AFC Challenges Archives

AFC Challenges, September – November 2024

A New Approach to Casino Inherent Risk

September 5, 2024 /Leave a comment

This article offers a practical quantitative approach to computing the inherent risk associated with casinos. It allows casinos to isolate money laundering and financial crime risks better and communicate the casino risk profile to senior leadership. Determining inherent risk tends to be the most subjective...

AFC Challenges, September – November 2024

Addressing the Scourge of Child Labor Trafficking

September 5, 2024 /Leave a comment

The United Nations (UN) emphasizes the imperative need for a fundamental shift in addressing the pervasive issue of child trafficking, acknowledging the lack of effective measures implemented thus far. The International Labor Organization (ILO) underscores the alarming escalation of profits from forced labor, surpassing previous...

AFC Challenges, September – November 2024

Shell Companies: The Misuse of Business Entities

September 5, 2024 /Leave a comment

A major risk to the financial system is the misuse of business entities to mask illicit activities and launder ill-gotten gains. This can take the form of obfuscating the ultimate source and use of funds, as well as the true identity of the beneficial owners. Although...

AFC Challenges, September – November 2024

Whales, Sharks and Minnows: B.C. Casino Scandal

September 5, 2024 /Leave a comment

In his 2018 study of casino-based money laundering in British Columbia (B.C.), Peter German noted that on July 22, 2015, a Royal Canadian Mounted Police (RCMP) investigator advised an official with the B.C. Lottery Corporation―the provincial government regulator of lotteries and casinos―that the police had...

AFC Challenges, Exclusive, September – November 2024

How AML Quality Assurance Has Advanced Over the Years

September 5, 2024 /Leave a comment

Quality assurance refers to the systematic process of ensuring that products and services meet specified requirements and standards. To better understand the advancement of quality assurance, one must first understand its origins. Quality assurance dates to the Middle Ages in ancient Greece and Egypt, where...

ACAMS Connection, AFC Challenges, Ask the AFC Guru, Features

Ask the AFC Guru: Rezaul Karim—A Transformative Era for AML

August 12, 2024August 23, 2024 /Leave a comment

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...

ACAMS Connection, AFC Challenges, Compliance, Exclusive

Make Your Models Right

August 8, 2024August 23, 2024 /1 Comment

Consider this: A senior model validator recently estimated that computer-based tools classified as “models” incur at least $350,000 annually in additional compliance costs—per model—compared to non-model applications or end-user computing spreadsheets. These are compliance costs, mind you, and they are on top of the substantial...

ACAMS Connection, AFC Challenges, Aspects of APAC, In Focus, Practical Solutions

Machine Learning Methods for AML

July 25, 2024August 7, 2024 /Leave a comment

With the rapid development of the financial market, money laundering has become increasingly complex, which brings great challenges to the anti-money laundering (AML) work of financial institutions (FIs). Traditional AML methods mainly rely on manual review and rule screening, but due to the large amount...

AFC Challenges, Compliance, Fraud, Fraud Alert, World Digest

Combating P2P Payment Fraud

July 19, 2024 /Leave a comment

With innovation in the financial technology (fintech) world in the last decade, peer-to-peer (P2P) payments have gained significant popularity. P2P payments are almost conducted in real time, making them convenient for consumers with their speed. Digital P2P’s origin dates to the early 2000s, with the...

AFC Challenges, Exclusive, Regulatory Initiatives

Trade Surveillance: The Complexity of Modern Market Manipulation

July 16, 2024 /Leave a comment

Recent expensive enforcements involving major financial institutions (FIs) like JPMorgan Chase & Co. (JPM) and Goldman Sachs (GS) underscore the profound risks associated with incomplete data reporting and inadequate surveillance mechanisms that are not capable of adapting to the strategies in use today. In the...

ACAMS Today

The Magazine for Career-Minded Professionals in the Anti-Financial Crime Field

Scanned and Scammed: QR Code Fraud

A New Approach to Casino Inherent Risk

Maximizing AFC Success on a Tight Budget

Neil Sternthal: Innovation, Collaboration and the Future of AFC

The Fraud Boom: Examining the Surge

Barbara Brick: Observe, Learn and Engage

AFC Challenges

A New Approach to Casino Inherent Risk

Addressing the Scourge of Child Labor Trafficking

Shell Companies: The Misuse of Business Entities

Whales, Sharks and Minnows: B.C. Casino Scandal

How AML Quality Assurance Has Advanced Over the Years

Ask the AFC Guru: Rezaul Karim—A Transformative Era for AML

Make Your Models Right

Machine Learning Methods for AML

Combating P2P Payment Fraud

Trade Surveillance: The Complexity of Modern Market Manipulation