Dec ’22 – Feb ’23

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Issue: Vol. 22 No. 1


From the Editor

Treats, Gift Bags and Fraud?

I volunteer and work with a group of teenage girls who have taught me a few tricks on how to take better pictures with my iPhone or how to create the perfect post for my social media accounts. These teenage girls are savvy beyond their years and are interested in making the world a better place.

A Message from the Director of Editorial Content

Saving the Crypto World From Itself

The cost to global markets of multiple recent failures of digital asset service providers, particularly Sam Bankman-Fried’s FTX, a collapse playing out as we close this issue of ACAMS Today, remains unknown. But because FTX’s bankruptcy is likely to result in billions of dollars in losses for its investors and users, efforts to assign blame are already raging.

Inside this Edition

The Nature of Synthetic Identity Fraud

In January 2020, the Federal Bureau of Investigation reported that the fastest-growing financial crime in the U.S. is synthetic identity fraud. Banks and financial institutions (FIs) lost $20 billion in 2020 as a result of synthetic identity fraud.

The Balancing Act: How Technology Works for Inclusion

The financial industry is experiencing a big change. From any perspective, the trends are powerful and are ushering in a new reality for the challenge of balancing financial inclusion and managing risk. Many forces are coming together that are making this era so unique.

Invisible Money Laundering and Financial Crime

The 2020s are disrupting the world as we used to know it. As we observe the global financial pressures, rapid changes in the geopolitical situation; rising environmental, social and governance (ESG) expectations across stakeholders; and Web3 (with non-fungible tokens, decentralized finance, artificial intelligence [AI], the metaverse, crypto and open blockchain) continue to morph and evolve, big shifts and new opportunities are shaping the financial services industry of the future.