Mar ’19 – May ’19 Issue

Issue 18.1

Issue: Vol. 18 No. 2

Featured

From the Director of Editorial Content

Giving Victims of Sex Trafficking Their Due

Human trafficking, a timeless example of the cruelty humans can inflict on one another, is receiving attention anew, adding new opponents along the way…

From the Editor

Vigilance

Always home. Safety made simple. Blink and you’re home. Fear stops here. If these taglines sound familiar, it might mean you have a security system at your place…


Inside this Edition

Should your company worry about PEPs?

The adage, it’s not what you know, it’s who you know, is often used to decry nepotism. However, when it comes to corruption, personal and professional connections can be equally problematic…


Human Trafficking and Major Sporting Events: The Dark Side of the Super Bowl

With an estimated $407 million in new spending, 125,000 visitors, 5,000 jobs created and $242 million created in wages in 2017 alone, the Super Bowl is more than just a game. It is the largest non-global annual sporting event, bringing hundreds…


Virtual Assets: Calibrating the Compass of Suspicion

On October 19, 2018, the Financial Action Task Force (FATF) published long-awaited changes to its recommendations and glossary relating to “virtual assets” and “virtual assets service providers…


GDPR: What it Means for AML Worldwide

To fully understand the impact the General Data Protection Regulation (GDPR) has on existing anti-money laundering (AML) legislation, one must understand the basic tenets of GDPR and which portions specifically apply to financial institutions…


Navigating the TBML Minefield: The Aftermath of India’s Largest Bank Fraud

Twelve years after the Financial Action Task Force’s first advisory report, trade-based money laundering (TBML) remains the most sophisticated method to launder illicit funds and move “value” within/across country borders…


Dan Soto: Tips for Success From an AML Compliance Professional

As an active and visible Association of Certified Anti-Money Laundering Specialists (ACAMS), American Bankers Association and BSA Coalition board member, Dan Soto is enjoying a fulfilling career in compliance…


Generational Diversity at the Office: The Greatest Opportunity for Knowledge Sharing

Every day, when we log in to our work computers, walk through the front door of our offices or dial into a global conference call, we are each representing one of up to five different generations that make up today’s workforce…


Criminal Forfeiture: Hitting Criminals Where it Hurts Most

Following the promulgation of the USA PATRIOT Act in 2001, the confusion surrounding civil and criminal forfeiture definitions and conceptual incongruities was dispelled. In fact, the USA PATRIOT Act helped to forcefully determine the feasibility of both civil…


Trickle Up AML

The young uniformed patrol officer could not help but notice the almost giddy expression on the face of the narcotics agent who was putting a heavily taped bricklike block into an evidence bag at the station house…


Brexiting sanctions unanimity?

Once the U.K. exits the European Union (EU), it will no longer be expected to follow EU sanctions designations and regulations. After Brexit, will the U.K. hew closer to the lines in the sand drawn by the U.S….


New Beginnings for ACAMS Europe

It is spring in Europe, traditionally a time of new beginnings and growth. As I write this, Brexit negotiations are taking place in the U.K. Parliament and there is no clear indication of what the outcome may be….


Status of the European AML Framework

In an attempt to improve the integrity, stability and sustainability of the European financial markets, legislators are storming ahead with regular revisions of the European Union’s (EU) anti-money laundering (AML) and criminal law framework. In 2018…


The Past, Present and Future of the New York Chapter

In June 2018, Peter Wild, co-chair of the ACAMS New York Chapter from 2010–2018, announced his retirement. Wild has faithfully served the anti-money laundering (AML) community for numerous years. In 2016…


Geoffrey Fone: Supporting the ACAMS Americas’ Chapters

ACAMS Today  sat down with Geoffrey Fone, CAMS to discuss ACAMS’ role in supporting and assisting the Americas’ Chapters, new ACAMS initiatives and the annual Americas Chapters’ Conference….


Flash to Bang: Left of Boom, Right of Boom

From a military perspective, the term “flash to bang” is from the time when light is first observed until the sound of the munition detonation. In this context, “bang” represents the moment an attack occurs. “Flash” is a warning or alert that the attack is…


The Little Known Third Option of FIRREA and FIAFEA

Violations of the Bank Secrecy Act (BSA) and its anti-money laundering (AML) requirements can place a financial institution’s employees in a difficult bind. Should they remain silent and risk appearing complicit, or should they speak up and face…


Virtual Currency Investigations: A Primer for BSA and Compliance Professionals

Anti-money laundering (AML) investigations involving virtual currency are problematic for investigators. This emerging asset class is expanding at an alarming rate. The regulatory environment is unsettled, dynamic and evolving….


Angela Salter: There is No Substitute for Trust

ACAMS Today  interviewed Angela Salter, ACAMS’ head of Europe, about the best parts of her job, obstacles facing the anti-financial crime community in 2019, and exciting developments for ACAMS Europe this year and beyond….


Corporal Lepa Jankovic, CAMS—Ottawa, Canada

Corporal Lepa Jankovic joined the Royal Canadian Mounted Police (RCMP) in 2000 and was assigned to general duties in Nova Scotia. Due to her Eastern European background and ability with languages…


Alexandre Pinot, CAMS—Vilnius, Lithuania

Alexandre Pinot, CAMS is head of anti-money laundering (AML) and money laundering reporting officer at Simplex. Pinot is an AML compliance and financial crime professional with over eight years of practical experience within the financial services…


Jules Verlinden, CAMS—Utrecht, Netherlands

Jules Verlinden is a compliance officer at the Volksbank, specializing in anti-money laundering (AML) and counter-terrorist financing (CTF). He studied financial and business law at the University of Amsterdam…


Impossible Evidence: Words, Identity and AI

“I don’t have a good feeling. I feel scared,” the voice of a terrified 17-year-old girl pleaded over the phone. “You know the borders are closed right now, so how am I going to get out?” The voice was Kadiza Sultana, and she was desperately trying to plan her…