Anti-financial crime (AFC) professionals have a wealth of knowledge—but as with all trades, they do not start off that way. So where can professionals who are either new or transitioning into the industry learn introductory AFC concepts? With the Back to the Basics column, ACAMS Today will cover topics such as how to write a suspicious activity report, Bank Secrecy Act policy do’s and don’ts, why cryptocurrency matters in AML and more, all compiled in one place.
Our award-winning regular contributor is Chris Bagnall, who has spent his anti-financial crimes career taking complex problems and dissecting them into easy-to-understand formats. If you would like to contribute to this column or have any topics you would like to suggest, email editor@acams.org.
The history of transaction monitoring is as old as the financial system itself. For centuries, law enforcement agencies have followed the principle of “follow the money” to track illicit financial activities and uncover criminal networks. This fundamental approach has been instrumental in solving financial crimes...
In the rapidly evolving field of know your customer (KYC), continuous learning and up-to-date knowledge are not just beneficial—they are essential. Yet, many KYC professionals find themselves struggling due to a lack of support and resources from their employers. Insufficient knowledge and training, along with...
Nowadays, people often talk about artificial intelligence (AI) and machine learning. “Artificial Intelligence is the field of developing computers and robots that are capable of behaving in ways that both mimic and go beyond human capabilities. AI enabled programs can analyze and contextualize data to...
Creating a legitimate-looking business entity used to be difficult. Making a fake merchant website and fabricating business operations that looked convincing enough to dupe underwriters took time and skill. Now, thanks to the emergence of generative artificial intelligence (GenAI), it is easy—and it is on...
In some underserved and underdeveloped communities in the U.S., traditional banking is not the norm and, in rare cases, may not exist at all. Residents in areas with limited access to banking services turn to money services businesses (MSBs) to meet their financial needs as...
What is a suspicious transaction report (STR) or a suspicious activity report (SAR)? In some jurisdictions, the terms STR and SAR are used interchangeably. However, in other locations, suspicious activity reporting is broader in terms of the definition and may encompass the observance of overall...
For as long as there has been money, there has been someone trying to launder it. While the term itself is relatively recent—inspired by the cash-only laundromats Prohibition Era gangsters used to conceal their illegal earnings, and more formally defined via the Bank Secrecy Act...
Child abuse is generally a hidden act in our society that usually happens behind closed doors and in private moments, often perpetrated by those adults who are the most trusted by their child victims. Although the online child sexual abuse methods may vary from person...
Intelligence is a cycle of gathering, analyzing and reporting information to guide operations. The most telling information, however, is often not what you have been able to gather but rather what is missing. Information without analysis is like puzzle pieces scattered on a table. Analysis...
Generative artificial intelligence (GenAI) is the most significant tech hype nowadays. Large language models became standard productivity tools, and new startups promise to revolutionize industries with GenAI. However, most existing GenAI-based products help in simple everyday tasks rather than redefining how people work. Can GenAI...
