September – November 2019 Archives - Page 2 of 3

Is it possible for a company with no website and no stated business purpose in its corporate documents—acting on behalf of a sanctioned North Korean bank—to use the U.S. financial system? Worryingly, the answer is yes. Mingzheng, a Hong-Kong based company, sent and received wires...

Bahamas Chapter, Know Your Chapter, September – November 2019

Welcome ACAMS Bahamas Chapter

September 4, 2019September 26, 2019 /Leave a comment

On Friday, May 24 at 6:00 p.m. at the British Colonial Hilton, the Association of Certified Anti-Money Laundering Specialists (ACAMS) officially launched its Bahamas Chapter. The Bahamas Chapter was established to promote the overall mission of the global organization ACAMS. The chapter’s mission is “to...

European Connect, September – November 2019

Catching-Up After Berlin

September 4, 2019September 10, 2019 /Leave a comment

This is the first European Connect column I am writing since our incredible Berlin conference in June. It was the Association of Certified Anti-Money Laundering Specialists’ (ACAMS) 15th Annual Conference in Europe and my fifth as ACAMS head of Europe. Feedback from this year’s...

Community Banking Corner, September – November 2019

Small Institution Strategies for Outsourcing BSA Audits

September 4, 2019September 10, 2019 /Leave a comment

Community bankers often ask examiners which internal audit or consulting firms they should use for Bank Secrecy Act/anti-money laundering (BSA/AML) independent testing. However, regulators cannot endorse or recommend products and services. Even if they could, it would not be doing the bank any favors....

Aspects of APAC, September – November 2019

Malaysian Fintech Ecosystem—The New Grand Prix

September 4, 2019May 1, 2020 /Leave a comment

Fintech is the buzzword in today’s financial services industry and is supposed to be a game changer—the revolution that is giving the financial services industry a run for its money. All these discussions on how fintech is impacting the delicate silver line between the...

Compliance, September – November 2019, Special for the Web

Digital Identity and Financial Crimes

September 4, 2019September 20, 2019 /Leave a comment

"Digital identity" has replaced blockchain to become 2019’s new tech-based solution to revolutionize compliance functions from anti-money laundering (AML) to audit. However, given the recent involvement of Estonia’s digital identity network in the Danske Bank money laundering scandal, the question of how to ensure adequate...

Aspects of APAC, September – November 2019

The Australian Experience—A Conflicting Regulatory Landscape

September 3, 2019September 10, 2019 /Leave a comment

Two flight changes, a layover, 25 hours in the air and a total travel time of over 30 hours. A recent trip to the U.S. to spend some time with the Association of Certified Anti-Money Laundering Specialists (ACAMS) team serves to remind me just how...

Aspects of APAC, September – November 2019

Chak Kuong Lao, CAMS: Safeguarding Macau’s AML Effectiveness

September 3, 2019September 18, 2019 /Leave a comment

According to a report published by Macau’s Financial Intelligence Office (GIF) in July 2019, the total number of suspicious transaction reports received by GIF during the first half of 2019 was 1,376—a 37.1% decrease compared to the same period in 2018. This change was...

Aspects of APAC, Interviews, September – November 2019

Mr. Phaiboun Phongsavanh, CAMS: The Noble Goal of Financial Inclusion

September 3, 2019September 18, 2019 /Leave a comment

ACAMS Today sat down with Mr. Phaiboun Phongsavanh, CAMS to discuss Laos’ efforts toward anti-money laundering/counter-terrorist financing (AML/CTF) compliance and Phongsavanh Bank’s mobile money project. Mr. Phaiboun Phongsavanh is the CEO of Phongsavanh Bank in Vientiane, Lao People’s Democratic Republic (PDR). He oversees the...

AFC Challenges, September – November 2019

EB-5: Pathway to US Citizenship or Money Laundering Concern?

September 3, 2019September 10, 2019 /Leave a comment

The U.S., Antigua and Moldova have something in common. Potential immigrants to these countries can buy their way to citizenship through programs called citizenship by investment (CBI).1 While the details of the CBI program vary from country to country, they all require a large...

ACAMS Today

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

Enlisting AI in the Fight Against Financial Crime, With Jennifer Shasky Calvery

Assembly Chatter with ACAMS Today: Sanjeev Menon

Giles Thomson on U.K. Sanctions Priorities and Enforcement

Four Questions: Advice From a BSA/OFAC Officer

NPOs: Risk for Suspicious Activity

Crimen Financiero: Destrucción de la Amazonia de Brasil

September – November 2019

Proliferation Financing: What Financial Institutions Should Know and What They Can Do

Welcome ACAMS Bahamas Chapter

Catching-Up After Berlin

Small Institution Strategies for Outsourcing BSA Audits

Malaysian Fintech Ecosystem—The New Grand Prix

Digital Identity and Financial Crimes

The Australian Experience—A Conflicting Regulatory Landscape

Chak Kuong Lao, CAMS: Safeguarding Macau’s AML Effectiveness

Mr. Phaiboun Phongsavanh, CAMS: The Noble Goal of Financial Inclusion

EB-5: Pathway to US Citizenship or Money Laundering Concern?