AFC Challenges Archives

Cybersecurity: Our Shield Against Escalating Cybercrime

October 31, 2022 /Leave a comment

As Cybersecurity Awareness Month comes to an end, it is worth remembering that cybersecurity is necessary because of cybercrime. And cybercrime is flourishing. More criminals than ever are lurking online, ready to exploit any technical or human weakness that offers a way into our data....

AFC Challenges, Special for the Web

Fighting the Trade-Based AML Epidemic with AI

October 18, 2022 /Leave a comment

Trade-based money laundering (TBML) is one of the biggest unknowns in the fight against financial crime. It is a big task to tackle, given the complexity and lack of real transparency in global trade financing. Trade finance involves multiple banks in different territories, and most...

AFC Challenges, September - November 2022

Home Alone? Never, With Transaction Monitoring

September 22, 2022 /Leave a comment

You are alone late at night and there is a knock at the door—picture Kevin from “Home Alone.” Do you answer it right away? No, you move slowly to the door and look through the peephole or on your phone to ensure that you are...

AFC Challenges, Caribbean Catch-Up, September - November 2022

Fintechs: The Evolution of Traditional AML

September 22, 2022 /Leave a comment

The financial technology (fintech) industry is growing exponentially throughout the world as it assists consumers in saving and transacting in an aggressively evolving digital world. Recent discussions on fintech have become extremely popular due to the potential impact it has on the entire financial system....

AFC Challenges, September - November 2022

Key Challenges in the KYC Space and How to Address Them

September 22, 2022 /Leave a comment

The know your customer (KYC) process is perhaps the most critical aspect of anti-money laundering (AML) compliance, as it enables all other facets of AML, including transaction monitoring, suspicious activity report filings and sanctions screening. Indeed, the Financial Crimes Enforcement Network (FinCEN) has deemed KYC’s...

AFC Challenges, September - November 2022

U.S. Department of the Treasury Reports on AML in the Art Market

September 22, 2022 /Leave a comment

In 2020, the U.S. Senate Committee on Homeland Security and Government Affairs commissioned an investigation that was elaborated in “The Art Industry and U.S. Policies that Undermine Sanctions,”1 which concludes the art market to be the largest legal, unregulated U.S. market. The 2016 release of...

AFC Challenges, September - November 2022

Measuring the Effectiveness of Your AML Program

September 22, 2022 /1 Comment

Compliance practitioners have long struggled with the notion of an effective compliance program. What does it mean to be “effective”? In this struggle, many find out when it is too late—through an audit, examination or enforcement order. This question is not only for the compliance...

AFC Challenges, September - November 2022

Walking Into Webs: AML and the Metaverse

September 22, 2022September 22, 2022 /Leave a comment

As the famous and often cited Shakespeare quote goes, “What’s in a name…?” A name can give purpose, form the basis of uniqueness or, in some cases, even polarize. However, sometimes, a name is just a name, nothing more. This appears to be the debate...

AFC Challenges, World Digest

Only A Leap in Consciousness Will End Human Slavery

August 17, 2022August 17, 2022 /Leave a comment

What is standing in the way of successfully disrupting human trafficking and slavery? While laws and regulations are in place, implementing them depends on society What is standing in the way of successfully disrupting human trafficking and slavery?1 While laws and regulations are in place,...

AFC Challenges, June - August 2022

Increased Focus on Human Trafficking Calls for More Public-private Collaboration

August 1, 2022 /Leave a comment

There is an unprecedented interest in the private sector’s role in anti-human trafficking efforts today. The Russian invasion of Ukraine and the COVID-19 pandemic have brought concerns about human trafficking (HT) to the forefront amid sensitivity to displaced persons and vulnerable workforces.1 These factors—combined with...

ACAMS Today

The Magazine for Career-minded Professionals in the Anti-Money Laundering Field

ACAMS Risk Assessment New MSB Module Interview with Anthony Rodriguez

Walking Into Webs: AML and the Metaverse

OFAC Calls for Geolocation Tools and Blockchain Intelligence

Best Practices for Evolving Your Risk Assessment Process

Resume Advice for the AFC Professional

Central Bank Digital Currency and What It Means to the AFC Industry

AFC Challenges

Cybersecurity: Our Shield Against Escalating Cybercrime

Fighting the Trade-Based AML Epidemic with AI

Home Alone? Never, With Transaction Monitoring

Fintechs: The Evolution of Traditional AML

Key Challenges in the KYC Space and How to Address Them

U.S. Department of the Treasury Reports on AML in the Art Market

Measuring the Effectiveness of Your AML Program

Walking Into Webs: AML and the Metaverse

Only A Leap in Consciousness Will End Human Slavery

Increased Focus on Human Trafficking Calls for More Public-private Collaboration