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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Money launderers have targeted the cyberworlds of online video games since they first came into existence. Their use of virtual currencies, both convertible and nonconvertible, and the anonymity provided to players has fostered an environment susceptible to criminal activity. In Focus Q&A Chapter Happenings Podcast...
Community bankers often ask examiners which internal audit or consulting firms they should use for Bank Secrecy Act/anti-money laundering (BSA/AML) independent testing. However, regulators cannot endorse or recommend products and services. Even if they could, it would not be doing the bank any favors. In...
The urbanity of the regulatory world obscures the financial industry’s geopolitical side. Beneath the boardrooms, behind the conferences and between the lines of regulation lies the reality of the banking industry’s existence as an economic terrain. Seeking to undermine Tehran’s theocratic government and to slow...
Is it possible for a company with no website and no stated business purpose in its corporate documents—acting on behalf of a sanctioned North Korean bank—to use the U.S. financial system? Worryingly, the answer is yes. Mingzheng, a Hong-Kong based company, sent and received wires...
Would it not be super-nice if sanctions compliance came with a neat menu of do’s and don’ts? Well, it kind of does, but it involves participating in a scavenger hunt of sorts on the Office of Foreign Assets Control (OFAC) website. When You Assume… Before...
This week marks the 18th anniversary of the horrible attacks of September 11, 2001. These attacks marked both the high point of the international terror operations planned and directed by al-Qaida and the beginning of the degradation and complete destruction of the physical infrastructure that...
For decades, the world has been plagued by criminal enterprises, such as drugs, human trafficking organizations and terrorism. In the beginning, these bad actors were able to bypass security measures with ease. Over time, the financial sector has been able to curtail some activities, but...
Victims of a crime, as individuals or as corporate entities, are legally entitled to restitution. The Mandatory Restitution Act of 19961 established procedures for determining the amount of restitution to which a victim may be entitled. Banks are often a victim of a variety of...
If having the resume is what brings you to the door of opportunity, the next step is the breach. As law enforcement (LE) strive to make a successful entry into the private sector, knowing the “who” may secure the interview but one must be prepared...
Cryptocurrency—a word that strikes fear in the heart of many antimoney laundering (AML) compliance professionals. After all, the root derives from the Greek word kryptos, meaning hidden, and the technology has been linked to both notorious criminal marketplaces like the Silk Road and numerous fraudulent...