Compliance Archives - Page 6 of 25

AFC Policy, Compliance, Regulatory Initiatives

Insights from FinCEN’s Year in Review 2023

September 12, 2024 /Leave a comment

Whether or not certain customer activity or behavior results in a crime, financial institutions (FIs), in fulfilling their legal obligations, must report/alert authorities about potential concerns so that they get investigated. Each year, the Financial Crimes Enforcement Network (FinCEN) publishes its Year in Review report,...

AFC Challenges, Compliance, Exclusive

Two Viewpoints: How 9/11 Redefined Military Roles

September 11, 2024September 11, 2024 /Leave a comment

The attacks of September 11 radically transformed every aspect of life, business and governance, and its effects continue to be felt today. For members of the Armed Forces, the impact was immediate and drastic. A largely conventional force with a doctrine primarily geared for warfare...

ACAMS Connection, Back to the Basics, Compliance, Featured Column

MSBs Are Vital to the U.S. Economy

August 30, 2024September 4, 2024 /Leave a comment

In some underserved and underdeveloped communities in the U.S., traditional banking is not the norm and, in rare cases, may not exist at all. Residents in areas with limited access to banking services turn to money services businesses (MSBs) to meet their financial needs as...

ACAMS Connection, AFC Challenges, Compliance, Exclusive

Make Your Models Right

August 8, 2024August 23, 2024 /1 Comment

Consider this: A senior model validator recently estimated that computer-based tools classified as “models” incur at least $350,000 annually in additional compliance costs—per model—compared to non-model applications or end-user computing spreadsheets. These are compliance costs, mind you, and they are on top of the substantial...

AFC Policy, Compliance, Exclusive

The Role of Accountants in Combating Financial Crimes

July 24, 2024September 22, 2025 /Leave a comment

Accountants provide various services related to bookkeeping, accounting, budgeting and financial planning. They are seen as business enablers because they help business owners make informed decisions. Since they know the real intent and the ultimate beneficial owners behind business transactions, they have firsthand information about...

AFC Challenges, Compliance, Fraud, Fraud Alert, World Digest

Combating P2P Payment Fraud

July 19, 2024 /Leave a comment

With innovation in the financial technology (fintech) world in the last decade, peer-to-peer (P2P) payments have gained significant popularity. P2P payments are almost conducted in real time, making them convenient for consumers with their speed. Digital P2P’s origin dates to the early 2000s, with the...

Compliance, Exclusive, Tech Scope

Data-Driven Solutions

July 3, 2024 /1 Comment

It should not be a revelation to say that transaction monitoring started with a manual review of single payments. The next step was gathering all information in the form of spreadsheets and creating simple rules (e.g., filtering transactions over a certain amount). While financial crime...

AFC Policy, Compliance, Practical Solutions

Law Firms Can Offer Compliance Consulting Support for FIs

July 2, 2024 /Leave a comment

Governments and regulatory bodies worldwide have been tightening their grip on financial markets in response to economic crises. Meanwhile, there is also the need to prevent money laundering, fraud and other financial crimes. As a result, financial institutions (FIs) are subject to many regulations, including...

Back to the Basics, Compliance, Featured Column, Practical Solutions

Understanding Suspicious Transaction Reports

June 28, 2024July 22, 2024 /Leave a comment

What is a suspicious transaction report (STR) or a suspicious activity report (SAR)? In some jurisdictions, the terms STR and SAR are used interchangeably. However, in other locations, suspicious activity reporting is broader in terms of the definition and may encompass the observance of overall...

Compliance, Europe Express, Exclusive

Investment Funds and AML/CTF: US Regulation Is on the Horizon

June 21, 2024June 28, 2024 /Leave a comment

The article on investment funds and their exposure to anti-money laundering/counter-terrorist financing (AML/CTF) risks, published in ACAMS Today in 2021,1 discusses venture capital firms and private equity funds and how these face AML risks throughout a fund’s lifecycle—from fundraising and investing, to their exit. Financial...

ACAMS Today

The Magazine for Career-Minded Professionals in the Anti-Financial Crime Field

PEPs and nonprofits: A two-way anti-corruption system

Samuel Cousins: The importance of the Global Threats Report Survey

AFC career hot zones: Crypto, fintech and BaaS

Effective management of financial crime investigations

Enhancing AML strategies through collaboration: The case of section 314(b)

Efectividad en los controles

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