December 2020 - February 2021 Archives

AFC Challenges, December 2020 - February 2021

Shake, Bake and Launder

January 4, 2021March 9, 2021 /Leave a comment

The culinary world is full of seemingly endless possibilities for chefs to create exponentially different dishes using the same set of ingredients. Mix together ground beef, tomatoes and spices, and one can make spaghetti and meatballs, goulash soup, meatloaf, burgers, sloppy joes or a...

December 2020 - February 2021, Staff Notes, Tech Scope

Practical Machine Learning: Advanced Techniques to Gain Alert Efficiencies

December 22, 2020February 15, 2022 /Leave a comment

The anti-money laundering (AML) community is drowning in false positives. A 2018 review by Microsoft found most transaction monitoring systems have a 95%-99% false positive rate.1 Machine learning and artificial intelligence have been widely viewed as the solution to reducing the number of false...

December 2020 - February 2021, Staff Notes

EMEA Roundup: Winter Updates From the ACAMS EMEA Team

December 22, 2020 /Leave a comment

The world is going through another wave of COVID-19 and many countries are in a second lockdown at the time of this publication. At ACAMS, the anti-financial crime (AFC) community continues to work on bigger and bolder agendas, in an environment where bad actors are...

December 2020 - February 2021, Staff Notes

AML and AFC in China’s Internet Financial Services

December 22, 2020February 22, 2021 /Leave a comment

Internet financial services have been in the world for years. As a result, criminals have taken advantage and used these services to facilitate money laundering and other financial crime. The following article will discuss how criminals use internet financial services and what China is doing...

December 2020 - February 2021, EMEA Connect, Staff Notes

Unity Across the Union

December 22, 2020 /Leave a comment

The European Commission issued its action plan for a comprehensive European Union (EU) policy on preventing money laundering and terrorist financing in May 2020.1 The action plan focuses on harmonizing, effectively implementing and reinforcing the existing anti-money laundering/counter-terrorist financing (AML/CTF) framework at the EU level....

December 2020 - February 2021, Practical Solutions

Regtech: Thinking Beyond Plug-and-Play Solutions

December 22, 2020December 23, 2020 /Leave a comment

Compliance systems’ technical limitations are both well-documented and perpetually frustrating to banks, corporations and regulators. Many of today’s technology firms and consultants promise regulators and banks that the current system is sustainable and that the inherent inefficiencies of standard operational processes can be cured...

December 2020 - February 2021, Practical Solutions

Best Practices for Corporate Monitorship

December 22, 2020December 23, 2020 /Leave a comment

Corporate monitorships challenge companies in unique ways. Typically, a past misconduct will be identified and orders will subsequently be issued to remediate it. But how does one make sure the orders are being fulfilled? This is where the corporate monitor, a third party tasked...

December 2020 - February 2021, Practical Solutions

Know the Bad Guys: Balancing Inclusion and Risk Management

December 22, 2020December 23, 2020 /1 Comment

Peace and prosperity are two ideas that are so often paired they constitute a cliché. They are appealing because their essential opposites, violence and poverty, are instinctively feared. The World Bank reported that as of 2018, 1.7 billion adults remain without access to financial...

December 2020 - February 2021, Member Spotlight

Cindy H. Scotland—Grand Cayman, Cayman Islands

December 22, 2020 /Leave a comment

Cindy Scotland was appointed managing director of the Cayman Islands Monetary Authority in June 2000. As the singular regulatory body of financial services in the Cayman Islands, the Cayman Islands Monetary Authority plays a crucial role in the economic success and stability of financial services...

December 2020 - February 2021, Member Spotlight

Becky H. Gondosch, CAMS—Brooklyn, OH, USA

December 22, 2020 /Leave a comment

Becky H. Gondosch, CAMS is senior vice president and director, anti-money laundering (AML) operations and transformation at KeyBank. In this role, Gondosch leads a team of more than 250 AML professionals responsible for executing enterprise-wide assessments of Bank Secrecy Act/anti-money laundering risk. Her primary focus...

ACAMS Today

The Magazine for Career-minded Professionals in the Anti-Money Laundering Field

Matthew S. Axelrod on the Critical Importance of Export Controls

AFC Developments Addressed at the Assembly Hollywood

David Mortlock on Sanctions Enforcement and Asset Recovery

Europe’s PEP List Debate

Russian Sanctions: Hitting the Target or Missing the Mark?

The Missing Pieces in Financial Crime Investigations

December 2020 – February 2021

Shake, Bake and Launder

Practical Machine Learning: Advanced Techniques to Gain Alert Efficiencies

EMEA Roundup: Winter Updates From the ACAMS EMEA Team

AML and AFC in China’s Internet Financial Services

Unity Across the Union

Regtech: Thinking Beyond Plug-and-Play Solutions

Best Practices for Corporate Monitorship

Know the Bad Guys: Balancing Inclusion and Risk Management

Cindy H. Scotland—Grand Cayman, Cayman Islands

Becky H. Gondosch, CAMS—Brooklyn, OH, USA