human trafficking is one of the fastest growing crimes worldwide and the exploitation of people is widespread and ingrained in society. Why it continues to prevail is a complex issue.

Latvia: Avoiding FATF’s Grey List

In 2017, findings by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) served as encouragement and support for Latvia to initiate the needed changes to its anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing (CPF) system.

ACAMS Ireland Chapter: A Look Ahead

The ACAMS Ireland Chapter is celebrating its sixth anniversary! The chapter is excited to share its experience and that of the community in Ireland. New Players in the Irish Market Ireland’s financial sector is changing due to recent trends in digitising and democratising money, COVID-19 and an influx of firms impacted by Brexit.

ACAMS Netherlands Chapter: 10th Anniversary

Early in 2011, the current chair of the ACAMS Netherlands Chapter, Yevgeniya Balyasna-Hooghiemstra, was invited to help establish a chapter in the Netherlands, Belgium and Luxembourg (aka Benelux). Although she did not exactly know what a chapter was at the time, she was really excited about the opportunity to collaborate closely with ACAMS and with the other members in the Netherlands.

Andreia Amaro, CAMS—Bragança, Portugal

Andreia Amaro is a compliance officer focused on anti-money laundering (AML) and counter-terrorist financing (CTF). She holds a degree in law from the Universidade de Coimbra in Portugal and has been a member of the Portuguese Bar Association since 2016.

Giuseppe Sollazo, CAMS—Milan, Italy

Giuseppe Sollazzo has over 10 years of experience in the anti-financial crime industry. His areas of expertise include anti-money laundering (AML), counter-terrorist financing (CTF), compliance and risk mitigation for international banking and financial services.

Migdalia Rojas, CAMS—Fyllingsdalen, Norway

Migdalia Rojas has over 14 years of experience in the anti-financial crime (AFC) industry. She is a Spanish, English and French translator, as well as a lawyer from her homeland Venezuela. In addition, she holds an MBA from the University of Hull in the UK.

Uldis Upenieks, CAMS—Riga, Latvia

Since 2017, Uldis Upenieks has been a chief compliance officer and a member of the management board at Citadele Banka. He is responsible for the compliance function, including anti-money laundering (AML).

ACAMS Poland Chapter: Event Highlights

On 26 November 2020, the ACAMS Poland Chapter celebrated its second-year anniversary. Since it launched, the chapter has created the most significant community of anti-money laundering (AML) and financial crime compliance (FCC) professionals in Poland. The chapter has also kept a dynamic pace amid the COVID-19 pandemic.

Betrug und Angst: COVID-19 Betrugsfälle

Im April 2020 waren die deutschen Gesundheitsbehörden verblüfft, als sie entdeckten, dass medizinische Masken im Wert von 2,4 Millionen Euro verschwunden waren. Es wurden anscheinend zehn Millionen Masken von zwei rechtmässigen Unternehmen in Zürich und Hamburg bestellt, die wiederum eine in Spanien registrierte Webseite kontaktierten, um die benötigten Masken zu beziehen, als die Lieferung nicht eintraf.

Investmentfonds und Geldwäscheprävention

Angesichts der vielen Geldwäscheskandale und Ermittlungen im Bankensektor schleusen Geldwäscherinnen und Geldwäscher zunehmend illegale Gelder durch die Investmentfonds-Branche, die erwiesenermaßen für die Platzierung, Umschichtung und/oder Integrationsphasen von Geldwäsche anfällig ist.

Fraude et peur : les escroqueries de la COVID-19

En avril 2020, les autorités sanitaires allemandes ont été déconcertées de découvrir que des masques médicaux d’une valeur de 2,4 millions d’euros avaient disparu. Dix millions de masques avaient apparemment été commandés à deux sociétés de Zurich et de Hambourg, qui ont à leur tour contacté un site web enregistré en Espagne pour se procurer les masques nécessaires, lesquels n’ont jamais été livrés.

