Sep ’14 – Nov ’14 Issue

Issue 13.4

Issue: Vol. 13 No. 4

Featured

From the Executive Vice President
Essential Conference Themes and Topics

Essential Conference Themes and Topics

For the ACAMS community, the 13th Annual AML and Financial Crime Conference is not a bad omen for the ever-increasing anti-money laundering…

From the Editor
It's About Time

It’s About Time

“People assume that time is a strict progression of cause to effect. But actually from a non-linear, non-subjective viewpoint it’s more like a big ball of wibbly-wobbly timey-wimey… stuff.” —Doctor…


Inside this Edition
What's cyber got to do with it?

What’s cyber got to do with it?

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…


Time on Target

Time on Target

It has been called “Treasury’s War” by a former senior Treasury and White House official—a war waged in wire messages, name searches, frozen assets and blocked accounts. It targets terrorist…


Life After the Cole Memo

Life After the Cole Memo

Numerous U.S. states have recently enacted laws concerning the decriminalization and legalization of marijuana and/or marijuana-related businesses. Overall, 21 states and the District of…


De-Risking: Does one bad apple spoil the bunch?

De-Risking: Does one bad apple spoil the bunch?

The increasing sophistication of money laundering and electronic banking fraud has led regulatory authorities worldwide to heighten their focus on Bank Secrecy Act/anti-money laundering…


Charitable Organization Money Transfers—A BSA/AML Compliance Risk

Charitable Organization Money Transfers—A BSA/AML Compliance Risk

Charitable organizations—whether referred to as a not-for-profit (NFP), or a non-profit organization (NPO)—serve an important role in all societies throughout the world by benefiting social, cultural…


AML Platforms for Financial Technology Innovators: A Case for Build vs. Buy

AML Platforms for Financial Technology Innovators: A Case for Build vs. Buy

Financial technology, or FinTech, is one of the fastest growing sectors in the startup world. Global investment in technology that relates to conducting financial services activities has more than…

Creating an Effective AML Environment in Singapore

Creating an Effective AML Environment in Singapore

The ACAMS Singapore Chapter was launched on November 14, 2013. Its mission is to establish and develop a forum for training and a support network in Singapore for AML/Financial Crime…

'Tis the Season—The Political Season that is

‘Tis the Season—The Political Season that is

In the United States of America, the Labor Day holiday on the first Monday in September signals the unofficial end of the summer season; punctuated by barbecues, a three-day weekend, back to…


The Daily Life of a Compliance Officer

The Daily Life of a Compliance Officer

To create a widely accepted, accurate depiction of the daily tasks and challenges of a Bank Secrecy Act/anti-money laundering (BSA/AML) compliance officer is nearly an impossible endeavor…


Ten Tag Lines for the Common Sense AML Compliance Officer

Ten Tag Lines for the Common Sense AML Compliance Officer

How should anti-money laundering (AML) compliance officers act to carry out their roles and to be seen as carrying out their roles? While there is ample regulatory guidance, enforcement action…


Currency Transaction Reporting from the Law Enforcement Perspective

Currency Transaction Reporting from the Law Enforcement Perspective

What 42-part report is the backbone of all U.S. money laundering data provided by financial institutions to the federal government? Hint: It has been around a long time and has been overlooked by…

Roles and Responsibilities of Today's Financial Crimes Investigator

Roles and Responsibilities of Today’s Financial Crimes Investigator

ACAMS Today had the opportunity to sit down and ask three of the ACAMS Advanced Financial Crimes Investigations Certification (CAMS-FCI) developers what it is like to be a financial crimes…


Michael R. McDonald, CAMS: Be Imaginative

Michael R. McDonald, CAMS: Be Imaginative

Michael R. McDonald is a 27-year veteran of the Internal Revenue Service, Criminal Investigation Division. He retired in 1998 and formed a Miami-based consulting firm specializing in…


María de Lourdes Jiménez: Constant Communication

María de Lourdes Jiménez: Constant Communication

ACAMS Today had the opportunity to chat with María de Lourdes Jiménez (Marilú), Esq., senior vice president and division manager of the Corporate Compliance Division for Popular, Inc. in San…


Atuweni Phiri, CAMS: AML in Malawi

Atuweni Phiri, CAMS: AML in Malawi

ACAMS Today recently caught up with Ms. Atuweni Phiri, acting director of the Malawi Financial Intelligence Unit (FIU). Malawi is a country of almost 16 million people situated in Southeast Africa…

Andrea Winter: Building Relationships within the AML Community

Andrea Winter: Building Relationships within the AML Community

Andrea Winter joined the Association of Certified Anti-Money Laundering Specialists (ACAMS) in January of 2005 and currently serves as the global director of sponsorship and advertising…

Amanda Williford, CAMS—Las Vegas, NV, USA

Amanda Williford, CAMS—Las Vegas, NV, USA

Amanda Williford is the director of gaming compliance for MGM Resorts International where she currently oversees daily operations in the Title 31 Audit Department for the company’s…


Asif Sardar, CAMS, CFE—New York, NY, USA

Asif Sardar, CAMS, CFE—New York, NY, USA

Asif Sardar is senior manager within Protiviti’s Regulatory Risk Practice. Sardar has over eight years of anti-money laundering (AML) experience where he has led and managed large-scale…


Christianne Lynn Rush, MBA, M.Ed.—East Orange, NJ, USA

Christianne Lynn Rush, MBA, M.Ed.—East Orange, NJ, USA

Christianne Lynn Rush is currently a content specialist on the Financial Crimes Compliance and Regulatory Compliance Education Team at HSBC. In her role, Rush helps to develop…


Kathe M. Dunne, CAMS-Audit, AAP, CAMS—Austin, TX, USA

Kathe M. Dunne, CAMS-Audit, AAP, CAMS—Austin, TX, USA

Kathe M. Dunne is an accomplished professional with over 30 years in the financial services arena, working in private industry, financial institutions and financial servicing organizations…


Martin Dilly, CAMS-Audit—Auckland, New Zealand

Martin Dilly, CAMS-Audit—Auckland, New Zealand

Martin Dilly, CAMS-Audit, is currently a director of AML Solutions, New Zealand’s leading specialist anti-money laundering/combating financial terrorism (AML/CFT) consultancy. Dilly has consulted…

Tick-Tock: Status Quo Status Woe

Tick-Tock: Status Quo Status Woe

To quote Bob Dylan, “The times they are a-changin’.” Newspaper and magazine headlines blare out news on the latest Bank Secrecy Act/anti-money laundering (BSA/AML) fines; new currencies and…


Foolish Consistencies

Foolish Consistencies

Standards are essential to well-understood business processes. They enable completion of routine tasks with minimal delay and critical thought so as to maximize productivity and minimize…


Casino BSA/AML Compliance: A Sure Bet in a World of Risk

Casino BSA/AML Compliance: A Sure Bet in a World of Risk

When you walk through the doors of a casino, it is like entering a different world—one filled with chance, risk and excitement. The roulette wheels spin, the slot machines clamor for attention and…


AML Model Risk Management and Validation: Introduction to Best Practices

AML Model Risk Management and Validation: Introduction to Best Practices

Anti-money laundering (AML) models historically relied on qualitative, expert judgment components. Today, these models still rely on expert judgment but are coupled with more…

Basel Committee Guidance on How to Manage ML and FT Risk: Part I, Essential Elements

Basel Committee Guidance on How to Manage ML and FT Risk: Part I, Essential Elements

In January 2014, the Basel Committee on Banking Supervision (BCBS), the international standard setter for banking supervisors, issued Sound Management of Risks Related to Money Laundering