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Partners in AFC
It has never been more important to cultivate relationships with law enforcement as an anti-money laundering professional. Once suspicious activity is identified, you have 30 days to conclude the investigation and file your suspicious activity report, which can be extended to 60 days without a suspect. However, sometimes, you need to take faster action to protect your financial institution or the client from potential losses.
Anthony Salisbury: Disrupting, Dismantling and Prosecuting Criminals
Anthony Salisbury, special agent in charge for Homeland Security Investigations Miami and also where Miami El Dorado Financial Crimes Task Force-South is housed, spoke with Karla Monterrosa-Yancey, editor-in-chief of ACAMS Today. With extensive experience working in federal law enforcement, Salisbury has worked with the U.S. Marshals Service, the U.S. Customs Service and the Department of Homeland Security Investigations.
HSI Establishes Center to Fight Cross-Border Financial Crime
Cross-border financial criminal activity―in which transnational criminal organizations, money launderers, oligarchs, kleptocrats and other criminals employ international financial schemes to launder money, conceal their illicit funds and disguise the identity of the owners of that money―is rampant in the world’s financial system today.
From the Editor
“Partners in Crime”
Many of us have our go-to person with whom we enjoy spending time or who we can call out of the blue and are always willing to accompany us whether we are planning some adventure, or merely want to go try a new restaurant. In the colloquial sense, these types of people can be referred to as our “partners in crime.”
Inside this Edition
- AFC Challenges
- Career Guidance
- Community Banking Corner
- Compliance
- Europe Express
- Fraud
- Global Financial Crime Review
- Interviews
- Know Your Chapter
- Meet the ACAMS Staff
- Member Spotlights
- Practical Solutions
- Regulatory Initiatives
- Sanctions
The Economics of Sushi and Fentanyl
Sushi is now available everywhere, from grocery stores to high-end gourmet restaurants. Not long ago, it was only found in specialty restaurants. What is less known about sushi’s rise in popularity is that spicy green condiment―often part of the recipe and commonly referred to as wasabi―which is actually fake.
CSAM and the Role of Cryptocurrency
Online platforms using cryptocurrency as a method of payment to purchase child sexual abuse (CSAM) material have almost doubled every year since 2015, according to the Internet Watch Foundation.
Bank Looters
The weather has started to change, and we are seeing the first hints of fall―rain, wind, political ads and corruption. Chicago is known as the “windy city,” and it is well known that the nickname was originally bestowed upon the city not because of the weather but because of the “windy” (corrupt) politicians.
How BOI Reporting Aids Law Enforcement Investigations
The involvement of corporations in fraudulent activities and financial crimes for their own benefit or for the benefit of an external party is not a new phenomenon. Some of the most common types of fraud and financial crimes in which corporations take part include money laundering, bribery, embezzlement, market manipulation, tax evasion and corruption, among others.
Finding Your AML Career’s Blue Zone
Let us make work a “Blue Zone.” What is a Blue Zone, you ask? A Blue Zone is one of several areas around the world where people live longer and are happier on average than most other places on the planet.
Community Banks United: Building a Task Force
The scope of what is considered a “community bank” varies depending on with whom you speak. The Federal Reserve considers institutions with less than $10 billion in assets to fit the description of a community bank. However, smaller institutions have some challenges that larger institutions do not. This is particularly true when it comes to fighting financial crime.
Combating AI-Backed Financial Crime With AI
When it comes to artificial intelligence (AI), it is important to understand what it encompasses. It starts fairly simple―with robotics, then machine learning (which is nothing other than training a computer to follow a certain sequence or recognize patterns based on algorithms). The next stage is deep learning and large artificial neural networks. Now, we are starting to get into the sci-fi realm.
European Football Clubs Under AFC Regulation
It does not take an expert in football (or soccer, as it is known in some parts of the world) to recognize that the sport has a corruption problem. From the widely reported 2015 FIFA corruption scandal to the controversial awarding of the FIFA World Cup to Qatar (2022) and Saudi Arabia (2034)―the credibility of some of the key powerbrokers in football has declined in recent years.
