World Digest Archives

Europe Express, September – November 2024, World Digest

Is AI Incompatible With the GDPR?

September 5, 2024 /Leave a comment

ChatGPT suffers from hallucinations―an ailment that its creator, OpenAI, is unable to cure. It is under these pretenses that in April 2024, the Austrian data privacy nonprofit organization, NOYB, founded by privacy activist Max Schrems, filed a complaint against OpenAI with the Austrian Data Protection...

ACAMS Connection, Aspects of APAC, Fraud, Fraud Alert, World Digest

Human Trafficking Scam Trade

July 30, 2024August 7, 2024 /1 Comment

Cyber slavery is a new crime that emerged in 2022. It involves fraud, human trafficking (HT), modern slavery, cryptocurrencies and money laundering, hereby referred to as the “HT scam trade.” The HT scam trade or cyber slavery involves victims being held captive in scamming compounds...

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...

AFC Challenges, Aspects of APAC, Global Financial Crime Review, World Digest

Anti-Social Forces in Japan: Name screening and Monitoring

June 24, 2024June 24, 2024 /Leave a comment

Editor’s note: This is the second part of the "Anti-Social Forces in Japan: Financial Crime Implications" article published in the ACAMS Today June-August 2024 issue. While the boryokudan and junboryokudan members deserve much attention for their activities in the financial crime scene, especially for money...

Aspects of APAC, World Digest

Neither Skill nor Chance—The E-Gaming Industry Conundrum

June 18, 2024 /Leave a comment

Over the last few months, there has been a debate in the electronic gaming (e-gaming) industry regarding its regulation. The Ministry of Electronics and Information Technology (MeitY) of the Union Government of the Republic of India was initially open to light-touch regulation through a self-regulatory...

Europe Express, June – August 2024, World Digest

European Football Clubs Under AFC Regulation

June 14, 2024June 14, 2024 /Leave a comment

It does not take an expert in football (or soccer, as it is known in some parts of the world) to recognize that the sport has a corruption problem. From the widely reported 2015 FIFA corruption scandal to the controversial awarding of the FIFA World...

ACAMS Connection, AFC Challenges, Europe Express, World Digest

Europe’s PEP List Debate

April 12, 2024June 14, 2024 /Leave a comment

Qatargate sent shock waves around the EU and served as a pertinent reminder of the heightened corruption risks posed by politically exposed persons (PEPs). The status of a PEP figure like Eva Kaili, former European Parliament member, is associated with privileged decision-making powers, accompanied by...

ACAMS Connection, Europe Express, March – May 2024, World Digest

Banking Cannabis: The Issue of Dutch Coffee Shops

March 1, 2024April 3, 2024 /Leave a comment

Growing cannabis in the Netherlands is illegal, yet over 500 coffee shops can legally sell the drug throughout the country. This bizarre duality, also known as gedoogbeleid, or tolerance policy, criminalizes the growing and sourcing of cannabis while authorities turn a blind eye to its...

ACAMS Connection, Practical Solutions, World Digest

AML Investigations for Correspondent Banking: A Best Practice Guide

February 8, 2024February 21, 2024 /Leave a comment

Correspondent banking has long been the backbone of the global financial system, facilitating cross-border payments, enabling international trade and promoting global financial stability. It involves a financial institution (FI), (the correspondent), providing a deposit account or other services to another bank, (the respondent).1 Anti-money laundering...

Global Financial Crime Review, Sanctions, World Digest

Sea-Based Sanctions Evasion

January 19, 2024January 19, 2024 /Leave a comment

The Russia-Ukraine war and the subsequent sanctions imposed against Russia by Western powers have led to Russia’s increasing reliance on deceptive shipping methodologies to circumvent these sanctions. Among the many sanctions issued in 2023, in December the U.K. sanctioned 46 Individuals and groups involved in...

ACAMS Today

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

Scanned and Scammed: QR Code Fraud

A New Approach to Casino Inherent Risk

Maximizing AFC Success on a Tight Budget

Neil Sternthal: Innovation, Collaboration and the Future of AFC

The Fraud Boom: Examining the Surge

Barbara Brick: Observe, Learn and Engage

World Digest