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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In this episode of “Financial Crime Matters,” Kieran Beer talks with Nathan Lynch, author of “The Lucky Laundry,” an exposé of how Australia became the conduit for billions of dollars in laundered funds from the proceeds of drug trafficking, corruption, the sexual exploitation of children...
Bittrex, a cryptocurrency platform headquartered in Washington state, will pay more than $29 million in penalties to the Treasury Department after willfully violating U.S. sanctions and the Bank Secrecy Act over a period of several years, federal officials said Tuesday. Click here to read the...
Hue Dang, CAMS-Audit, global head of New Ventures and the senior Asia Pacific (APAC) leader for ACAMS, took time to talk with ACAMS Today to discuss the association’s latest efforts in risk assessments in anti-money laundering (AML)/sanctions/suspicious activities. With New Ventures, Dang is the association’s...
U.S. officials finalized a rule Thursday crafted to prevent criminals from using legal entities to disguise themselves from financial institutions and transfer funds anonymously, launder their profits into real estate and exercise control over legitimate companies for nefarious purposes. Click here to read the full...
In a world where financial crime is no longer an if but a when, and no longer an exception but rather an expectation, financial institutions (FIs) need to use all the tools at their disposal to stop financial crime. FIs in the current environment cannot...
You are alone late at night and there is a knock at the door—picture Kevin from “Home Alone.” Do you answer it right away? No, you move slowly to the door and look through the peephole or on your phone to ensure that you are...
The financial technology (fintech) industry is growing exponentially throughout the world as it assists consumers in saving and transacting in an aggressively evolving digital world. Recent discussions on fintech have become extremely popular due to the potential impact it has on the entire financial system....
The know your customer (KYC) process is perhaps the most critical aspect of anti-money laundering (AML) compliance, as it enables all other facets of AML, including transaction monitoring, suspicious activity report filings and sanctions screening. Indeed, the Financial Crimes Enforcement Network (FinCEN) has deemed KYC’s...
The term “contextual risk” is quickly becoming a buzzword in our industry as technology advancements and data expansion continues. And while those items are important for efficiency when it comes to developing a contextual risk baseline for customers, it is important in this process not...
The article “FinCEN’s AML and Terrorist Financing Priorities: An Introduction,”1 featured in the ACAMS Today 12th Law Enforcement edition, shared general thoughts, basic definitions and practical examples on each of the national anti-money laundering (AML) priorities. This article, the second of the series, will discuss...