Dan Benisty : la compliance comme une ambition personnelle

Dan Benisty est responsable conformité lutte contre le blanchiment de capitaux et le financement du terrorisme (LBC/FT) pour l’Europe du Nord auprès de l’entreprise de transfert d’argent, Western Union. Depuis 2013, il est co-fondateur et président du Chapitre France de l’ACAMS ainsi que co-directeur du diplôme universitaire du chargé de conformité LBC/FT, proposé par l’Université Paris-Saclay.

Fear Factor

If you ask me about fear, one experience leaps out in my life—the first time I went bungee jumping. I went with a group of friends and each of us paid for six jumps. Standing atop that platform awaiting my first jump was quite intimidating. I have never been afraid of heights, but the idea of jumping into the air with only a harness attached gave me significantly more anxiety than I had anticipated.

Egmont Admonition: A Reminder That AML Can Be Misused

I write often and hopefully about the rising acceptance throughout the world of anti-financial crime standards. But it turns out global anti-money laundering and counter-terrorist financing (AML/CTF) standards are a little like ‘The Force’ in the Star Wars universe: there is a light (good) side and, as adopted and implemented by some governments, a dark side.

Sanctions: OFAC Penalties on European Companies

The relationship between the US and the EU has undoubtedly been friendly. However, the recent sanctions regime implemented by the Office of Foreign Assets Control (OFAC) of the US Treasury Department has created friction with the EU’s blocking statute. Under OFAC’s sanctions regime, EU companies with US touchpoints are mandated to comply with US sanctions.

The AML Implications of the Human Egg Trade

The money laundering process typically involves the furtive introduction of illegitimate funds into the legitimate financial system and the steps taken by bad actors to distance themselves from the illegal sources of these funds. When the crime is understood, the work of anti-money laundering (AML) professionals is often straightforward, but what is their role when it is unclear if the funds are derived from criminal means because laws are ambiguous?

Cryptocurrency Regulations: Finding the Right Balance

There are various ideas about cryptocurrencies; some claim that they are a Ponzi scheme, a scam or a bubble, others say they are the future. What exactly are they? Cryptocurrencies are like fiat money, but they do not have a physical presence and more importantly, they are not typically issued nor controlled by countries; except for the closed source (or proprietary) cryptocurrencies.

Brexit Deal: Impacts in the Fight Against Financial Crime

After years of intense negotiations, two general elections and a third prime minister, the UK finally secured a Brexit agreement with the EU on 24 December 2020, officialising its exit from the bloc. The Brexit deal, formally known as The EU-UK Trade and Cooperation Agreement (TCA) sets out the preferential arrangements in areas such as trade in goods and services, law enforcement and judicial cooperation in criminal matters.

Dan Benisty: Compliance as a Personal Ambition

Dan Benisty is the director of compliance for the anti-money laundering and counter-terrorist financing (AML/CTF) program for the Northern European region at Western Union. Benisty is a co-founder and president of the ACAMS France Chapter, which he has chaired since its establishment in 2013. In addition, he is joint director of the AML/CTF compliance degree program at Université Paris-Saclay.

Fraud and Fear: COVID-19 Scams

In April 2020, German health authorities were baffled when they discovered that 2.4 million euros worth of medical masks disappeared. Ten million masks were apparently ordered from two legitimate companies in Zurich and Hamburg, which in turn contacted a website registered in Spain to procure the masks needed when the delivery failed to arrive.

Investment Funds and AML

Given the increase in money laundering scandals and investigations in the banking sector, money launderers have started to funnel illicit funds through the investment fund industry, a channel proven to be susceptible to the placement, layering and/or integration phases of money laundering.

AML: The Risk of Investor Citizenship Schemes in Europe

The investor citizenship or ‘golden passport’ scheme in Europe became a hot topic of discussion after an investigation by Al-Jazeera in August 2020. Al-Jazeera’s investigative unit published the ‘Cyprus Papers.’ These leaked documents revealed how 2,500 people—including political figures, convicted criminals and money launderers—paid for their Cypriot citizenship through the notorious Cyprus Investment Programme (CIP).

