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U.S.-Mexico Border: Behind the Surge in Crime
The southwestern border of the U.S., spanning 1,954 miles, is more than a geopolitical boundary between the U.S. and Mexico. Its vast expanse has become synonymous with both opportunity and challenges over the years.
2023 Lifetime Achievement Award—John J. Byrne, Esq., CAMS
John J. Byrne, Esq., CAMS, is executive vice president and chairman of the Advisory Board at AML RightSource. He is also an adjunct professor at George Mason University’s Schar School of Policy and Government. Byrne is an internationally known regulatory and legislative attorney who has been one of the leading AML community voices for over 35 years.
2023 Lifetime Achievement Award—Rick Small, CAMS
Rick Small, CAMS, leads the Financial Crimes team for Truist, which includes managing anti-money laundering (AML) compliance, controls and investigations, fraud management, internal and external investigations and physical security.
2023 Lifetime Achievement Award—Dan Soto, CAMS
Dan Soto, CAMS, was appointed chief compliance officer of Ally Financial in October 2010. In this role, he is responsible for leading the company’s compliance efforts in line with applicable laws, rules and company regulatory policies. Soto joined the company as an executive compliance director in September 2009.
Honoring the Profession’s Pacesetters
This year, four individuals and one ACAMS chapter were recognized with ACAMS Awards for their significant accomplishments within the anti-financial crime (AFC) space.
From the Editor
‘Sus’ or Suspicious Minds: One and the Same
Recently, I was laughing with my nephew about his use of slang. He thinks it is funny to teach me the latest slang and I can always get a hearty chuckle out of him by turning around and using one of his newly taught slang terms correctly. I return the favor by teaching him slang from my youth.
A MESSAGE FROM THE DIRECTOR OF EDITORIAL CONTENT
Looming Large: Artificial Intelligence’s Promise and Threat
For anti-financial crime (AFC) professionals, the potential of artificial intelligence (AI) was one of the biggest themes of 2023, as we explored how to use vast amounts of financial intelligence to identify, interdict and seize the proceeds of crime and ultimately bring criminals to justice.
Inside this Edition
- Acceso LatAm
- AFC Challenges
- AFC Policy
- Awards
- Career Guidance
- Compliance
- Europe Express
- Global Financial Crime Review
- Sanctions
- Know Your Chapter
- Meet the ACAMS Staff
- Member Spotlights
- Regulatory Initiatives
- Women in AFC
Money Laundering in Soccer
The sports world is highly dynamic, generating a vast amount of economic activity, both legal and illegal. In sports, the higher the profits, the higher the risk of money laundering. Soccer is the biggest sport around the world, especially in terms of business profits.
Open Banking and Financial Crime Risks in Canada
Open banking, according to VISA, involves sharing a customer’s financial data with other financial institutions (FIs) through application programming interfaces (APIs) with their consent, enabling the distribution of innovative financial products and services.
Financial Crime Risks in Gold Supply Chains
When we think of gold, two common but rather contradictory images come to mind: Luxury, wealth and beauty on one hand, and environmental devastation, human rights abuse and corruption on the other hand.
Financial Abuse Typologies
The Financial Crimes Enforcement Network (FinCEN) has released several publications asking financial institutions (FIs) to be on the lookout for elder financial abuse and to report this abuse when it is identified.
U.S.-Mexico Border: Behind the Surge in Crime
The southwestern border of the U.S., spanning 1,954 miles, is more than a geopolitical boundary between the U.S. and Mexico. Its vast expanse has become synonymous with both opportunity and challenges over the years.
FinCEN’s Beneficial Ownership: Clarity or Confusion?
As of January 1, 2024, many U.S. companies will be required to report details of their beneficial owners, i.e., individuals who benefit from ownership or control of the company, to the Financial Crimes Enforcement Network (FinCEN).
2023 Lifetime Achievement Award—John J. Byrne, Esq., CAMS
John J. Byrne, Esq., CAMS, is executive vice president and chairman of the Advisory Board at AML RightSource. He is also an adjunct professor at George Mason University’s Schar School of Policy and Government. Byrne is an internationally known regulatory and legislative attorney who has been one of the leading AML community voices for over 35 years.
2023 Lifetime Achievement Award—Rick Small, CAMS
Rick Small, CAMS, leads the Financial Crimes team for Truist, which includes managing anti-money laundering (AML) compliance, controls and investigations, fraud management, internal and external investigations and physical security.
2023 Lifetime Achievement Award—Dan Soto, CAMS
Dan Soto, CAMS, was appointed chief compliance officer of Ally Financial in October 2010. In this role, he is responsible for leading the company’s compliance efforts in line with applicable laws, rules and company regulatory policies. Soto joined the company as an executive compliance director in September 2009.
Honoring the Profession’s Pacesetters
This year, four individuals and one ACAMS chapter were recognized with ACAMS Awards for their significant accomplishments within the anti-financial crime (AFC) space.
Career Growth: The Importance of Self-training
Training is an often-misunderstood pillar of anti-money laundering (AML) programs. Some practitioners in the AML industry believe the requirement is for the training of all personnel in an organization when the requirement is actually “training for appropriate personnel.”
