PRACTICAL SOLUTIONS Archives

FRAML Why Machine Learning Is FIs’ Greatest Weapon

PRACTICAL SOLUTIONS, Special for the Web, Tech Scope

FRAML: Why Machine Learning Is an FI’s Greatest Weapon

September 22, 2023 /Leave a comment

What do songwriting, coding, stand-up comedy and fraud have in common? Humans take hours or even days to do them well. It takes ChatGPT less than a second to do the same. To illustrate, I asked generative artificial intelligence (AI) to write a three-verse song...

ACAMS Connection, Exclusive, PRACTICAL SOLUTIONS

Managing Risk and Compliance in a Volatile World

July 13, 2023September 19, 2023 /Leave a comment

An unprecedented confluence of crises has transformed the financial crime and risk landscape, turning the screws on the compliance efforts of financial institutions (FIs). Circumstances such as the ongoing Russia-Ukraine conflict, resulting spikes in geopolitical tensions between the West and Russia and China, in addition...

Exclusive, March - May 2023, PRACTICAL SOLUTIONS

The Rise of Real Estate Money Laundering

March 10, 2023May 5, 2023 /1 Comment

The growth of real estate money laundering has been prevalent throughout the past 15 years as the U.S. continues to see ever-changing criminal strategies that facilitate illicit funds to move through the financial system with real estate purchases. As many bank compliance professionals can attest,...

ACAMS Connection, Exclusive, Human Trafficking Awareness Month, PRACTICAL SOLUTIONS

Human Trafficking: Detection and Investigations

January 30, 2023March 2, 2023 /Leave a comment

Editor’s note: This article is the second of a two-part series on human trafficking typologies and methodology. The first part of this series, “Human Trafficking: Persona-based Typologies and Methodology,”1 re-emphasized the scale of the human trafficking (HT) problem and the key investigation challenges to tackle,...

ACAMS Connection, Exclusive, PRACTICAL SOLUTIONS

Machine Learning: A Game-Changer in the Fight Against Money Laundering

January 19, 2023March 28, 2023 /Leave a comment

Financial crime, including money laundering, is an illicit growing industry, and criminals are getting increasingly sophisticated. Financial institutions (FIs) are deeply involved in combating this. In North America alone, they spent a little less than $50 billion on compliance in 2021.1 But banks typically use rule-...

PRACTICAL SOLUTIONS, September - November 2022

The Future of Human Rights on Web3

September 22, 2022 /Leave a comment

Editor’s note: The following article is an abbreviated excerpt from The Future of Human Rights on Web3: A Vision for a Survivor-Centered Internet, available at www.polarisproject.org. It is now widely recognized that today’s internet, considered the second generation of the web, has a decidedly mixed...

ACAMS Connection, Compliance, PRACTICAL SOLUTIONS, Special for the Web

Responsive Approach: Understanding Front Office Needs

April 5, 2022February 2, 2023 /3 Comments

In decades past, the banking industry has experienced pivotal changes in the way in which new businesses are acquired and operations conducted. The ever-increasing regulatory demands have created an inflow of risk and compliance specialists that drive the need to implement policies and procedures to...

March - May 2022, PRACTICAL SOLUTIONS

A One-Two Punch: Action and Guidance for Ransomware Compliance

March 17, 2022 /Leave a comment

In the wake of ransomware attacks on critical infrastructure and important business interests, it is now clear that threat actors—rogue nation-states—have moved to the digital battlefield with cybercriminals. Ransomware is malware that locks and encrypts data on a victim’s computer network until a ransom is...

March - May 2022, PRACTICAL SOLUTIONS

Periodic Reviews at a Glance

March 17, 2022May 2, 2022 /Leave a comment

Periodic reviews (PRs) form an integral part of an organization’s anti-financial crime (AFC) controls. Ultimately, the object of the PR is to assess whether the organization should continue its relationship with the customer. Information obtained during client onboarding and account opening may not be current....

December 2021 - February 2022, PRACTICAL SOLUTIONS

Maintaining an Effective AML Audit Function

December 8, 2021 /Leave a comment

The idiom a chain is only as strong as its weakest link is a common one. In short, the strength of a chain is limited by a single link that might weaken the chain’s integrity. Weaknesses can be caused by cracks, corrosion or a lack...

ACAMS Today

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

Captagon: A Dangerous Pill to Swallow

Casinos: Responding to New and Evolving Money Laundering Risks

The Importance of Collaboration in CSE Investigation

Financial Information Sharing Partnership in Mexico

Deterring Financial Crimes While Respecting Data Sovereignty

Exploring the Role of Generative AI in Enhancing Financial Crime Compliance

PRACTICAL SOLUTIONS