The FinCEN Files and the Risk of Correspondent Banking

The Financial Crimes Enforcement Network (FinCEN) Files investigation is the latest publication by the International Consortium of Investigative Journalists (ICIJ) that reveals how certain flows of funds are suspected to be connected to financial crime, money laundering, terrorist financing and/or corruption.

Die FinCEN Files und die Risiken des Korrespondenzbankges chäftes

Die Recherche Financial Crimes Enforcement Network (FinCEN) Files ist die jüngste Publikation des Internationalen Konsortiums Investigativer Journalisten (ICIJ) über Geldströme, die vermutlich in Verbindung zu Finanzkriminalität, Geldwäsche, Terrorismusfinanzierung und/oder Korruption stehen.

Sanctions : amendes de l’OFAC contre les entreprises européennes

Les relations entre les États-Unis et l’Union européenne (l’UE) sont sans aucun doute amicales. Toutefois, le régime de sanctions récemment mis en œuvre par le Bureau du contrôle des avoirs étrangers (OFAC, pour Office of Foreign Assets Control) du Trésor américain a créé des frictions avec le règlement de blocage de l’UE.

Rebekah Lisgarten: You Can’t Stop What You Can’t See

ACAMS Today Europe interviewed Rebekah Lisgarten, director of operations at STOP THE TRAFFIK, to discuss the organisation’s achievements in combatting human trafficking (HT) and emerging HT trends.

ACAMS Germany Chapter: 2019 in Review

The ACAMS Germany Chapter hosted a variety of engaging events throughout 2019. The year began with an event on anti-financial crime and fintech in January. Experts from German fintech Fidor Bank, investment bank Baader Bank and UniCredit discussed fintech company challenges in implementing adequate financial crime prevention frameworks and the importance of a tailored risk assessment approach.

Animaux Sauvages : Le Commerce Illégal Sous-Déclaré

Bien que les enquêtes sur la lutte contre blanchiment de capitaux (LBC) soient en constante évolution, une source majeure de profit illégal à l’échelle internationale demeure largement inconnue : le trafic d’espèces sauvages. Le trafic d’espèces sauvages est un commerce illégal majeur et un crime environnemental qui devrait générer entre sept et 23 milliards de dollars par an.

RGPD : Confidentialité vs Enquêtes

La Commission européenne est tenue de soumettre au Conseil européen, avant le 25 mai 2020, un rapport examinant l’impact de l’article 97 du Règlement général sur la protection des données (RGPD) de l’UE. Dans le cadre de l’examen, la Commission doit examiner l’application et la fonction d’une série de dispositions, notamment celles relatives au transfert international de données à caractère personnel.

Karl-Johan Karlsson, CAMS-AUDIT — Copenhagen, Denmark

Karl-Johan Karlsson is currently the head of compliance at Handelsbanken in Denmark. He holds a Master of Laws degree from the University of Liverpool. He is a Certified Anti-Money Laundering Specialist (CAMS) and was among the first in Europe to earn the Advanced CAMS-Audit Certification from ACAMS.

In This Together

Seemingly contradictory trends are unfolding in the EU as I write this for the May-June issue of ACAMS Today Europe. A leaked European Commission report is proposing the creation of an uber-financial intelligence unit to coordinate and set standards for the 27 member states’ financial intelligence units (FIUs).

Wild Kingdom

I have recently found myself with time on my hands, as have we all during the COVID-19 pandemic. While checking my social media feed, I came across an article by National Geographic that caught my eye for two reasons. The article was about the plight of the northern white rhinoceros, an incredibly endangered species.

EU-UK Sanctions Post-Brexit: Compliance Preparations and Deliberations

The UK left the EU on 31 January 2020, and has now entered an 11-month transition period. Whilst most of the ongoing press coverage is focused on efforts to reach a trade deal, other issues—including future co-operation arrangements on security and law enforcement—require negotiation and agreement.