Europe’s PEP List Debate
Qatargate sent shock waves around the EU and served as a pertinent reminder of the heightened corruption risks posed by politically exposed persons (PEPs). The status of a PEP figure like Eva Kaili, former European Parliament member, is associated with privileged decision-making powers, accompanied by the opportunity for enrichment by means of bribery/kickbacks, misappropriation of public funds or fraudulent activity that can often be hidden behind the façade of official institutions.
Synergy Between Fraud and BSA
In my previous shop, I had the pleasure of working in an organization where fraud and Bank Secrecy Act (BSA) were separate teams but reported up through a chief anti-money laundering (AML) officer. I was assigned to the fraud side of the house, where my team filed fraud and hybrid fraud/AML suspicious activity reports.
The Connection Between Data Scraping and Cybercrimes
We live in the age of the data economy. The demand for data is increasingly high, and the ability to obtain it has become a lucrative business of its own. Personal data is used by all for many purposes, and it seems that without data, nothing moves.
Partners in AFC
It has never been more important to cultivate relationships with law enforcement as an anti-money laundering professional. Once suspicious activity is identified, you have 30 days to conclude the investigation and file your suspicious activity report, which can be extended to 60 days without a suspect. However, sometimes, you need to take faster action to protect your financial institution or the client from potential losses.
Student Immigration Scams in Canada―and Globally
Whether it is from war-torn countries or other parts of the globe, Canada is a desired destination for international students. Canada’s reputation for research and development, exceptional university research regimes, as well as a safe and inclusive environment make it a preferred destination for the world’s brightest and most promising students. But the path to Canadian studies may be fraught with peril.
Anti-Social Forces in Japan: Financial Crime Implications
At the mention of the word “yakuza,” many will probably think of men in black suits who are covered in tattoos, that look menacing and engage in gang fights for territory and profits. This is thanks to the image built up by popular culture portrayed in movies, dramas or video games; however, there is more to the world of Japan’s anti-social forces.
The Impact of Military Conflicts on the AFC Landscape
Military conflicts have inextricably accompanied humanity throughout history, distorting market processes and forming a complex ecosystem of economic and political relations.
Peter Warrack: Answering the Call for AFC
Peter Warrack, CAMS, spoke with ACAMS Today about being presented with his Meritorious Service Cross for his anti-human trafficking efforts with the creation of Project Protect. Originally awarded in 2022, the award was presented on March 21 after being postponed due to the COVID-19 pandemic.
Will Voorhees: All Things Fraud
William (Will) Voorhees, CAMS, an anti-financial crime and anti-money laundering risk expert who most recently served as head of Enterprise Fraud Management for Truist, spoke with ACAMS Today about all things fraud, touching on the increase in fraud, fraud trends for financial institutions and digital currencies and much more.
Shilpa Arora: ACAMS’ Fraud Program
Speaking with ACAMS Today about ACAMS’ fraud training program and the newly launched Certified Anti-Fraud Specialist (CAFS) certification is head of anti-financial crime products and solutions, Shilpa Arora. CAFS is a modular fraud training program, including fraud risk management programs, fraud investigations and fraud detection and analytics, technologies to combat fraud and curated case studies.
“Financial Crime Matters” Podcast Celebrates 500K Downloads
ACAMS Today sat down with Kieran Beer, chief analyst and director of editorial content for ACAMS, to discuss his podcast, “Financial Crime Matters,” which recently crossed the 500,000-download mark. We talked to Beer, who also has an impressive track record promoting partnerships on his podcast series, about achieving this milestone and to find out some of his favorite episodes from the podcast and what is next for “Financial Crime Matters.”
