World Digest Archives - Page 3 of 7

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 Connection, Sanctions, World Digest

Russia and Iran’s Continued Efforts to Challenge International Sanctions

January 5, 2024January 16, 2024 /Leave a comment

On August 23, 2023, Brazilian President Luiz Inácio Lula da Silva made waves at the annual BRICS (Brazil, Russia, India, China and South Africa) nations summit with a common currency proposal for BRICS countries to reduce dependency on the U.S. dollar, resulting in concerns that...

ACAMS Today Europe Digital, December 2023 – February 2024, Europe Express, World Digest

EU’s Approach to Sanctions

December 13, 2023 /Leave a comment

Companies involved in transnational business are concerned about sanctions primarily because of the U.S. Office of Foreign Assets Control (OFAC), which is highly active in terms of enforcement and imposes large penalties on sanctions violators. Conversely, while the European Union (EU) has also been active...

World Digest

U.S. Subpoena 1782: A Powerful Solution to “Follow the Money” in Dollarized Economies

December 8, 2023December 11, 2023 /Leave a comment

Little-known because of an apparent indexing error, U.S. statute Section 1782 can be a powerful solution for those beyond U.S. borders pursuing money laundering cases outside U.S. judicial systems. This article will focus on how a party to foreign investigations of money laundering can petition...

ACAMS Connection, Europe Express, World Digest

Democratic Republic of Congo: Mining Sector Under Surveillance

October 24, 2023November 1, 2023 /Leave a comment

The Democratic Republic of Congo (DRC) is one of the least attractive African mining jurisdictions for foreign investors. As some know, there are numerous business prospects in the Congolese mining industry. The mining industry is the strategic focus of public policy and projections for national...

Practical Solutions, World Digest

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)...

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...

ACAMS Connection, AFC Challenges, World Digest

Lessons Custodians Can Learn From Traditional Correspondent Banking

August 28, 2023September 6, 2023 /Leave a comment

Custodians, which are financial institutions that provide the safekeeping and servicing of investor assets including stocks, bonds and other assets, are exposed to some serious money laundering and financial crime risks. The Financial Crimes Enforcement Network’s (FinCEN) unprecedented enforcement action against a trust and custody...

Compliance, Fraud Alert, World Digest

Crypto Conspiracy

June 30, 2023August 2, 2023 /Leave a comment

Editor’s note: This article is the second in a two-part series by the author on cryptocurrency and fraud. The first article, “Crypto Kaleidoscope,” is available on ACAMSToday.org. As every amateur guitar player comes to realize, volume and reverberation are allies when it comes to countering...

ACAMS Today

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

A growing concern in Brazil’s digital gambling market

Angela Salter: The CAMS Evolution

A new era in financial crime prevention partnerships

Public-private partnerships in SAR optimization

Meme coin mania and mayhem: Navigating the blind spots

Steps FIs can take to improve working with LE