Compliance

Acams Today Europe, Compliance, May - June 2019

SARs Analysis on the Criminal Use of the Gaming (Casino) Sector

June 1, 2019June 4, 2019 /Leave a comment

Arecent report written by the Metropolitan Police Service (MPS) examined the link between criminality and gambling. The MPS report analysed 250 suspicious activity reports (SARs) submitted by the gaming (casino) sector and other reporting sectors. Casinos are referenced between the 1 of January 2017...

Acams Today Europe, Compliance, May - June 2019, Special for the Web

The Rise of Cloud in Compliance

May 21, 2019June 4, 2019 /Leave a comment

The last 18 years have seen financial institutions (FIs) create and deploy money laundering detection and prevention defences in response to regulatory demands. The means by which FIs achieve this task have stayed the same for decades. Institutions will go to the market, scan...

Compliance, Special for the Web

Fyre Island Fraud: What Is Missing From the Documentaries?

April 8, 2019April 8, 2019 /Leave a comment

Anti-money laundering (AML) compliance professionals are taught to read between the lines. The role involves gathering information directly from the source and doing independent research to offer firms a holistic view of clients who may be onboarded. The characteristics of an investigator must be inhabited...

Compliance, March - May 2019

Trickle Up AML

March 28, 2019April 12, 2019 /Leave a comment

The young uniformed patrol officer could not help but notice the almost giddy expression on the face of the narcotics agent who was putting a heavily taped bricklike block into an evidence bag at the station house. Curious, the officer inquires, “What’s that?” The...

Compliance, March - May 2019

Criminal Forfeiture: Hitting Criminals Where it Hurts Most

March 28, 2019 /Leave a comment

Following the promulgation of the USA PATRIOT Act in 2001, the confusion surrounding civil and criminal forfeiture definitions and conceptual incongruities was dispelled. In fact, the USA PATRIOT Act helped to forcefully determine the feasibility of both civil and criminal asset forfeiture processes to...

Compliance, March - May 2019

Brexiting sanctions unanimity?

March 28, 2019April 22, 2019 /Leave a comment

Once the U.K. exits the European Union (EU), it will no longer be expected to follow EU sanctions designations and regulations. After Brexit, will the U.K. hew closer to the lines in the sand drawn by the U.S., stay the course in line with the...

Compliance, Special for the Web

The Regulators Have Spoken: Technology Leads to Effective BSA/AML Compliance

February 13, 2019 /Leave a comment

A U.S. Department of the Treasury working group composed of top regulatory agencies has put out a call for Bank Secrecy Act/anti-money laundering (BSA/AML) compliance to become more effective, affordable and sustainable.1 The group includes the Financial Crimes Enforcement Network (FinCEN), the Federal Reserve...

Compliance, December 2018 - February 2019

1984—Making the Cash Connection

December 20, 2018January 4, 2019 /Leave a comment

Years ago, during a transformative time, Apple Computers introduced the Macintosh, which revolutionized the way people interacted and embraced technology. The Space Shuttle Discovery took off on its maiden voyage and over its lifetime gathered more space flight time than any spacecraft to date....

Compliance, December 2018 - February 2019, Exclusive

The New Face of Drug Dealing

December 20, 2018February 27, 2019 /Leave a comment

From a Canadian perspective, the war on drugs began in 1908 with the passing of the Opium Act and in reality, the war has never ended. Canadian drug laws have gone through several reiterations and on October 17, 2018, they went through arguably the most...

Compliance, December 2018 - February 2019

AML Update: What Has Changed and What Has Stayed the Same

December 20, 2018December 20, 2018 /Leave a comment

There has been something different about money laundering compliance news in 2018. For the first time in many years, the major headlines have not been about compliance lapses of U.S.-based financial institutions. That is not to say there have been no new money laundering...