Practical Solutions Archives

ACAMS Connection, Practical Solutions, September – November 2023

Casinos: Responding to New and Evolving Money Laundering Risks

September 13, 2023September 20, 2023 /Leave a comment

Throughout history, people have engaged in games of chance for entertainment or financial gain. Games of chance are, at their core, based on mathematics and probability. A roll of the dice or spin of the wheel, in conjunction with a set of rules, makes it...

Practical Solutions, September – November 2023, World Digest

Financial Information Sharing Partnership in Mexico

September 13, 2023 /Leave a comment

Cross-border trade is growing across North America. U.S. trade with Canada and Mexico reached a record $1.78 trillion last year.1 Mexico emerged as the top trade partner for the U.S. this year, with trade totaling $263 billion between the two countries during the first quarter...

Practical Solutions, September – November 2023, Special for the Web

How Trustworthy AI Can Help With Accountability in AML

September 13, 2023 /Leave a comment

The abundance of data provides an incredible opportunity and a significant risk for banks. Efficient and effective use of data is critical to combat fraud and financial crimes, manage credit as well as regulatory risk, enhance customer experience, generate sufficient capital and address other issues...

Practical Solutions, September – November 2023

Better Investigations Through the Five Whys Method

September 13, 2023 /Leave a comment

Customer due diligence (CDD) is a compilation of various requirements under the Bank Secrecy Act like know your customer processes, identification and verification of the identities of beneficial owners for certain legal entities, understanding the purpose of accounts, risk rating at account opening and periodically...

ACAMS Connection, June – August 2023, Practical Solutions

Revolutionizing AFC Through ChatGPT

June 9, 2023June 14, 2023 /Leave a comment

Integrating ChatGPT into current anti-money laundering (AML) techniques is a novelty and a controversial issue. ChatGPT was created by OpenAI in 2020 and it is a powerful artificial intelligence (AI) model that uses natural language processing to understand and generate human-like responses.1 ChatGPT may have...

ACAMS Connection, June – August 2023, Practical Solutions

The Potential Perils of Online Gaming

June 8, 2023August 2, 2023 /Leave a comment

Online video games have become a popular pastime for people of all ages. However, with the evolution of the gaming industry, exposure to financial crimes is rapidly increasing.1 The rise of virtual economies and the increasing value of in-game items and currencies have made it...

ACAMS Connection, Compliance, Practical Solutions

The Rising Demand for AML Specialists

April 14, 2023May 3, 2023 /Leave a comment

The global COVID-19 pandemic had widespread consequences. International lockdowns and subsequent work-from-home mandates created an unprecedented increase in financial crime, leading to a rising demand for anti-money laundering (AML) specialists. This has been primarily driven by continuous changes in technology, where security measures may not...

ACAMS Connection, Practical Solutions, Special for the Web

Financial Crime Prevention in Small Companies

April 13, 2023May 17, 2023 /Leave a comment

“Who watches the watchmen?” Often, in a very small company, there is only one person who serves as both the back office and compliance person. And as the person in the hot seat, you know that good systems are critical to prevent deliberate and inadvertent...

ACAMS Connection, March - May 2023, Practical Solutions

The Big Impacts of Small, In-House BMAs: A Case Study in the Fight Against Corruption

March 10, 2023April 5, 2023 /Leave a comment

Faced with the challenges imposed by COVID-19 and global economic downturns, what will differentiate strong businesses from weak ones going forward will be their ability to think ahead, adapt and innovate. Fighting corruption and other financial crimes continues to be a huge operational burden and...

ACAMS Connection, March - May 2023, Practical Solutions

The Great Divide: Getting Convergence Right This Time

March 10, 2023April 5, 2023 /Leave a comment

As the world becomes increasingly interconnected and digital, so too has the threat of financial crime. Traditionally, siloed methods of combating financial crime, such as anti-money laundering (AML) and fraud detection, must adapt to the changing landscape and find ways to effectively mitigate the risks...

ACAMS Today

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

Captagon: A Dangerous Pill to Swallow

Casinos: Responding to New and Evolving Money Laundering Risks

The Importance of Collaboration in CSE Investigation

Financial Information Sharing Partnership in Mexico

Deterring Financial Crimes While Respecting Data Sovereignty

Exploring the Role of Generative AI in Enhancing Financial Crime Compliance

Practical Solutions

Casinos: Responding to New and Evolving Money Laundering Risks

Financial Information Sharing Partnership in Mexico

How Trustworthy AI Can Help With Accountability in AML

Better Investigations Through the Five Whys Method

Revolutionizing AFC Through ChatGPT

The Potential Perils of Online Gaming

The Rising Demand for AML Specialists

Financial Crime Prevention in Small Companies

The Big Impacts of Small, In-House BMAs: A Case Study in the Fight Against Corruption

The Great Divide: Getting Convergence Right This Time