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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About two years ago, I wrote an article that made me feel vulnerable from a reputational standpoint. The topic was about fraudulent candidates, and I discussed how I had experienced and been scammed by candidates posing as anti-money laundering or compliance experts. I felt safe...
The U.S. is one of the leading, most stable and secure economies in the world. As a result, huge numbers of entities want to place their money in U.S. financial institutions (FIs). This includes legitimate individuals and businesses, but it also includes money launderers, fraudsters,...
In this episode of “Financial Crime Matters,” Kieran Beer talks with Toronto-based attorney, Jacqueline Shinfield, co-lead of Blakes’ Financial Services Regulatory Group. Shinfield details the unfolding revolution in Canadian anti-money laundering and counter-terrorist financing, including the creation of a safe harbor for information sharing among...
As the battle over financial crimes evolves over time, it is of the utmost importance to leverage two key assets: technology and partnerships. Criminals are making ever more use of technology to perpetrate scams and frauds and launder money. In addition, they have learned to...
In this episode of “Financial Crime Matters,” Kieran Beer talks with Chris Ainsley, head of fraud risk management at Santander Bank. Drawing on more than a 20-year history at Santander, Ainsley details how financial institutions (FIs) like his, are fighting the current spike in online...
Fraud is the word on everybody’s lips. When speaking to financial crime professionals, they increasingly bring up the subject proactively―with strong opinions expressed on the scale of the problem and the challenges and opportunities for tackling it. The sheer volume of fraud has been described...
As I was in the midst of writing this article, I received not one but two thoughtful text messages from numbers that I did not recognize, as shown in Graphic 1. Graphic 1: Examples of Job Opportunity Fraud Source: Illustration created by Jon Estreich, CAMS-Audit,...
In some underserved and underdeveloped communities in the U.S., traditional banking is not the norm and, in rare cases, may not exist at all. Residents in areas with limited access to banking services turn to money services businesses (MSBs) to meet their financial needs as...
It is important to remind ourselves that whenever we encounter an opportunity on the internet, it is essential to conduct thorough research. Finding rental properties online is straightforward, but interested renters should only proceed to sign a legitimate and complete contract/lease after viewing the property....
Our latest anti-financial crime (AFC) guru, Rezaul Karim, CAMS, is a highly experienced and internationally recognized compliance professional from Bangladesh with a demonstrated history of working in know your customer (KYC) compliance, anti-money laundering (AML) investigations, risk governance and effective handling of various financial crime...
