Jun – Aug ’17 Issue

Issue 16.3

Issue: Vol. 16 No. 3

Featured

Title

The Human Side of Cyber Risk

Spend time with retired four-star General James Jones and you will likely hear his ominous bifurcation of “those companies that have been a target of a cyberattack, and those that will be.” As former U.S. National Security...

Cybersecurity: Indicators of Compromise

Cybersecurity: Indicators of Compromise

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued an advisory to financial institutions on cyber-events and cyber-enabled crime, along with frequently asked...

From the Executive Vice President
Continuing Our Tribute to Law Enforcement With No Alternative Facts

Continuing Our Tribute to Law Enforcement With No Alternative Facts

In writing this article for the seventh law enforcement edition of ACAMS Today and recognizing the many successes of law enforcement, I am struck by the...

From the Editor
You Got Email

You Got Email

I have a friend who works for the “U.S. State Department” and is equipped with a certain skillset. A few years ago, my friend and I were visiting a mutual...

Inside this Edition
White-Collar Crime: The Carousel of VAT Abuse

White-Collar Crime: The Carousel of VAT Abuse

Value-added tax (VAT) is one of the most critical sources of national revenue by the majority of European state authorities, particularly in the Central and Eastern European (CEE)...


The Human Side of Cyber Risk

The Human Side of Cyber Risk

Spend time with retired four-star General James Jones and you will likely hear his ominous bifurcation of “those companies that have been a target of a cyberattack, and those that will be...


Ending Modern Slavery: The Financial Industry’s Role

Ending Modern Slavery: The Financial Industry’s Role

Human trafficking—a form of modern slavery—is one of the fastest growing criminal activities in the world. It exploits an estimated 45 million people a year and generates...


Combating Cyber Fraud in Correspondent Banking

Combating Cyber Fraud in Correspondent Banking

Cybercrime is a major concern for banks around the world. Until recently, the focus of attacks has tended to be on banks’ customers through card and account detail compromises...


The True Walking Dead: The Apocalypse

The True Walking Dead: The Apocalypse

As written in the 2016 ACAMS Today law enforcement edition, this article is not meant to embarrass, put down, or offend persons suffering from addiction. However, it is a wakeup...


Ethically Enhanced Due Diligence and Human Trafficking

Ethically Enhanced Due Diligence and Human Trafficking

In 2016, ACAMS Today published the article, “Raising Awareness about Human Trafficking,” which talked to the value of public-private partnerships and a Canadian anti-human...


Stemming the Flow of Cybercrime Payments

Stemming the Flow of Cybercrime Payments

Cybercrime for profit is a global economy that causes most of our cybersecurity and fraud woes and it is a problem to which all anti-money laundering (AML) and financial sector professionals...


Cybersecurity: Indicators of Compromise

Cybersecurity: Indicators of Compromise

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued an advisory to financial institutions on cyber-events and cyber-enabled...


Effectively Auditing the Four Pillars of the Screening Process

Effectively Auditing the Four Pillars of the Screening Process

To combat money laundering and terrorist activities, financial regulatory authorities are becoming stricter on the implementation of a robust anti-money laundering...


From Law Enforcement to AML and Fraud Compliance

From Law Enforcement to AML and Fraud Compliance

Throughout my career, I have been blessed to be associated with many outstanding and dedicated professionals. My post-college work experience in the public and private sectors has now...


Interviewing Tips for Non-IT Financial Crimes Professionals

Interviewing Tips for Non-IT Financial Crimes Professionals

You have created a stellar resume by using the tips provided in the article titled “Resume Tips for the AML Professional” and you have followed that up with a proactive marketing strategy...


The Importance of Having a Solid Compliance Culture

The Importance of Having a Solid Compliance Culture

When dealing with predicate offenses, it is difficult for a financial institution to think about collaborating with the several law enforcement agencies (local and international) immersed...


