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.
Click here to subscribe to the ACAMS Connection newsletter.
Financial technology-centric platforms, or fintechs, with special-purpose charters must meet essentially the same U.S. regulatory standards, including anti-money laundering requirements, as banks to secure access to the U.S. Federal Reserve's payment rails, the agency advised. Click here to read the full article.
Alex Nain Saab Moránis is a Colombian businessman who illicitly obtained money from multiple millionaire contracts with the Venezuelan government. Saab was involved in two government-funded programs: Gran Misión Vivienda Venezuela, which was designed to build houses for the poor in Venezuela and Comité Local...
In February 2022, the Financial Action Task Force (FATF) categorised the United Arab Emirates (UAE) as an increased monitoring jurisdiction as part of the Mutual In February 2022, the Financial Action Task Force (FATF) categorised the United Arab Emirates (UAE) as an increased monitoring jurisdiction1...
Amid an overall decline in U.S. regulatory enforcement in every category, federal anti-money laundering actions rose in aggregate value last year but plumbed new depths in terms of volume as sanctions-related cases continued apace. Click here to read the full article.
Robinhood cofounders Baiju Bhatt and Vlad Tenev walk in New York City on Thursday, July 29, 2021. Robinhood Crypto was fined $30 million by New York's DFS on Monday, Aug. 22, 2022, for AML and cybersecurity failures. Click here to read the full article.
Payment services were long offered to companies and individuals by banks, but in the last 20 years, dedicated and specialized providers greatly expanded the market. In 2020, global payments revenues reached $1.9 trillion.1 Digital payments mechanisms include credit and debit cards as well as recent...
All financial institutions (FIs) need to conduct transaction monitoring to check for suspicious activity in customer accounts. Software exists for FIs to establish parameters that help identify unusual activity. Once suspicious activity is identified, the software generates an alert for further examination. Transaction monitoring is...
The COVID-19 pandemic has seen a proliferation of fraud-related typologies throughout the world. These typologies range from romance scams to fraudulent contracts (promising the victims substantial financial windfalls in exchange for a modest investment). These schemes can range in their level of sophistication and are...
Underground financial markets are avenues that offer a shadow banking system. Billions of transactions pass through these channels daily. Due to the advancement of technology, many criminals use this methodology to facilitate their legal and illegal enterprises by means of underground and/or cyber transactions. Even...
During the last few decades, fraud schemes have flourished one after another due to uncertain economic conditions. Throughout the years, people in financial hardship continue to fall victims to both large and small scams. Fraud and financial crimes are prevalent in today’s global economy and...
