Jun ’14 – Aug ’14 Issue

Issue 13.3

Issue: Vol. 13 No. 3

Featured
Afghanistan: A Detective's Story

Afghanistan: A Detective’s Story

The sun had not yet peaked over the horizon as we stepped off the terminal shuttle bus and onto the tarmac of the Dubai International Airport. We were preparing for the final leg of our long flight from Ottawa, Ontario…

The Secret Life of AML

The Secret Life of AML

Perhaps no other aspect of the Bank Secrecy Act/anti-money laundering (BSA/AML) is harped on more than the need of secrecy. It is the “S” in BSA that is the one aspect of AML that all sectors from the financial…


From the Executive Vice President
Honoring Law Enforcement

Honoring Law Enforcement

At the midpoint of 2014, ACAMS pauses, once again, to honor and acknowledge the brave men and women who serve society as members of law enforcement. In all…

From the Editor
From the Editor

From the Editor

I have always considered myself to be extremely patriotic. In fact one of my favorite holidays in the United States is the Fourth of July. I hail from a small town…


Inside this Edition
More Bumps in the Road for Bitcoin: Is it the End of the Beginning?

More Bumps in the Road for Bitcoin: Is it the End of the Beginning?

The speed of change in virtual currency is fast. Articles are written and immediately require revisions. The Wikipedia model for continuously updated posts is perhaps the ideal medium…


Interstate Funnel Accounts – Raising the Money off the Streets

Interstate Funnel Accounts – Raising the Money off the Streets

Over the past few years, the money laundering trend known as “interstate funnel accounts” has grown in popularity particularly among drug and alien smuggling organizations. Interstate funnel…


Financial Institutions Personnel: On the Front Line in the Fight Against Human Trafficking

Financial Institutions Personnel: On the Front Line in the Fight Against Human Trafficking

The couple ran a costume jewelry business from their home in Meridian, Idaho, and maintained several accounts at the Meridian and Boise branches of two banks with a nation-wide presence…


Elder Abuse: Out of the Shadows and into the Law Enforcement Spotlight

Elder Abuse: Out of the Shadows and into the Law Enforcement Spotlight

Elder abuse has long been a crime that has gone unreported. But regulators, law enforcement agencies and prosecutors are turning their focus on this crime and bringing it out of the shadows to…


Combating Tax Refund Fraud: Financial Institutions as Layers of Defense

Combating Tax Refund Fraud: Financial Institutions as Layers of Defense

As the 2014 tax season concludes, Internal Revenue Service Criminal Investigation has recognized the growing need to identify and combat identity theft and tax refund fraud. “Identity theft…


A Renaissance of Fraude

A Renaissance of Fraud

As a former IRS Criminal Investigation (CI) special agent, I was in the business of hunting down fraudsters, big-time white-collar swindlers and crooks. The sport was not for the financially…

Wolfsberg Group Updates Correspondent Banking Guidelines

Wolfsberg Group Updates Correspondent Banking Guidelines

On February 18, 2014, the Wolfsberg Group of International Financial Institutions, an industry consortium that sets international industry anti-money laundering (AML) standards…

Suspected Breach of Securities Trading Law by Wang, Et Al, of Company A

Suspected Breach of Securities Trading Law by Wang, Et Al, of Company A

In March 2012, Bank A filed a report with the anti-money laundering (AML) department of the Ministry of Justice’s Investigation Bureau (Taiwan’s financial intelligence center)…

The Secret Life of AML

The Secret Life of AML

Perhaps no other aspect of the Bank Secrecy Act/anti-money laundering (BSA/AML) is harped on more than the need of secrecy. It is the “S” in BSA that is the one aspect of AML that all sectors…


Postal Inspectors Redouble Efforts to Deter Money Laundering

Postal Inspectors Redouble Efforts to Deter Money Laundering

There is a small agency packing a big punch in the fight against money laundering: Meet the U.S. Postal Inspection Service (USPIS). Agents of USPIS are federal postal inspectors, who form the law…


Afghanistan: A Detective's Story

Afghanistan: A Detective’s Story

The sun had not yet peaked over the horizon as we stepped off the terminal shuttle bus and onto the tarmac of the Dubai International Airport. We were preparing for the final leg of…

Human Trafficking: If You See Something, Say Something

Human Trafficking: If You See Something, Say Something

ACAMS Today spoke with Tonja Marshall, supervisory special agent with the Department of Homeland Security, Homeland Security Investigations; Barbara Martinez, assistant United States…


Hector X. Colon: Exploiting Scammers and their Schemes

Hector X. Colon: Exploiting Scammers and their Schemes

ACAMS Today had the opportunity to speak with Hector X. Colon, the unit chief for the Trade Transparency Unit, Financial, Narcotics and Special Operations Division (Division 2), Homeland Security…


Building a Better Partnership

Building a Better Partnership

ACAMS Today spoke with Detective Constable Michael Kelly, Detective Constable Dwayne King and Peter Warrack, director of AML FIU for Bank of Montreal Financial Group, about the…

Your ACAMS Chapter –What You Need to Do to Be Successful

Your ACAMS Chapter –What You Need to Do to Be Successful

A successful chapter usually equates to having the right people with the right intentions, whereby they provide anti-money laundering (AML) education and networking opportunities to…

Cesar Marcelo: Accounting Department

Cesar Marcelo: Accounting Department

The past 50 years has marked an era where a paradigm shift occurred in the way humans interact with electronics and technology. Societies around the world have witnessed…


Benjamin Dusenbery, CAMS, Fort Lauderdale, FL, USA

Benjamin Dusenbery, CAMS, Fort Lauderdale, FL, USA

After four years of active duty service in the United States Marine Corps, Dusenbery joined the Fort Lauderdale Police Department in 2002. After being promoted to detective in 2006, he served in…


Marie Fulop, M.S., CFE, Fort Myers, FL, USA

Marie Fulop, M.S., CFE, Fort Myers, FL, USA

Detective Marie Fulop holds a master’s degree in criminal justice with an emphasis in abnormal psychology/behavioral science. Detective Fulop is currently employed with the Lee County…

Show, Don't Tell

Show, Don’t Tell

As the leader of a multijurisdictional suspicious activity report (SAR) review team, I read dozens and sometimes hundreds of SARs at a time. Like a programmer reading lines of code, my brain…


Cyber-Response Program: The First 48 Hours…Are You Ready?

Cyber-Response Program: The First 48 Hours…Are You Ready?

Over the last year, cybersecurity responsibilities have been avoided, diverted, and passed off to other departments within an organization. Some business managers, directors and even…


Collaboration-Based Convergence in Financial Crimes Prevention: Solutions for Sharing Reference Data

Collaboration-Based Convergence in Financial Crimes Prevention: Solutions for Sharing Reference Data

Implementing a new anti-money laundering (AML) application exposes complex needs and issues that require practical solutions. The AML landscape is constantly shifting. While the grand…


AML in Reverse

AML in Reverse

Could putting your anti-money laundering (AML) investigative planning in reverse actually get it up to speed? For the most part, AML is taught and investigated from a top-down perspective…

FinCEN Lends Support to Medical Marijuana Business

FinCEN Lends Support to Medical Marijuana Business

For years, the cornerstone of a strong Bank Secrecy Act/anti-money laundering (BSA/AML) program was its ability to detect and prevent the sale of illicit narcotics by identifying…


A Novel Idea!

A Novel Idea!

As the sun begins to rise, officers are lined up facing concrete and steel. They stare sharply in front of them, glaring at a thin piece of cardboard. They hear a voice over a loud speaker — “Engage at…