The ACAMS Connection is a bi-weekly e-newsletter exclusive to ACAMS members. It provides members with a snapshot of anti-money laundering (AML) current events, the latest trends in financial crime and updates on what is new to the ACAMS community. The ACAMS Connection is the trusted source by ACAMS members for staying on top of industry best practices.
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I thought I had finished writing articles about the effects of the pandemic on work and the employment market. I discussed working from home, returning to the office, the growth of fintech and the renaissance of digital banking and how the new normal would look....
In January 2020, the Federal Bureau of Investigation reported that the fastest-growing financial crime in the U.S. is synthetic identity fraud. Banks and financial institutions (FIs) lost $20 billion in 2020 as a result of synthetic identity fraud. This type of fraud occurs when criminals...
The Front Royal-Warren County area of Virginia is known for its rolling hills and quiet suburbs. Despite its proximity to Washington, D.C., Front Royal remains far removed from the hustle of a larger city. Its citizens are tight-knit and proud of their local community. Thus,...
In 2022, Warner Brothers released the movie Elvis, which explores the complex and sometimes contentious relationship between the King of Rock and Roll, Elvis Presley, and his longtime manager, Colonel Tom Parker, played by Hollywood icon Tom Hanks. Through guile and charm, Parker convinces Presley to...
International trade and trade finance play prominent roles in the economic development of countries. While conventional trade acts as an engine for economic growth and development, sustainable international trade can tackle environmental challenges and prevent the exploitation of natural resources and their criminal use under...
In this episode of “Financial Crime Matters,” Kieran Beer talks with Bryan Smith, chief of the Federal Bureau of Investigation’s (FBI) Cybercriminal Section and a 20-year bureau veteran, about the growing threat of cybercrime to both individuals and large corporations. Smith discusses the destruction caused...
Federal officials have revived efforts to impose anti-money laundering rules on investment advisers— the gatekeepers of a market worth more than $110 trillion—to plug a widely acknowledged regulatory gap through which large sums flow into the U.S. with little, if any, oversight. Click here to...
As Cybersecurity Awareness Month comes to an end, it is worth remembering that cybersecurity is necessary because of cybercrime. And cybercrime is flourishing. More criminals than ever are lurking online, ready to exploit any technical or human weakness that offers a way into our data....
Danske Bank on Thursday disclosed that it anticipates having to pay U.S. and Danish authorities a combined $2.1 billion in penalties to settle allegations that its now-shuttered Estonian affiliate helped criminals launder billions of dollars from 2007 to 2015. Click here to read the full...
Trade-based money laundering (TBML) is one of the biggest unknowns in the fight against financial crime. It is a big task to tackle, given the complexity and lack of real transparency in global trade financing. Trade finance involves multiple banks in different territories, and most...
