Exclusive Archives - Page 19 of 19

Do Not Bet Against It: Heightened Scrutiny of Casinos is Here to Stay

January 27, 2015March 2, 2015 /Leave a comment

As large-scale casinos come closer to reality in New York and Massachusetts, licensees and state gaming commissions need to understand and address the federal government’s expectations regarding financial crime compliance programs. “What happens in Vegas, stays in Vegas” may still apply to bachelor parties,...

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BSA/AML Ins and Outs for 2015

January 7, 2015March 2, 2015 /Leave a comment

Someone's knockin' at the door Somebody's ringin' the bell Do me a favor, open the door and let 'em in* At the beginning of each year, major newspapers and magazines do an “In and Out” list. Such lists, partly serious, but mostly tongue in...

AFC Challenges, December 2014 - February 2015, Exclusive

Money Services Businesses—Victims of the Risk-Based Approach?

November 11, 2014October 10, 2016 /Leave a comment

Fueled by recent high profile cases such as HSBC’s $1.9 billion money laundering fine, banks have been taking a good look at their risk profile. This has resulted in many banks terminating banking services for money services businesses (MSBs). Barclays, for example, took the decision...

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Feds Conduct Historic Raid in LA Fashion District

September 30, 2014March 6, 2015 /Leave a comment

On September 10, 2014, approximately 1,000 law enforcement agents from the FBI, IRS-CI, DEA, and HSI stormed the streets of the Los Angeles Fashion District and executed search warrants on reportedly 70 locations searching for evidence of money laundering crimes. This historic effort led...

AFC Challenges, Exclusive, September - November 2014

De-Risking: Does one bad apple spoil the bunch?

August 28, 2014October 10, 2016 /Leave a comment

The increasing sophistication of money laundering and electronic banking fraud has led regulatory authorities worldwide to heighten their focus on Bank Secrecy Act/anti-money laundering (BSA/AML) risk. High on the regulators’ examination priority is evidence that an institution’s AML and compliance program is driven from the...

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A Step Toward Understanding Organized Crime

August 13, 2014April 29, 2015 /Leave a comment

Welcome to the ACAMS Book Hook column! The use of international trade facilities for smuggling and money laundering in the form of trade-based money laundering (TBML) has taken on renewed significance as cases continue to come to light where TBML and the Black Market...

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A Letter from the New FATF President

July 17, 2014March 6, 2015 /2 Comments

15 July 2014 Dear Mr. Byrne, Thank you for your letter of July 8, 2014 and your kind words. I am aware of ACAMS and of the work it does in bringing together and increasing the knowledge of the AML community. I do appreciate the...