AFC Challenges Archives - Page 4 of 29

ACAMS Connection, AFC Challenges, Badge Bulletin, Featured Column, March - May 2023

The BSA Tractor

March 10, 2023July 26, 2023 /Leave a comment

You may have read it in magazines or seen the news or videos of some altruistic country sending modern tractors to aid farmers in developing nations. It seems surprising when they return later to find all the tractors in disrepair, with some now even being...

AFC Challenges, December 2022 – February 2023

Invisible Money Laundering and Financial Crime

December 12, 2022May 24, 2023 /Leave a comment

The 2020s are disrupting the world as we used to know it. As we observe the global financial pressures, rapid changes in the geopolitical situation; rising environmental, social and governance (ESG) expectations across stakeholders; and Web3 (with non-fungible tokens, decentralized finance, artificial intelligence [AI], the...

AFC Challenges, December 2022 – February 2023

The Balancing Act: How Technology Works for Inclusion

December 12, 2022May 24, 2023 /Leave a comment

The financial industry is experiencing a big change. From any perspective, the trends are powerful and are ushering in a new reality for the challenge of balancing financial inclusion and managing risk. Many forces are coming together that are making this era so unique. These...

ACAMS Connection, AFC Challenges, December 2022 – February 2023, Fraud, Special for the Web

The Nature of Synthetic Identity Fraud

December 12, 2022April 26, 2024 /Leave a comment

In January 2020, the Federal Bureau of Investigation reported that the fastest-growing financial crime in the U.S. is synthetic identity fraud. Banks and financial institutions (FIs) lost $20 billion in 2020 as a result of synthetic identity fraud. This type of fraud occurs when criminals...

ACAMS Connection, AFC Challenges, Special for the Web

Cybersecurity: Our Shield Against Escalating Cybercrime

October 31, 2022December 27, 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....

ACAMS Connection, AFC Challenges, Special for the Web

Fighting the Trade-Based AML Epidemic with AI

October 18, 2022December 27, 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...

ACAMS Connection, AFC Challenges, September - November 2022

Home Alone? Never, With Transaction Monitoring

September 22, 2022December 27, 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...

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

Fintechs: The Evolution of Traditional AML

September 22, 2022December 27, 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....

ACAMS Connection, AFC Challenges, September - November 2022

Key Challenges in the KYC Space and How to Address Them

September 22, 2022December 27, 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...

ACAMS Today

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

Assembly Chatter with ACAMS Today: Aaron Kahler

Four Questions: Advice From a BSA/OFAC Officer

NPOs: Risk for Suspicious Activity

Crimen Financiero: Destrucción de la Amazonia de Brasil

CSAM: The Role of Social Media and Jurisdictions

Assembly Chatter with ACAMS Today: Dr. Tanya McCartney

AFC Challenges

The BSA Tractor

Invisible Money Laundering and Financial Crime

The Balancing Act: How Technology Works for Inclusion

The Nature of Synthetic Identity Fraud

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