AFC Challenges
Emerging “Market” Trends
By now, certain shelf items have been labeled with a stock keeping unit (SKU), been advertised in circulars and placed out on display for resale. With the science of inventory management applied to market commodities for a quick profit, the question is should the abuse...
The Human Side of Cyber Risk
Spend time with retired four-star General James Jones and you will likely hear his ominous bifurcation of “those companies that have been a target of a cyberattack, and those that will be.” As former U.S. National Security Advisor to the President and Commandant of the...
Combating Cyber Fraud in Correspondent Banking
Cybercrime is a major concern for banks around the world. Until recently, the focus of attacks has tended to be on banks’ customers through card and account detail compromises. But as criminals have become more sophisticated, they have raised their ambitions, and in a change...
Ending Modern Slavery: The Financial Industry’s Role
Human trafficking—a form of modern slavery—is one of the fastest growing criminal activities in the world. It exploits an estimated 45 million people a year1 and generates approximately $150 billion in profits.2 Though the concept of human slavery is certainly not new, some are unaware...
Ethically Enhanced Due Diligence and Human Trafficking
In 2016, ACAMS Today published the article, “Raising Awareness about Human Trafficking,” which talked to the value of public-private partnerships and a Canadian anti-human trafficking initiative called Project Protect.1 As a result of Project Protect, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)...
Stemming the Flow of Cybercrime Payments
Cybercrime for profit is a global economy that causes most of our cybersecurity and fraud woes and it is a problem to which all anti-money laundering (AML) and financial sector professionals should pay close attention. It is adaptable, ingenious and lucrative, while imposing vast costs...
Cybersecurity: Indicators of Compromise
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued an advisory to financial institutions on cyber-events and cyber-enabled crime,1 along with frequently asked questions.2 FinCEN’s advisory encourages the preparation of suspicious activity reports (SARs) that evidence significant electronic activity and behavior,...
The True Walking Dead: The Apocalypse
As written in the 2016 ACAMS Today law enforcement edition, this article is not meant to embarrass, put down, or offend persons suffering from addiction. However, it is a wakeup call to the readers of this article, to us as a society, and to...
The AML Risk Puzzle—What does AML risk really mean?
If you look up the word “risk” in the dictionary, you will find that it means “exposure to the chance of injury or loss, a hazard or dangerous chance.” This is a very broad definition. From a practical standpoint, risk can be seen as...