Mar ’23 – May ’23

Thumbnail Mag Issue

Issue: Vol. 22 No. 2


From the Editor

Russia Is in the Penalty Box

When you grow up in cold weather and in a place where the license plate tagline is “Greatest Snow on Earth” and where the 2002 Olympics were held, you tend to get involved in winter sports. My winter sport of choice was ice skating, but many of my friends were involved in ice hockey leagues. I spent a significant amount of time cheering them on as they competed at the rink.

A Message from the Director of Editorial Content

Public Interest Versus Privacy Rights Play Out in CTA

In January 2021, the passage of the Anti-Money Laundering Act of 2020 (AMLA) was greeted with near jubilation by the anti-financial crime (AFC) community. Since then, regulations implementing the AMLA, specifically the Corporate Transparency Act (CTA) portion, have gotten a mixed reception from AFC professionals.

Inside this Edition

2023: Evolving Threats and Risk Landscapes Require Investment in Technology

The fight against money laundering is likely to get more challenging for many businesses in 2023, with global events likely shaping the compliance and regulatory landscape. With organized criminals increasingly becoming more tech-savvy and regulators increasing enforcement action for noncompliance, the stakes have never been higher for regulated entities to strengthen their defenses against financial crime risks.

The BSA Tractor

You may have read it in magazines or seen the news or videos of some altruistic country sending modern tractors to aid farmers in developing nations. It seems surprising when they return later to find all the tractors in disrepair, with some now even being pulled by teams of horses. Some reactions blame the farmers for either ignorance or ungratefulness.

Why FIs Should Consider Banking Marijuana Dispensaries

Former Financial Crime Enforcement Network (FinCEN) Director Kenneth Blanco once said, “Banks must be thinking about their crypto exposure. If banks are not thinking about these issues, it will be apparent when examiners visit.” This advice can also be applied to marijuana banking.

The Hawala System: A Risky Alternative to Traditional Banking

Hawala, also known as hundi, is a traditional informal value transfer system that is not regulated in many countries. It relies on a network of hawala brokers (hawaladars), who transfer money on behalf of clients without the use of a traditional financial institution (FI).