featured Archives - ACAMS Today

Global Financial Crime Review, September – November 2023

Captagon: A Dangerous Pill to Swallow

September 13, 2023 /Leave a comment

In early September 2022, Syria’s Ministry of Interior released a video showing dozens of seized hummus bowls. A bowl is subsequently picked up and peeled with a knife, revealing that the bowls were concealing an illicit drug called Captagon. According to the Ministry, pills had...

ACAMS Connection, Practical Solutions, September – November 2023

Casinos: Responding to New and Evolving Money Laundering Risks

September 13, 2023September 20, 2023 /Leave a comment

Throughout history, people have engaged in games of chance for entertainment or financial gain. Games of chance are, at their core, based on mathematics and probability. A roll of the dice or spin of the wheel, in conjunction with a set of rules, makes it...

ACAMS Connection, Global Financial Crime Review, September – November 2023

The Importance of Collaboration in CSE Investigation

September 13, 2023September 20, 2023 /Leave a comment

Child sexual exploitation (CSE), child sexual abuse materials (CSAM) and child sex trafficking (CST) are serious crimes that adversely impact children being coerced or manipulated into engaging in sexual activity for financial gain. The ACAMS Today Back-to-the-Basics article, “Beyond The Headlines—A Real Look at Trends...

Practical Solutions, September – November 2023, World Digest

Financial Information Sharing Partnership in Mexico

September 13, 2023 /Leave a comment

Cross-border trade is growing across North America. U.S. trade with Canada and Mexico reached a record $1.78 trillion last year.1 Mexico emerged as the top trade partner for the U.S. this year, with trade totaling $263 billion between the two countries during the first quarter...

AFC Challenges, September – November 2023

Deterring Financial Crimes While Respecting Data Sovereignty

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

Financial crimes such as money laundering, fraud and terrorist financing continue to pose significant risks to the stability and integrity of the global financial system. Governments and regulatory bodies have responded by implementing strict measures to detect, prevent and report such activities. However, as countries...

Compliance, September – November 2023

Exploring the Role of Generative AI in Enhancing Financial Crime Compliance

September 13, 2023 /Leave a comment

By this point, it is becoming clear to most banking institutions and compliance officials that technology can be a potent weapon to be used against financial crimes, such as money laundering and fraud. A recent artificial intelligence (AI) adoption survey revealed that nearly half of...

Fraud Alert

Forged Endorsement

September 5, 2023 /Leave a comment

What is happening with check fraud? Fraudsters are stealing business’s checks from the mail. They then open a fake business account as the payee on the check and deposit. These items have an extended return window. Banks have taken multiple losses of over $100k with...

Fraud Alert

Multi-bank Fraud and Passport Fraud

September 5, 2023 /Leave a comment

How are fraudsters defrauding financial institutions (FIs)? Fraudsters open accounts at multiple banks using fraudulent or stolen passports. Fraudsters send checks and Zelle transfers from one FI to another to build a relationship and balance. Fraudsters then send items that do not have a balance...

Fraud Alert

Mobile Deposits Fraud

September 5, 2023 /Leave a comment

Look out for banking apps: Customers are depositing official checks into a bank’s mobile app without restrictive endorsements. They then deposit the paper item at another financial institution. Long-term Solution: Do not allow official items in the mobile channel. Short-term Solution: Set up a team...

ACAMS Connection, Digital Dose, Financial Crime Matters

Making the World Safe for DeFi, With Seoyoung Kim

August 31, 2023September 6, 2023 /Leave a comment

In this “Financial Crime Matters” episode, Kieran Beer talks with Seoyoung Kim about the promise and possible perils of decentralized finance. Kim is associate professor of Finance and department chair at Santa Clara University. They discuss the recent implosion of several cryptocurrency exchanges and stablecoin...