The Evolution of Money Laundering/Terrorist Financing in Film and Television
“What do you do for work?” This is a straightforward question but one that can cause anxiety and dread to anti-financial crime (AFC) professionals.
Intelligence-driven Compliance Controls
“The fate of the nation well may rest on accurate and complete intelligence data which may serve as a trustworthy guide … in a troubled world where so many forces and ideologies work at cross purposes.”
Why ChatGPT Is Unlikely to Replace the Human Factor in AML
Artificial intelligence (AI) describes the development of computer systems that can perform tasks typically requiring human intelligence, such as learning, reasoning and problem-solving. AI has already been used across a multitude of industries to improve daily life.
Birth of a Global Watchdog: The Egmont Group
In stark contrast to the cold day of June 9, 1995, the atmosphere at the Egmont-Arenberg Palace in Brussels was ablaze with tension and anticipation.
EU’s Approach to Sanctions
Companies involved in transnational business are concerned about sanctions primarily because of the U.S. Office of Foreign Assets Control (OFAC), which is highly active in terms of enforcement and imposes large penalties on sanctions violators.
Stopping Cross-Border Illicit Financial Flows
ACAMS Today Europe Digital spoke to Grace Jackson and Maksym Markevych, who work for the Financial Integrity Group in the Legal Department of the International Monetary Fund (IMF), about their partnership with Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden in a first-of-its-kind technical assistance project to strengthen the effectiveness of anti-money laundering/counter-terrorist financing (AML/CTF) frameworks.
Money Launderers for Hire: Antwerp’s Cocaine Dilemma
In 2021, Belgian authorities intercepted a colossal 89 metric tons of illicit drugs valued at 4.5 billion euros (approximately $4.8 billion) within the confines of Antwerp’s bustling port in what was known as Operation Sky ECC.
Understanding Geographic Money Laundering Risk
Anti-financial crime (AFC) regulations worldwide require that regulated businesses assess the business risk from money laundering, terrorist financing and proliferation financing perspectives.
Combating Sanctions Evasion
Sanctions compliance officers today are living in tumultuous times. Ask any group of sanctions compliance officers what has been keeping them busy and one response is likely to come up quite often: Sanctions against Russia.
Can Smart Sanctions Achieve Their Intended Goals?
“Targeted sanctions” also called “smart sanctions,” have become increasingly popular with foreign policymakers to pressure specific entities or individuals in a targeted nation while minimizing negative impacts on innocent civilians.
ACAMS Pittsburgh Chapter: Education Is the Foundation for AFC
Founding director of the Anti-Money Laundering (AML) Graduate Certificate Program and associate professor at Gannon University, Musa Tuzuner, spoke to the ACAMS Pittsburgh Chapter about his career, studying anti-financial crime (AFC) and incorporating the lessons learned from the field experience and the classroom setting into the AML field.
Silas Bartels: Providing Timely AFC Analysis
Silas Bartels is the legal editor of ACAMS moneylaundering.com. He manages a team of two attorneys that contribute to the publication’s coverage of financial crime, sanctions and compliance-related issues.
César Fabricio Fúnez Martínez, CAMS—Tegucigalpa, Honduras
César Fabricio Fúnez Martínez is a professional with a sound academic background and experience in a variety of areas. Fúnez Martínez earned his degree in computer engineering from the Catholic University of Honduras.
Jim Hixenbaugh, CAMS—Ohio, USA
Jim Hixenbaugh is a Certified Anti-Money Laundering Specialist (CAMS) and certified anti-money laundering (AML) consultant with 46 years of experience in AML/Bank Secrecy Act (BSA) compliance and investigations.
Atsuo Takada, CAMS, CSCP, CPIM—Yokohama, Japan
Atsuo Takada is a Certified Anti-Money Laundering Specialist (CAMS) with over six years of experience in the anti-financial crime space.
Kishani Udugampola, CAMS-FCI—New York, USA
Kishani Udugampola presently works at the Federal Reserve Bank of New York (FRBNY). Before joining FRBNY, she was a portfolio manager at the New York State Department of Financial Services.
The ISO 20022 Payment Standard: A Paradigm Shift
The cross-border payments market was estimated to be worth $150 trillion in 2017 and is slated to increase to $250 trillion by 2027. These cross-border payments constitute wholesale cross-border payment transactions as well as retail cross-border payments.
AI and the FDIC’s Disaster-related Regulatory Adjustment
In September, the Federal Deposit Insurance Corporation (FDIC) decided to ease regulatory restrictions on banks and financial institutions (FIs), particularly in the context of disaster relief, an important and needed practice.
Farnoush Mirmoeini: Leveraging Technology
ACAMS Today Europe Digital sat down with Farnoush Mirmoeini, the founder of KYC Hub and the recipient of the U.K.’s Techwomen100 award in 2022. She was also listed on Innovate Finance’s Women in FinTech Powerlist in 2022. With over 13 years of experience working with financial technology (fintech) and banking, Mirmoeini has dedicated her career to improving the financial landscape using technology.