Page 121 – ACAMS Today

December 2021 - February 2022, Practical Solutions

Maintaining an Effective AML Audit Function

December 8, 2021July 2, 2024 /Leave a comment

The idiom a chain is only as strong as its weakest link is a common one. In short, the strength of a chain is limited by a single link that might weaken the chain’s integrity. Weaknesses can be caused by cracks, corrosion or a lack...

December 2021 - February 2022, Member Spotlight

Alison K. Jimenez, CAMS—FL, USA

December 8, 2021 /Leave a comment

Alison K. Jimenez is president of Dynamic Securities Analytics, Inc., where she utilizes her extensive background in the financial industry to consult and provide expert witness testimony on complex matters involving financial crime, fraud and anti-money laundering (AML). Jimenez's expertise centers on the quantitative analysis...

December 2021 - February 2022, Practical Solutions

Applying the Why and How of Money Laundering to Casinos

December 8, 2021July 2, 2024 /Leave a comment

An article published in the ACAMS Today September-November 2021 issue titled “Casinos and the Why of Money Laundering” introduced the money laundering goal methodology (MLGM) as an intuitive means to understand casino money laundering. The MLGM postulates that criminals engage in money laundering with the...

December 2021 - February 2022, Practical Solutions

Four Steps to Implementing Robust AML Risk Management for U.S. Insurers

December 8, 2021July 2, 2024 /Leave a comment

Insurance companies’ money laundering and terrorist financing risks are often overshadowed by risks of fraud and sanctions violations, which are commonly perceived to be the highest financial crime risks to insurers.1 However, data paints a different picture. In Table 1, the Financial Crimes Enforcement Network’s...

ACAMS Awards, December 2021 - February 2022

Presenting Your 2021 Award Champions

December 8, 2021 /Leave a comment

Every year, ACAMS recognizes and awards several outstanding members for their contributions to the anti-financial crime (AFC) industry. This year, ACAMS honored four exceptional individuals and one extraordinary chapter at the return of the in-person ACAMS Las Vegas conference. ACAMS awarded the ACAMS AFC Professional...

AFC Challenges, December 2021 - February 2022

Unintended Consequences of COVID-19

December 8, 2021December 16, 2021 /Leave a comment

Altruistic efforts were rampant during the pandemic, from economic stimulus and relief conversations at the forefront of every Capitol Hill agenda to private sectors speedily attempting to address the economic struggles of vulnerable populations across the country. However, the result of best-laid plans is often...

A message from the Director of Editorial Content

December 2021 - February 2022, From the Director of Editorial Content

It Is All About the Digital World

December 8, 2021 /Leave a comment

Increasingly, our purchases are digital, whether via card or other types of electronic transactions utilizing fiat or cryptocurrencies. Of course, drug dealers and other criminals are still bundling bills into suitcases or shrink-wrapping them into blocks to move illicit funds into the financial system, but...

December 2021 - February 2022, From the Editor

Stick With It

December 8, 2021 /Leave a comment

Everything is virtual these days. As a result, I started a virtual fitness program that incentivizes you with achievements for accomplishing your health goals. My Apple Watch has become my constant companion and it reminds me to keep moving to achieve my fitness goal. Fortunately,...

AFC Challenges, December 2021 - February 2022

When Crowdfunding Goes Wrong

December 8, 2021December 13, 2022 /Leave a comment

Raising funds from supporters has always been one of the core financing methodologies of terrorists and violent extremists. Both large-scale donations, as well as smaller sums collected from many individuals, are core income streams.1 This regularly involves the misuse of the charitable sector, including through...

AFC Challenges, Compliance, December 2021 - February 2022

Riddle Me This: To Whom Is the Shipment Going?

December 8, 2021March 15, 2022 /Leave a comment

As discussed in a previous article, “Riddle me this: Export controls,”1 governments seek to accomplish national security and foreign policy goals through their control of exports. Understanding the framework and operational implications of export regulations is much like solving a riddle. Merriam-Webster defines riddle as...