One Year with the ACAMS Switzerland Chapter

The ultimate objective of the ACAMS Switzerland Chapter is to become part of ACAMS’ global network whilst addressing the specific challenges of the local environment. The chapter strives to broaden information and expertise sharing across industries in Switzerland.

Sven Eisermann, CAMS—Berlin, Germany

Sven Eisermann is head of the anti-money laundering (AML) department and deputy money laundering reporting officer (MLRO) at Deutsche Kreditbank AG (DKB) in Berlin. DKB is one of the top 20 banks in Germany to offer online banking services for private customers as well as modern banking solutions for selected business customers focussed on a sustainable business strategy.

Lorenzo De La Calle Jimenez, CAMS—Madrid, Spain

Lorenzo De La Calle Jiménez has more than 30 years of experience in the financial services sector with a focus on anti-money laundering/counter-terrorist financing (AML/CTF). De La Calle Jiménez began working for Western Union in 2013, holding several roles on the company’s anti-money laundering (AML) compliance team.

Wildtiere: ien wenig beachteter Schwarzmarkt

Obwohl sich Ermittlungsverfahrenen zur Bekämpfung von Geldwäsche (AML) ständig weiterentwickeln, bleibt eine Hauptquelle für illegale Erlöse auf internationaler Ebene weitgehend unbekannt—der Handel mit Wildtieren. Der Handel mit Wildtieren ist ein bedeutender Schwarzmarkt und ein Umweltverbrechen, das jährlich schätzungsweise zwischen sieben und 23 Milliarden US-Dollar generiert.

Borderless Cryptocurrency, Borderless Regulation

In 2008, the pseudonymous Satoshi Nakamoto published the bitcoin white paper describing a cryptocurrency free from the control of governments or banks. Twelve years later, there are over 2,000 cryptocurrencies, but Nakamoto’s libertarian vision has collided with the realities of regulation. According to Chainalysis, a New York-based blockchain-tracing company, over 90% of cryptocurrency transactions by volume pass through centralised intermediaries such as exchanges.

GDPR: Privacy vs Investigations

The European Commission is required to submit a report reviewing the impact of Article 97 of the EU’s General Data Protection Regulation (GDPR) to the European Council by 25 May 2020. As a part of the review, the Commission must examine the application and function of a series of provisions, not least those pertaining to the international transfer of personal data.

To Detect Financial Crime, Machine Learning Requires the Human ‘Touch’

The application of big data and machine learning in anti-money laundering (AML) transaction monitoring (TM) programs is undeniably vast. Over the past five years, financial institutions (FIs) have assessed how they could implement and benefit from machine learning capabilities.

EU’s Public Beneficial Ownership Registers Are a Game Changer

Identifying beneficial owners with a satisfactory level of certainty has been a manual and often fastidious task for know your customer analysts and compliance officers. Issues vary from deciphering poorly scanned articles of association, to the design, collection and verification of beneficial ownership statement forms as well as pencil-drafted ownership diagrams.

Germany Brings Gatekeepers Into AML Framework

Allegations of the real estate market being used for money laundering (ML) and tax evasion have made headlines in the German media. This has resulted in heated political debates across the political spectrum, particularly, debates on the role of intermediaries. Notaries have been accused by various political parties of neglecting their responsibility in the fight against ML in the real estate sector.

Wildlife: The Underreported Illegal Trade

Although anti-money laundering (AML) investigations are ever evolving, one major source of illegal profit internationally remains largely underreported—wildlife trafficking. Wildlife trafficking is a major illegal trade and an environmental crime that is estimated to generate between seven billion US dollars and 23 billion US dollars annually. The number of critically endangered species and the involvement of poachers is well documented.

New Technologies: The Emerging Terrorist Financing Risk

Technical innovations in communications and in the financial sector have not been ignored by terrorist groups and organisations. Instead, these innovations have added to terrorist capabilities. Since the rise of the Islamic State of Iraq and the Levant (ISIL), a significant body of research has been conducted on their misuse of communications technology.

