Practical Solutions Archives - Page 4 of 24

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 Connection, In Focus, Practical Solutions

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 Connection, March – May 2023, Practical Solutions

Trade Finance Risk and Controls

March 10, 2023March 28, 2023 /1 Comment

Trade finance is described as the provision of finance and services by financial institutions (FIs) for the movement of goods and services between two points, either within a country or across borders.1 There are multiple methods by which an FI can participate in the financing...

Exclusive, March – May 2023, Practical Solutions

The Rise of Real Estate Money Laundering

March 10, 2023July 2, 2024 /1 Comment

The growth of real estate money laundering has been prevalent throughout the past 15 years as the U.S. continues to see ever-changing criminal strategies that facilitate illicit funds to move through the financial system with real estate purchases. As many bank compliance professionals can attest,...

March – May 2023, Practical Solutions

Choppy Waters: Negotiating the Complexities of Sanctions Due Diligence in an Uncertain World

March 10, 2023March 14, 2023 /1 Comment

In the not-too-distant past, a large international financial institution (FI) was weighing a golden opportunity. It was asked to provide funding for a sizeable manufacturing project in Central Asia. The project appeared sustainable and well-placed to offer a solid return on investment. However, the venture...

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Practical Solutions

Managing Risk and Compliance in a Volatile World

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

Trade Finance Risk and Controls

The Rise of Real Estate Money Laundering

Choppy Waters: Negotiating the Complexities of Sanctions Due Diligence in an Uncertain World