Practical Solutions Archives

Practical Solutions, September - November 2022

Deepfake 101: A Threat to FIs

September 22, 2022 /Leave a comment

Deepfake technologies, such as digitally altered videos in which a person has been replaced with another person’s likeness, have been used in the entertainment industry for years. Recently, however, they have been used for more nefarious purposes. A highly manipulated deepfake video of Elon Musk...

Practical Solutions, September - November 2022

Veterans: An Untapped Talent Pool in AFC

September 22, 2022September 23, 2022 /Leave a comment

The world is changing rapidly, and the illicit financial threats we face are growing more complex. In today’s anti-financial crime (AFC) community, there is a heated battle over who can successfully negotiate these challenges. Organizations are looking for hardworking, adaptable, trustworthy, resilient and mission-oriented people...

ACAMS Connection, June - August 2022, Practical Solutions

Managing Financial Crime Risks in Digital Payments

August 1, 2022October 24, 2022 /Leave a comment

Payment services were long offered to companies and individuals by banks, but in the last 20 years, dedicated and specialized providers greatly expanded the market. In 2020, global payments revenues reached $1.9 trillion.1 Digital payments mechanisms include credit and debit cards as well as recent...

June - August 2022, Practical Solutions

Exterminating Your Casino Money Laundering Termites

August 1, 2022 /Leave a comment

Like all financial institutions (FIs), casinos do not have limitless resources to look for every conceivable criminal and their associated money laundering schemes. Regulators acknowledge this and expect casinos to deploy a risk-based anti-money laundering (AML) program that prioritizes resources based on an assessment of...

June - August 2022, Practical Solutions

Transaction Monitoring of Alerts: A Guide to Holistic Reviewing

August 1, 2022 /1 Comment

All financial institutions (FIs) need to conduct transaction monitoring to check for suspicious activity in customer accounts. Software exists for FIs to establish parameters that help identify unusual activity. Once suspicious activity is identified, the software generates an alert for further examination. Transaction monitoring is...

June - August 2022, Practical Solutions

A Three-pronged Approach to Fighting Crypto Fraud

August 1, 2022August 19, 2022 /Leave a comment

Cryptocurrency has transitioned from a niche concept to a mainstream one. (You know a topic has hit big time when it is popular on TikTok!) There are more than 19,000 cryptocurrencies in the world1—and the number continues to grow. Bitcoin, Ethereum and Dogecoin are the...

Practical Solutions, Special for the Web

Saving the Planet

July 28, 2022August 2, 2022 /Leave a comment

Environmental crime is among the most profitable financial crimes with criminal proceeds of $110 billion to $281 billion annually. Forestry crime, illegal mining and waste trafficking1 amount to 60% or two-thirds of this figure. The effects of environmental crime extend beyond economic development. Environmental crime...

ACAMS Today Europe 2022, Practical Solutions

The Network-centric Approach: Helping Financial Crime Investigators to Combat Environmental Crimes

June 6, 2022July 28, 2022 /Leave a comment

Environmental crime might sound new to financial crime professionals, but it is a challenge that investigators have wrestled with for years. Discussions about using open-source intelligence (OSINT) to prevent financial crime have long been underway. The Financial Crimes Enforcement Network (FinCEN) published articles urging organisations...

March - May 2022, Practical Solutions

Terrorist Financing: A 20-Year Retrospective

March 17, 2022 /Leave a comment

Congratulations to ACAMS on reaching its 20th-anniversary of publishing ACAMS Today. This is a great milestone for the anti-money laundering (AML) community. ACAMS Today has consistently provided a platform for thought leadership through a wide range of outstanding content and has regularly addressed a myriad...

December 2021 - February 2022, Practical Solutions

Keeping Sanctions-Related Risk Assessments Effective and Current

December 8, 2021December 15, 2021 /Leave a comment

The dynamic nature of sanctions risk—stemming from nuanced sanctions requirements, complex corporate structures and transaction protocols, and imperfect data insights on customers and related parties—makes operating a sanctions compliance program (SCP) no easy endeavor. Firms need to have a clear understanding of their inherent sanctions...

ACAMS Today

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

ACAMS Risk Assessment New MSB Module Interview with Anthony Rodriguez

Walking Into Webs: AML and the Metaverse

OFAC Calls for Geolocation Tools and Blockchain Intelligence

Best Practices for Evolving Your Risk Assessment Process

Resume Advice for the AFC Professional

Central Bank Digital Currency and What It Means to the AFC Industry

Practical Solutions

Deepfake 101: A Threat to FIs

Veterans: An Untapped Talent Pool in AFC

Managing Financial Crime Risks in Digital Payments

Exterminating Your Casino Money Laundering Termites

Transaction Monitoring of Alerts: A Guide to Holistic Reviewing

A Three-pronged Approach to Fighting Crypto Fraud

Saving the Planet

The Network-centric Approach: Helping Financial Crime Investigators to Combat Environmental Crimes

Terrorist Financing: A 20-Year Retrospective

Keeping Sanctions-Related Risk Assessments Effective and Current