The Blocktrain has Left the Station

The Blocktrain has Left the Station

Gone are the days when a mysterious internet-based currency called bitcoin was seen simply as a tool used by criminals to purchase illicit goods and launder money. Today, Bitcoin...


Artificial Intelligence: The Implications of False Positives and Negatives

Artificial Intelligence: The Implications of False Positives and Negatives

Does overthinking artificial intelligence result in self-inflicted suspicious activity reports (SARs)? Financial institutions not only pride themselves but are obliged to document when...


Islamic Terrorism from a Risk Perspective

Islamic Terrorism from a Risk Perspective

Governments, through their intelligence and law enforcement agencies, assess and prepare for terrorist activity based on the level of the risk or physical threat that terrorism presents...


The Road to Money Laundering Centricity

The Road to Money Laundering Centricity

Among federal crime fighters, money laundering has become a big deal. Both the Federal Bureau of Investigation and the Drug Enforcement Administration have made combating money...


Community Banking Corner

Community Banking Corner

Community Banking Corner is a new ACAMS Today section that will provide useful tips for Bank Secrecy Act/anti-money laundering (BSA/AML) professionals in community banks to...


Joann Alicea: The Fight Against Human Trafficking/Smuggling Continues

Joann Alicea: The Fight Against Human Trafficking/Smuggling Continues

ACAMS Today caught up with Joann Alicea, CFCI, senior compliance officer at JPMorgan Chase, to discuss the horrific offenses of human trafficking (HT) and human smuggling...


Cybersecurity and BSA/AML

Cybersecurity and BSA/AML

In October 2016, the Financial Crimes Enforcement Network (FinCEN) published an advisory document with frequently asked questions concerning cyber-events and cyber-enabled...


The Success of Public-Private Partnerships

The Success of Public-Private Partnerships

In August 2015, the St. Paul Police Department launched the Criminal Proceeds Unit. The unit is dedicated to the investigation of money earned from criminal activity, be it the sale of...


Advancing AML Programs While Adopting New Technology

Advancing AML Programs While Adopting New Technology

As leaders in the anti-money laundering (AML) field, every day we are tasked with protecting our customers and our businesses against increasingly frequent and sophisticated threats...


Dr. Ali Muhsin Ismail: The Iraqi Financial System

Dr. Ali Muhsin Ismail: The Iraqi Financial System

ACAMS Today had the opportunity to speak with Dr. Ali Muhsin Ismail, governor of the Central Bank of Iraq (CBI), to discuss how the CBI has been enhancing the Iraqi financial system...


Beyond Dedication: AML Professionals in Yemen

Beyond Dedication: AML Professionals in Yemen

With each new batch of CAMS candidates that complete the live CAMS training program in Arabic led by ACAMS’ training partner, Value for Training and Consultancy (VTC), Khaled Alqubati...


Kieran Beer, CAMS: Telling the Important Story

Kieran Beer, CAMS: Telling the Important Story

ACAMS Today spoke with Kieran Beer, CAMS, editor-in-chief and editorial director of ACAMS moneylaundering.com, about financial journalism, what challenges financial crime prevention...


Allan Clare, CAMS, FCII FCILA, CFE, Dip (Fin.Crime), MICA—Birmingham, U.K.

Allan Clare, CAMS, FCII, FCILA, CFE, Dip (Fin.Crime), MICA—Birmingham, U.K.

Allan Clare has held a number of anti-fraud, financial crime compliance and risk management leadership roles with the U.K. and global financial institutions. Clare is currently the...


Scott DeRycke, MBA, CAMS—Mahomet, IL, USA

Scott DeRycke, MBA, CAMS—Mahomet, IL, USA

Born and raised on a family farm in Central Illinois, Scott DeRycke graduated from Illinois State University in 2006 with a degree in criminal justice. In 2012, he graduated from Utica College...


Christine Miller, CAMS—Millbury, MA, USA

Christine Miller, CAMS—Millbury, MA, USA

Christine Miller’s banking career spans over 30 years. She has always been passionate about compliance and has worked independently to develop her knowledge and skills in...