AML Challenges Archives

Old Trick, New Victims: The Rise of Money Mules During the Pandemic

August 28, 2020September 14, 2020 /3 Comments

Following the coronavirus outbreak, mandated lockdowns were implemented that led millions of people to stay home. The financial industry has seen less money laundering cases and fines from regulators because COVID-19 completely disrupted the demand of illicit drug trafficking and successive money laundering measures. During...

AML Challenges, June - August 2020

TBML: Trade Is the Red Herring

July 7, 2020 /1 Comment

For the last 10 years or so, trade-based money laundering (TBML) has arguably been the most uttered term at money laundering conferences worldwide. Almost like an Abbott and Costello routine, no matter what the panelists are talking about, eventually someone says, “but TBML ….”...

AML Challenges, June - August 2020

In Search of a Fellow Fraudster

July 7, 2020August 3, 2020 /Leave a comment

Silver and single, Karen*1 is in search of (ISO) a meaningful relationship. Unconventional herself, she opts to post her ISO on a popular dating...

AML Challenges, June - August 2020

Thinking Outside of Silos

July 1, 2020July 8, 2020 /Leave a comment

Search and arrest warrants had been obtained for Gerry (not his real name of course). Gerry—who was accused of operating an unlicensed money services business—had few redeeming qualities. He would move money for the devil himself if the price was right. It is highly...

AML Challenges, June - August 2020

Terrorist Threats Within Domestic Boundaries

July 1, 2020September 28, 2020 /Leave a comment

Terrorism is a number of things: It is deadly, costly, constant, evolving, local, regional, global and unrelenting. Finally, terrorism is real. Yet terrorism faces two major vulnerabilities: finance and communications. These two elements underscore the importance of transforming financial intelligence into one of the most...

AML Challenges, June - August 2020

The Beef With Cattle Fraud

July 1, 2020July 8, 2020 /1 Comment

Everyone knows fraud and money laundering are two sides of the same coin. Fraudsters do what they do for one reason only—the money. Thus, fraud inherently leads to money laundering as conmen deposit, move or withdraw funds from their illicit activities. Unbeknownst to many...

AML Challenges, Exclusive

All That Glitters is Not Gold

June 17, 2020June 29, 2020 /Leave a comment

Although COVID-19 has created many uncertainties, one thing is certain—financial crimes do not stop based on economic conditions. Perpetrators have capitalized on COVID-19 fears, with jurisdictions around the world seeing an uptick in illegitimate activities such as cybercrime, fraud and the sale of counterfeit goods.1...

AML Challenges, Exclusive

COVID-19: The Lurking Financial Crime Threat for FIs

June 3, 2020June 9, 2020 /Leave a comment

Financial crime risk management in financial institutions (FIs) has undergone big changes due to paradigm shifts in business dynamics, emerging threats, regulatory climate and technological advancements. However, in the last few months, the world has been experiencing something unprecedented that has made all other changes...

ACAMS Today Europe, AML Challenges, May 2020 - June 2020

New Technologies: The Emerging Terrorist Financing Risk

June 3, 2020August 3, 2020 /Leave a comment

Technical innovations in communications and in the financial sector have not been ignored by terrorist groups and organisations. Instead, these innovations have added to terrorist capabilities. Since the rise of the Islamic State of Iraq and the Levant (ISIL), a significant body of research has...

ACAMS Today Europe, AML Challenges, May 2020 - June 2020

Keeping Europe’s Free-Trade Zones Safe for AML

June 3, 2020July 15, 2020 /Leave a comment

Free-trade zones (FTZs) pose a regulatory contradiction for governance. Governments, whether those of traditional nation-states or of supranational entities such as the EU, consciously restrict their own powers of taxation, oversight and regulation to facilitate economic growth and innovation in areas designated for free...

ACAMS Today

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

Gangsters, Whales and Businessmen—Money Laundering in Canada

La Versatilidad en el Robo de Identidad

Elementos Esenciales del Programa ALD en los Tiempos de COVID-19

Cajeros Automáticos de Criptoactivos: ¿Qué Son y Cómo Están Regulados?

Minería Ilegal en América Latina: Lavando Oro Fuera del Río

AML Challenges

Old Trick, New Victims: The Rise of Money Mules During the Pandemic

TBML: Trade Is the Red Herring

In Search of a Fellow Fraudster

Thinking Outside of Silos

Terrorist Threats Within Domestic Boundaries

The Beef With Cattle Fraud

All That Glitters is Not Gold

COVID-19: The Lurking Financial Crime Threat for FIs

New Technologies: The Emerging Terrorist Financing Risk

Keeping Europe’s Free-Trade Zones Safe for AML