Practical Solutions Archives - Page 4 of 24

Understanding SAR Transactions in Multiple Jurisdictions

September 22, 2023 /Leave a comment

According to the Financial Action Task Force (FATF), if a reporting entity has reasonable cause to suspect that funds are associated with illegal activity or terrorist funding, it must immediately notify the country’s Financial Intelligence Unit (FIU).1 This article dives into suspicious activity reports (SARs)...

FRAML Why Machine Learning Is FIs’ Greatest Weapon

Fraud, In Focus, Practical Solutions, Tech Scope

FRAML: Why Machine Learning Is an FI’s Greatest Weapon

September 22, 2023July 2, 2024 /Leave a comment

What do songwriting, coding, stand-up comedy and fraud have in common? Humans take hours or even days to do them well. It takes ChatGPT less than a second to do the same. To illustrate, I asked generative artificial intelligence (AI) to write a three-verse song...

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, 2023September 28, 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...

In Focus, Practical Solutions, September – November 2023, Understanding AI

How Trustworthy AI Can Help With Accountability in AML

September 13, 2023August 2, 2024 /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...

ACAMS Connection, Practical Solutions, September – November 2023

Better Investigations Through the Five Whys Method

September 13, 2023October 18, 2023 /1 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, Exclusive, Practical Solutions

Managing Risk and Compliance in a Volatile World

July 13, 2023July 2, 2024 /Leave a comment

An unprecedented confluence of crises has transformed the financial crime and risk landscape, turning the screws on the compliance efforts of financial institutions (FIs). Circumstances such as the ongoing Russia-Ukraine conflict, resulting spikes in geopolitical tensions between the West and Russia and China, in addition...

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 /1 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 Today

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

IA para gestionar el riesgo emergente en instituciones financieras

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)

Practical Solutions