Page 47 – ACAMS Today

AFC Policy, December 2023 – February 2024

FinCEN’s Beneficial Ownership: Clarity or Confusion?

December 13, 2023December 13, 2023 /Leave a comment

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).1 The bureau is now launching an educational outreach program...

AFC Challenges, December 2023 – February 2024, Fraud Alert, In Focus

Financial Abuse Typologies

December 13, 2023March 27, 2024 /Leave a comment

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. While focusing on the elderly, it is a critical function to protect a...

AFC Challenges, December 2023 – February 2024

Financial Crime Risks in Gold Supply Chains

December 13, 2023 /Leave a comment

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. As is the case for many minerals, gold production and sourcing conditions...

AFC Challenges, December 2023 – February 2024

Open Banking and Financial Crime Risks in Canada

December 13, 2023 /Leave a comment

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.1 In the past, a common practice by individuals and businesses was the...

Acceso LatAm, December 2023 – February 2024

Money Laundering in Soccer

December 13, 2023December 14, 2023 /Leave a comment

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. As shown in Graphic 1, soccer is the biggest sport around the world, especially in...

December 2023 – February 2024, From the Director of Editorial Content

Looming Large: Artificial Intelligence’s Promise and Threat

December 13, 2023 /Leave a comment

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....

December 2023 – February 2024, From the Editor

‘Sus’ or Suspicious Minds: One and the Same

December 13, 2023 /Leave a comment

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...

ACAMS Connection, In Focus

Fentanyl Precursor Chemicals Trafficking: The Dark Side of Cryptocurrency

December 8, 2023December 13, 2023 /Leave a comment

In May 2023, blockchain analytics and cryptocurrency monitoring firms Elliptic and Chainalysis both released new findings that offer a glimpse into the role of cryptocurrency in the global fentanyl trade, specifically, the wholesale supply of precursor chemicals to fentanyl producers around the world. Both Elliptic...

World Digest

U.S. Subpoena 1782: A Powerful Solution to “Follow the Money” in Dollarized Economies

December 8, 2023December 11, 2023 /Leave a comment

Little-known because of an apparent indexing error, U.S. statute Section 1782 can be a powerful solution for those beyond U.S. borders pursuing money laundering cases outside U.S. judicial systems. This article will focus on how a party to foreign investigations of money laundering can petition...

Fighting Fraud in the 2020s: All Hands on Deck for the Crime of the Century

ACAMS Conexión, Español

La lucha contra el fraude en la década de 2020: El crimen del siglo

December 5, 2023December 5, 2023 /Leave a comment

Las agencias policiales han recorrido un largo camino en lo que respecta a las investigaciones de delitos financieros y a la importancia que se les da a estos casos. Aunque la mayoría de los agentes no lo consideran necesariamente un trabajo de primera categoría, su...

Continue leyendo