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AFC Challenges, Practical Solutions, World Digest

Combating Financial Crime: Collaborative Efforts in the U.K. and Europe

January 27, 2025January 27, 2025 /Leave a comment

Within the European Union (EU), legislative developments such as Article 75 of the EU regulations play a pivotal role in fostering a secure and cooperative environment for information exchange among law enforcement authorities of member states. This regulation mandates the establishment of designated single points...

Compliance, Tech Scope

Reenvisioning Digital Assets under the Trump Administration

January 24, 2025 /Leave a comment

On January 23, 2025, President Donald J. Trump signed an Executive Order titled “Strengthening American Leadership in Digital Financial Technology,” marking a pivotal shift in US policy on digital assets and financial innovation. The directive aims to bolster the nation’s leadership in blockchain and cryptocurrency...

AFC Challenges, Human Trafficking Awareness Month, In Focus

How Human Traffickers Exploit the Financial System for Child Sexual Abuse

January 16, 2025January 16, 2025 /Leave a comment

Human traffickers have found an unfortunate and illicit opportunity in child predators. As crimes involving child sexual abuse have reached worldwide endemic levels, crimes like the livestreaming sexual abuse of children, child sex tourism and the production of child sexual abuse material (CSAM) have become...

AFC Challenges, Human Trafficking Awareness Month, World Digest

Operationalizing the Intersection of Money Laundering and HT

January 13, 2025January 13, 2025 /Leave a comment

In July 2008, the contentious case of United States v Jeffrey Epstein laid bare some systemic challenges in prosecuting human trafficking (HT) cases. Epstein's financial resources allowed him to negotiate a controversial plea deal, which resulted in him serving only 13 months in a county...

AFC Challenges, Human Trafficking Awareness Month, In Focus

Banks, Human Trafficking and P2P Payments

January 10, 2025January 10, 2025 /Leave a comment

Emerging payment methods, including peer-to-peer (P2P) applications, have been widely adopted by American consumers. Unfortunately, perpetrators of human trafficking (HT) have also adopted P2P payments. HT is the exploitation of a person through force, fraud or coercion, for forced labor or commercial sex, or the...

AFC Challenges, Compliance, Fraud

Trade Surveillance in 2025

January 10, 2025January 10, 2025 /Leave a comment

From JPMorgan’s $450 million data governance fines to the high-profile manipulation and fraud conviction of Archego’s Bill Hwang, trade surveillance and abuse were center stage ...

Compliance, December 2024 – February 2025

SARs That Count: Words Matter

December 19, 2024December 19, 2024 /Leave a comment

When the Financial Crimes Enforcement Network issued its Advance Notice of Proposed Rulemaking in September 2020, titled “Anti-Money Laundering Program Effectiveness,” it marked a significant shift in how anti-money When the Financial Crimes Enforcement Network (FinCEN) issued its Advance Notice of Proposed Rulemaking (ANPRM) in...

Awards, December 2024 – February 2025

ACAMS Stars Lead the Way in 2024

December 19, 2024December 19, 2024 /Leave a comment

The achievements of five anti-financial crime professionals as well as one ACAMS chapter were recognized during an awards presentation that took place at The Assembly Las Vegas in September at the Aria Resort and Casino. During the ceremony, Dennis Lormel received a The achievements of...

Career Guidance, December 2024 – February 2025

AI Is Giving Job Seekers ‘Ghost Confidence’

December 19, 2024December 19, 2024 /Leave a comment

Let us take a moment to recall this curious headline from March 2023: “Homeless Man Lands Job After Using ChatGPT for Resume and Interview Prep―A 45-year-old homeless man in Chicago used public library computers to access ChatGPT, which helped him craft a compelling resume and...

AFC Challenges, December 2024 – February 2025

The Status of Cannabis Banking in 2024

December 19, 2024 /Leave a comment

Cannabis-related banking and regulation evolved rapidly in 2024, as legalization at the federal level attracted endorsements from all sides of the political spectrum, banking reform inched toward consensus in Congress, and state-level regulatory regimes expanded their reach to encompass the 80% of U.S. residents that...