Anthony Salisbury: Disrupting, Dismantling and Prosecuting Criminals
Anthony Salisbury, special agent in charge for Homeland Security Investigations Miami and also where Miami El Dorado Financial Crimes Task Force-South is housed, spoke with Karla Monterrosa-Yancey, editor-in-chief of ACAMS Today. With extensive experience working in federal law enforcement, Salisbury has worked with the U.S. Marshals Service, the U.S. Customs Service and the Department of Homeland Security Investigations.
HSI Establishes Center to Fight Cross-Border Financial Crime
Cross-border financial criminal activity―in which transnational criminal organizations, money launderers, oligarchs, kleptocrats and other criminals employ international financial schemes to launder money, conceal their illicit funds and disguise the identity of the owners of that money―is rampant in the world’s financial system today.
ACAMS San Diego-Baja California Chapter: FBI Agent for a Day
How many of us have ever wondered, “What would it be like to be a Federal Bureau of Investigation (FBI) special agent?” Would we be an intense, work-obsessed hero like Fox Mulder who took risks while seeking the truth?
ACAMS Japan Chapter: The ACAMS Japan Chapter Convenes Its First In-Person Event
The ACAMS Japan Chapter, which launched in January 2021, successfully held its first in-person event in March 2024, withstanding the challenges caused by the COVID-19 pandemic.
George Voloshin: Redefining Global Sanctions Education
ACAMS Today spoke to George Voloshin, a global expert on anti-financial crime at ACAMS and a member of ACAMS’ global subject-matter experts team. Before joining ACAMS, Voloshin previously headed the Paris branch of a leading corporate intelligence consultancy and has strong credentials in corporate investigations and political risk analysis.
Nikieshia De Bique, CAMS—Trinidad and Tobago
Nikieshia De Bique is a compliance and risk management professional with over 22 years of experience in the financial services industry. She has extensive expertise in financial operations, risk management and compliance. She is the head of Compliance at Eastern Credit Union Co-operative Society Limited in Trinidad and Tobago.
Jesus M. Garcia, CAMS—Florida, USA
Jesus M. Garcia, CAMS, began working in the banking industry in June 1987. Garcia started to work in compliance for a domestic bank in 1991 when customer transaction reports and suspicious activity reports were done manually. Bank Secrecy Act (BSA) was a part-time element of his job at that time since there were no major BSA issues leading to investigations, convictions, etc.
Matthew Hogan, CAMS—Connecticut, USA
Matthew Hogan is a dedicated anti-financial crime professional with over 15 years of experience conducting complex, collaborative criminal investigations. As a Certified Anti-Money Laundering Specialist (CAMS), Hogan has extensively partnered with private sector financial institutions and federal agencies to proactively combat money laundering, fraud, and cyber and cryptocurrency crimes.
Elena Sutton, CAMS—Florida, USA
Elena Sutton is a seasoned leader serving as a senior manager within Crowe’s Financial Services Consulting practice, where she leads the financial crime system implementation practice. With over nine years of experience, she excels in managing large-scale projects and assisting clients in the financial services industry to mitigate regulatory risks by selecting, implementing and optimizing technology solutions.
Building a Communication Bridge Between LE and FIs
“Successful collaboration” in any relationship is built upon open and honest communication, which is sustained through a shared desire to accomplish a similar mission. This is critical to establishing, nurturing and maintaining collaboration between law enforcement (LE) and financial institutions (FIs). Conceptually, collaboration sounds easy; however, successful collaboration is often difficult to achieve because of communication gaps between the parties involved.
Basel III Endgame: Preventing Another Recession
U.S. banks are feeling pressure from all sides. The emergency Bank Term Funding Program, launched on March 10, has concluded. In addition, the Financial Crimes Enforcement Network’s beneficial ownership reporting rules became active in 2024. The Basel III endgame, previously introduced in Europe under the Basel Framework, is set to begin its global three-year phase-in period on January 1, 2025.
Key Elements to a Successful Sanctions Program
Sanctions have been a part of the U.S. banking industry since the War of 1812, when the U.S. Department of the Treasury enforced sanctions against Great Britain for the offensive behavior they showed toward American soldiers.