Keeping Europe’s Free-Trade Zones Safe for AML

Free-trade zones (FTZs) pose a regulatory contradiction for governance. Governments, whether those of traditional nation-states or of supranational entities such as the EU, consciously restrict their own powers of taxation, oversight and regulation to facilitate economic growth and innovation in areas designated for free trade. By their nature, modern FTZs appear to be built upon irony.

Schutz von Europas Freihandelszonen vor Geldwäsche

Freihandelszonen konfrontieren eine Vielzahl an Governance-Bemühungen mit einem Widerspruch. Die Regierungen, seien es die traditioneller Nationalstaaten oder supranationaler Einheiten wie der EU, schränken ihre eigenen Befugnisse in Bezug auf Besteuerung, Aufsicht und Regulierung bewusst ein, um in den für den Freihandel bestimmten Gebieten Wirtschaftswachstum und Innovation zu fördern. Moderne Freihandelszonen scheinen ihrem Wesen nach auf Ironie zu basieren.

Why Does the Computer Say No? Algorithm Transparency for AFC Systems

When the phrase ‘computer says no’ was first used in ‘Little Britain’, a British comedy show from over a decade ago, it resonated with many because it reflected the widespread use of algorithms in day-to-day decision-making. Carol, a character played by David Walliams, a bank worker and later holiday rep and hospital receptionist, always responded to a customer’s request by typing it into her computer and responding with ‘computer says no’, even to the most reasonable requests.

Deutschland setzt Gatekeeper im Kampf gegen Geldwäsche ein

Vorwürfe, der Immobilienmarkt werde für Geldwäsche (GW) und Steuerhinterziehung genutzt, haben in den deutschen Medien für Schlagzeilen gesorgt. Dies hat zu heftigen politischen Debatten im gesamten politischen Spektrum geführt—insbesondere zu Debatten über die Rolle der Vermittler.

La Mondialisation de la Justice Négociée : Le Cas Français

La justice négociée est un accord passé avec l’autorité de supervision par lequel une société objet d’une enquête pour délinquance économique et financière accepte de reconnaître des éléments de fait sans reconnaître sa culpabilité, de s’acquitter de sanctions financières, de compenser les victimes et de se soumettre à des obligations de compliance destinées à prévenir la commission d’infractions futures, en contrepartie de l’extinction des poursuites à son encontre.

Fintech: Friend or foe to anti-financial crime?

Fintechs are digital bank accounts and e-wallet services. There are more and more digital players in the market offering payment accounts, money pots or remittances services. What is new is that end-user adoption is growing quickly too. There is not a week without the media mentioning that challenger banks (aka “neo banks”) like Monzo, Revolut or N26 are increasingly enrolling more and more customers.

Emerging Sanctions Challenges for Global Counter-Terrorism

With the attack on the village of Baghouz near the border between Syria and Iraq, Islamic State (IS) is about to lose the last territorial stronghold in the Middle East. This will end the recent tragic history of control over territory in the region from this terrorist organisation.

SARs Analysis on the Criminal Use of the Gaming (Casino) Sector

Arecent report written by the Metropolitan Police Service (MPS) examined the link between criminality and gambling. The MPS report analysed 250 suspicious activity reports (SARs) submitted by the gaming (casino) sector and other reporting sectors. Casinos are referenced between the 1 of January 2017 and the 30 of June 2017 within the MPS.

Handelsbasierte Geldwäsche– Risikofaktoren und Sorgfaltspflichten

Das seit dem 30. November 1993 in Deutschland geltende Gesetz über das Aufspüren von Gewinnen aus schweren Straftaten (Geldwäschegesetz—GwG) wurde zum 21. August 2008 neu gefasst und später durch das Gesetz zur Optimierung der Geldwäscheprävention (Geldwäscheoptimierungsgesetz—GwOptG) geändert, welches am 29. Dezember 2011 bzw. 31. März 2012 in Kraft trat. Am 26. Juni 2017 wurde das Geldwäschegesetz mit dem Gesetz zur Umsetzung der Vierten EU-Geldwäscherichtlinie erneut revidiert und neu gefasst.

