Sep ’20 – Nov ’20

AT_v19_n4

Issue: Vol. 19 No. 4

Featured

From the Director of Editorial Content

For Financial Criminals, There Is No Recession

Even in an economic downturn there are plenty of proceeds from crime to be laundered. Hard times actually create opportunities for human and drug…

From the Editor

A Filtering Process

In a podcast I was listening to the other day the presenters were discussing social media. They agreed that when they look at social media they feel as if they need to always do more to keep up with everyone…


Inside this Edition

Insured Against Financial Crime

Insurance companies are classified as nonfinancial institutions. Yet in 2002, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) imposed requirements for insurers to comply with the Bank Secrecy Act (BSA), including the responsibility to file suspicious activity reports (SARs) that do not differ much from the ones applied to banks…


Trends in Fund Companies’ AML Programs and SAR Filings

Anti-money laundering compliance officers (AMLCOs) often observe situations where their clients or partners may struggle with deciding whether to report suspicious activity in accounts where no suspect can be identified…


Breaking Down Barriers to Combat the Illegal Wildlife Trade

The recently released Financial Action Task Force (FATF) paper entitled, “Money Laundering and the Illegal Wildlife Trade”1 is a call to action for the private and public sectors…


Japan’s AML/CTF Efforts in the Present and Beyond

On November 15, 2019, the Financial Action Task Force (FATF) completed its on-site visit for Japan’s fourth mutual evaluation. Based on the mutual evaluation procedures, FATF was to adopt the result at its general assembly in June 2020…


The Travel Rule Challenge: Virtual Asset Transfers Versus Wire Transfers

It’s been several years since financial authorities began to witness the rise of virtual assets and blockchain technologies throughout the world. Regardless of the technology underlying each financial service, the challenge has been how to apply technology-neutral regulation so…


Datuk Seri Azam Baki: Pulse on AFC in Malaysia

ACAMS Today interviewed Datuk Seri Azam Baki, chief commissioner of the Malaysian Anti-Corruption Commission (MACC). Azam Baki began his career at the Anti-Corruption Agency (ACA) in 1984, now the MACC, as an assistant investigation officer…


50 Years of BSA: From Dormancy to Zeal

In terms of historical events, many things happened in 1970. The U.S. military invaded Cambodia; Americans watched in horror as the Apollo 13 mission was aborted, but the crew returned safely to Earth…


Render Unto OFAC

When the U.S. Congress enacts sanctions by passing legislation, it is often unwelcome by the executive branch. Such legislation can restrict the flexibility and autonomy of the executive branch in responding to changed diplomatic circumstances when trying to advance U.S…


Criminal Ploy or Jackpot Joy?

As there is a paucity of empirical data on money laundering and terrorist financing in the United Kingdom’s (U.K.) online gaming sector, the evidence of actual criminal use in this industry remains sparse…


Venezuela—Blink and You May Miss It

The COVID-19 pandemic has exposed the best and worst of what governments can do for their citizens. Some nations’ leaders and governmental systems have worked to ensure that the least among their populace can generally survive and…


Georgian President Mikheil Saakashvili’s Fight Against Corruption

Georgia is a small country in the South Caucasus. In the hills of Tbilisi, a statue of Kartlis Deda (Mother Georgia), stands vigilant, holding a sword to deter foes and a bowl of wine to welcome friends…


Risky Crypto Remittances in the Philippines

Remittances are an essential part of the global economy, particularly in developing economies.1 In the Philippines, overseas remittances formed 10.2% of the country’s GDP…


Cybersecurity, Virtual Learning and COVID-19—Oh My!

The ACAMS Greater Twin Cities Chapter hosted the first of a two-part virtual event series exploring cybersecurity on Thursday, June 18, 2020. What was originally scheduled to be an in-person cybersecurity summit and spring learning event evolved as COVID-19 took hold of the Twin Cities…


Justine Walker: Keeping Up With the Pace of Sanctions

ACAMS Today interviewed Justine Walker, ACAMS’ head of global sanctions and risk, about her career in anti-financial crime (AFC) and what she enjoys about working at ACAMS. Until December 2019, Walker was the director of sanctions policy at UK Finance…


Armina Antoniou, CAMS—Sydney, Australia

Armina Antoniou has approximately 20 years of experience as a risk and legal professional with a broad cross section of Australian and global companies. Antoniou is the general manager of financial crime risk at Tabcorp…


Bryan Chapman, CAMS—Pittsburgh, PA, United States

Bryan Chapman has eight years of anti-money laundering (AML) experience, including experience in compliance, fraud and risk mitigation. Currently, Chapman is a detection and investigations manager in the AML operations and financial intelligence unit for PNC Bank…


Erik Obermeier, CAMS— Frisco, TX, United States

Erik Obermeier is the head of financial crimes compliance (FCC) advisory at Texas Capital Bancshares. In this role, he drives the strategic objectives of the FCC team and the ongoing assessment, redesign and implementation of a Bank Secrecy Act/anti-money laundering (BSA/AML) program that complements the risk profile of the institution…


A Practical Approach to PEP Risk Management

Managing risk associated with politically exposed persons (PEPs) is increasingly becoming an area of focus among financial institutions (FIs) around the world. This increase is due not only to changing regulatory requirements, but also to headlines…


Combating Two Evils With the Same Tools

In the midst of uproar and hot-button debates over historical slavery in the U.S., virtually none of the discourse calls attention to the fact that slavery continues around the world in the form of human trafficking…


Filtering High-Risk Customers: No Technology Required

The cornerstone of a strong BSA/AML compliance program is the adoption and implementation of risk-based CDD policies, procedures, and processes for all customers, particularly those that present a higher risk for money laundering and terrorist…


The New ACAMS Brand: The Journey

The idea of improving the world while also changing how you interact with it is best articulated by Leo Tolstoy, who famously said: “Everyone thinks of changing the world, but no one thinks…


Unexplained Wealth Orders―Looking Beyond the Headlines

Even before they became available in the United Kingdom (U.K.), unexplained wealth orders (UWOs) were receiving considerable publicity. UWOs empower U.K. law enforcement authorities to compel suspected criminals and politically exposed persons (PEPs)…


Adverse Media Screening Needs AI Truly, Desperately and Immediately

This article will not begin with a story that emphasizes how hard adverse media screening (AMS) currently is―the reader is likely well-aware of the difficulty. It will, however, dissect why it is so hard and why artificial intelligence (AI) is the hero for which AMS has been waiting…