Compliance

Compliance, June - August 2018

Tuning Up BSA/AML

June 26, 2018 /Leave a comment

When it comes to the Bank Secrecy Act/anti-money laundering (BSA/AML), law enforcement needs to be better financial institution translators (FIT). While their private sector counterparts have invested substantial resources, time and effort in the latest analytical software, systems and advanced training in BSA/AML, too...

Compliance, June - August 2018

Cheaters Never Prosper

June 26, 2018July 3, 2018 /Leave a comment

Every level of society faces corruption. It is a worldwide issue that affects every country to some degree. Transparency International publishes an annual “Corruption Perceptions” Index that ranks countries from least to most corrupt.1 Corruption does not discriminate. It touches both the public and...

Compliance, June - August 2018

A Post-Task Force Paradigm: The Community of Interest

June 26, 2018June 26, 2018 /Leave a comment

“It may be that, in the strategic context of a particular jurisdiction, more than one model can be adopted to deal with different issues or geographic levels of information sharing, rather than having an overarching national [Financial Information Sharing Partnership].”1 A complex criminal ecosystem...

Compliance, June - August 2018

Border Less

June 26, 2018July 5, 2018 /Leave a comment

This past February, the U.S. Government Accountability Office (GAO) issued a report entitled “Bank Secrecy Act: Derisking along the Southwest Border Highlights Need for Regulators to Enhance Retrospective Reviews.”1 This report, which incorporates feedback from the Consumer Financial Protection Board (CFPB), Federal Reserve, Federal Deposit...

Compliance

Dennis M. Lormel’s Statement before the U.S. Senate Banking Subcommittee on National Security, International Trade and Finance Hearing

June 21, 2018June 21, 2018 /Leave a comment

Good afternoon Chairman Sasse, Ranking Member Donnelly and distinguished members of the subcommittee. My name is Dennis M. Lormel. I have been engaged in the fight against money laundering and illicit finance for 45 years. Between my law enforcement experience and my private sector consulting...

Compliance, March - May 2018

Lawyers, Drugs and Money: AML in Popular Media

March 20, 2018March 21, 2018 /Leave a comment

Spoiler alert: This article gives away plot details. In addition, some quotes have been streamlined and language made appropriate. Anti-money laundering (AML) professionals should ponder the many places where money laundering appears in television and movies. Real-world case studies based on indictments and press releases...

Compliance, March - May 2018

Whales, Sharks and Flounders: Conceptualizing Real-World Money Laundering

March 20, 2018April 24, 2018 /Leave a comment

If you are in the anti-money laundering (AML) profession there is no doubt you are familiar with the placement, layering and integration (PLI) model. It has been used by academia and in the AML industry as their theory of relativity to explain all things money...

Compliance

How Money Laundering Works

March 1, 2018March 1, 2018 /Leave a comment

The Mob Museum, located in Las Vegas, Nevada, shares an infographic covering the basics of money laundering that details methods, types of criminals and more. Click here to view the infographic

Compliance, December 2017 - February 2018

Death SARs

December 12, 2017December 12, 2017 /Leave a comment

If you follow that proven investigative tactic of “follow the money” to the end, sometimes you may just find that it leads to a literal “dead end.” Lots of scandalous deeds have been done in the pursuit of financial gain right up to, and...

Compliance, December 2016 – February 2017, Europe, Global Financial Crime Review

Anti-Money Laundering Effectiveness Ratings: Ranking Countries and Outcomes

December 12, 2017January 24, 2018 /Leave a comment

Contemporary anti-money laundering and counter-terrorist financing (AML/CTF) practice has shifted toward evaluating the effectiveness of money laundering controls. In addition to the traditional output and activity measures of the Financial Action Task Force’s (FATF) 40 Recommendations,1 the current (fourth) round of evaluations also assesses...

ACAMS Today

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

Chasing Cultural Property

Cheaters Never Prosper

Real Considerations for Law Enforcement in Seizing Virtual Currency

Are you missing the smoking gun?

Dennis M. Lormel’s Statement before the U.S. Senate Banking Subcommittee on National Security, International Trade and Finance Hearing

Tuning Up BSA/AML

Cheaters Never Prosper

A Post-Task Force Paradigm: The Community of Interest

Border Less

Dennis M. Lormel’s Statement before the U.S. Senate Banking Subcommittee on National Security, International Trade and Finance Hearing

Lawyers, Drugs and Money: AML in Popular Media

Whales, Sharks and Flounders: Conceptualizing Real-World Money Laundering

How Money Laundering Works

Death SARs

Anti-Money Laundering Effectiveness Ratings: Ranking Countries and Outcomes