Liaisons Dangereuses: 5AMLD et EDD

La cinquième Directive anti-blanchiment de l’Union européenne (5AMLD), entrée en vigueur le 9 juillet 2018, devra être mise en oeuvre par les États membres d’ici janvier 2020. Les entreprises affectées par cette nouvelle directive, les entités concernées, sont confrontées à de nouveaux défis en raison des modifications pertinentes de la quatrième directive anti-blanchiment de l’UE (4AMLD) de 2015 (mise en oeuvre en 2017).

Fintech : Ami ou Ennemi du Crime Anti-Financier ?

Les fintechs sont des comptes bancaires numériques et des services de portefeuilles numériques. Un nombre croissant d’acteurs numériques propose des comptes de paiement, des fonds monétaires ou des services de virement d’argent. Ce qui est nouveau, c’est que leur adoption par les utilisateurs finaux croît aussi rapidement.

Les Nouveaux Défis Posés par la Lutte Anti-Terroriste Internationale

Avec l’assaut du village de Baghouz, près de la frontière entre la Syrie et l’Irak, l’État islamique est en passe de perdre son dernier bastion territorial au Moyen-Orient. Ainsi se terminera l’histoire récente tragique du contrôle territorial, dans la région, exercé par cette organisation terroriste.

Paradis Fiscaux, Enfer de la Fuite des Capitaux du Continent Africain

Paradis fiscaux, enfer des peuples africains » titrait en avril 2016, en plein scandale des Panama Papers, le journal burkinabé le Pays. La définition même de paradis fiscal laisse à débattre. La notion même de « fiscalité » dans ce contexte, et prise isolément, n’a de sens que si elle peut être associée à ce que des spécialistes reconnus tels que Christian Chavagneux, Eric Vernier ou Gabriel Zucman qualifient de paradis bancaires, ou encore de paradis judiciaires.

Riskante Geschäfte: 5AMLD und die verstärkte Sorgfaltspflicht

Die fünfte Anti-Geldwäsche-Richtlinie der Europäischen Union (5AMLD) wurde am 9. Juli 2018 verabschiedet und muss bis zum Januar 2020 von allen EU-Mitgliedstaaten umgesetzt werden. Von der neuen Richtlinie betroffene Unternehmen, sogenannte Verpflichtete, müssen sich mit neuen Herausforderungen auseinandersetzen, die aus den relevanten Änderungen der vierten Anti-Geldwäsche-Richtlinie der Europäischen Union (4AMLD) aus dem Jahr 2015 (umgesetzt 2017) hervorgehen.

Fintech: Freund oder Feind bei der Aufdeckung von Finanzkriminalität?

Fintechs sind Anbieter digitaler Bankkonten und E-Wallets. Eine zunehmende Anzahl von Marktakteuren bietet Zahlungskonten, Geldtöpfe oder Überweisungsdienste auf digitaler Grundlage an. Neu ist die Tatsache, dass auch die Akzeptanz bei Endbenutzern rapide steigt. Kaum eine Woche vergeht ohne Medienberichte über Challenger-Banken (auch „Neobanken“ genannt) wie Monzo, Revolut oder N26, die zunehmend mehr Kunden anwerben.

Ein Sammelsurium von Vorschriften

Blockchain-Technologie bietet eine breite Palette von Lösungen, die herkömmliche Geschäftsmodelle in Frage stellen. Diese Innovation bedarf jedoch aktualisierter Governance-Richtlinien, um die Effizienz mit der öffentlichen Sicherheit in Einklang zu bringen. Blockchain-Technologie kann autonomen Benutzern ermöglichen, Vermögen selbstständig zu überweisen—schnell, weltweit, jederzeit und ohne Zwischenhändler.

Sandijs Vectēvs, CAMS—Riga, Latvia

After 15 years in the financial sector, Sandijs Vectēvs returned to law enforcement in the area of financial intelligence. Prior to managing the analytical compartment of the Latvian financial intelligence unit, Vectēvs gained professional experience in various fields.

