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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Anti-financial crime (AFC) guru Amy Wotapka, CAMS, CRCM, CFE, CIPP, FCRA, CQIA, is a lifelong banker with over 20 years in the AFC industry and a champion for other AFC professionals. Beginning her career as a suspicious activity investigator, Wotapka now serves as Bank Secrecy...
Throughout history, people have engaged in games of chance for entertainment or financial gain. Games of chance are, at their core, based on mathematics and probability. A roll of the dice or spin of the wheel, in conjunction with a set of rules, makes it...
Child sexual exploitation (CSE), child sexual abuse materials (CSAM) and child sex trafficking (CST) are serious crimes that adversely impact children being coerced or manipulated into engaging in sexual activity for financial gain. The ACAMS Today Back-to-the-Basics article, “Beyond The Headlines—A Real Look at Trends...
Financial crimes such as money laundering, fraud and terrorist financing continue to pose significant risks to the stability and integrity of the global financial system. Governments and regulatory bodies have responded by implementing strict measures to detect, prevent and report such activities. However, as countries...
Customer due diligence (CDD) is a compilation of various requirements under the Bank Secrecy Act like know your customer processes, identification and verification of the identities of beneficial owners for certain legal entities, understanding the purpose of accounts, risk rating at account opening and periodically...
The art market’s vulnerabilities to financial crime have recently become a growing concern in the U.S., Europe and the U.K. Increasingly, authorities have turned their attention to art market transactions, acknowledging that—like other high-end assets—the art trade is ripe for money laundering.1 Scrutiny has been...
Corruption is not a recent phenomenon; it has been in existence for over 2,000 years. Corruption prevailed in many ancient kingdoms highlighted throughout history. Corruption is a much larger phenomenon that can only be observed and is subject to one’s perception of the act being...
With the growing complexity of our regulatory environment, financial institutions (FIs) and businesses continue to be subject to ever-increasing scrutiny and legal obligations to combat money laundering and terrorist financing. In the Caribbean, there is no difference. For Caribbean compliance practitioners who have oversight of...
“Set peace of mind as your highest goal and organize your entire life around it.” Brian Tracy1 The term “Sunday Scaries,” sometimes referred to as the Sunday Blues, is believed to have been coined in or around 2009. There is some debate regarding who created...
Cryptocurrency has become increasingly entrenched in our society and the financial system for the past 10 years. Popular cryptocurrencies, such as bitcoin (BTC), Ethereum (ETH) and Monero (XMR), have grown exponentially both in value and application since 2016. Bitcoin, for example, has skyrocketed to a...