Audrey Milesi, CAMS—Neuheim, Switzerland

Audrey Milesi lived and worked in Austria, Germany and London before moving to Switzerland in 2007. She began her career as an external auditor before moving to transaction services/mergers and acquisitions in the Big Four and transitioning into the industry. She led global financial compliance at the agrochemical company Syngenta and then moved to eBay to lead financial compliance for Europe/rest of the world.

Katarina Cook, CAMS—London, UK

Katarina Cook works as head of compliance and money laundering reporting officer for Europe Arab Bank in London. With a degree in Russian and political science, the move into the financial industry may not have seemed like the obvious choice for Cook.

Annika Brunned, CAMS—Stockholm, Sweden

Annika Brunned is a compliance officer at Handelsbanken and head of the compliance international department covering Handelsbanken branches in Germany, Luxembourg, the Baltics, Poland, Singapore, Hong Kong, China and the United States. Brunned is an anti-money laundering (AML) compliance and financial crime prevention professional with over 30 years of practical experience within business, IT development and compliance at Handelsbanken.

Celebrating the ACAMS Cyprus Chapter

The ACAMS Cyprus Chapter recently celebrated its third birthday at a great venue in Nicosia! The special networking event hosted a number of members, regulators, law enforcement, as well as friends and supporters of the chapter.

The chapter was formed in November 2015 by a group of anti-money laundering (AML) and compliance enthusiasts with the support of ACAMS.

Prost to the ACAMS Germany Chapter

The Association of Certified Anti-Money Laundering Specialists (ACAMS) launched its Germany Chapter in late 2016. Since then, the chapter has hosted approximately 20 events across the country at its main hubs in Berlin, Frankfurt and Munich.

Risky Business: 5AMLD and EDD

The Fifth European Union (EU) Anti-Money Laundering (AML) Directive (5AMLD) which entered into force on the 9 of July 2018, must be implemented by the EU member states by January 2020. Firms affected by the new directive, obliged entities, face new challenges resulting from the relevant amendments to the Fourth EU AML Directive (4AMLD) of 2015 (implemented in 2017).

An Inspection of the Real Estate Sector in Germany

Germany’s real estate industry is one of the largest economic sectors of the country, with 817,000 companies and around 3 million registered employees in 2017. In 2016, the entire sector was valued at around €500 billion, representing a contribution of 18.2 percent to the growth of the entire economy.

The Rise of Cloud in Compliance

The last 18 years have seen financial institutions (FIs) create and deploy money laundering detection and prevention defences in response to regulatory demands. The means by which FIs achieve this task have stayed the same for decades. Institutions will go to the market, scan providers with solutions, select and purchase one, deploy it on an on-premises infrastructure and then run the solution.

The Intersection of AI in Financial Crime Compliance

Artificial intelligence (AI) is the latest technology to take the compliance community by storm when it comes to reducing false alerts in both anti-money laundering (AML) and international sanctions screening programs. As European institutions begin to explore these technologies, many institutions are finding that the results do not always meet expectations.

A Smorgasbord of Regulations

Blockchain technology offers a wide array of solutions that challenge traditional business models but this innovation needs updated governance policies to balance efficiency and public safety. Blockchain technology can allow for autonomous users to transfer wealth quickly, worldwide, at any time and without any middlemen using its heretofore most successful use case—virtual currencies.

Renaissance

At 19 years old, I set out on an adventure and lifelong dream—to see Europe. Armed with my backpack and everything I thought necessary to survive a six-week excursion to the continent, I began visiting country-after-country. I learned from this thrilling adventure that Europe was more than what I had imagined and studied in college.

Catch the Bad Guys, Avoid a Penalty: Can compliance have it all?

Welcome to the first issue of ACAMS Today Europe. ACAMS Today launched in 2002 as a membership benefit of a newly formed United States-based association of anti-money laundering (AML) professionals. Today, the Association of Certified Anti-Money Laundering Specialists (ACAMS) is a global association of 73,000 members, and counting.