Special for the Web Archives

PRACTICAL SOLUTIONS, Special for the Web

CARES Act and Potential Government Fraud Investigations

June 25, 2020June 25, 2020 /Leave a comment

While much about the COVID-19 pandemic is still maddeningly unclear, one thing is certain: The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, provided over $2 trillion to address some of COVID-19’s impact on public health and the...

Practical Solutions, Special for the Web

Six Best Practices to Enhance Your Bank’s FCC Testing Program

June 2, 2020June 2, 2020 /1 Comment

Within the banking industry, compliance testing involves assessing compliance-related processes and/or controls that can determine whether the bank’s compliance program is designed and operating appropriately.1 The compliance testing function includes activities focused on financial...

Global Financial Crime Review, Special for the Web

2020 UN North Korea Panel of Experts Report: Takeaways for Financial Institutions

May 18, 2020May 18, 2020 /Leave a comment

Since mid-April, speculations about dire health or even death of North Korea’s leader, Kim Jong Un, intensified. His absence from the public eye for several weeks and reports about Chinese medical doctors traveling to Pyongyang fueled the rumor mill. With the North Korean leader having...

Compliance, Special for the Web

COVID-19 Speaks, AML Must Listen

May 4, 2020May 29, 2020 /Leave a comment

The anti-money laundering (AML) community was quickly abuzz with the frauds, scams and schemes criminals found to exploit during the COVID-19 crisis. Nearly all sectors, public and private, were quick to adapt their training and awareness programs. While it is natural to feel revulsion and...

Acceso LatAm, Español, Special for the Web

COVID-19 y las Noticias Falsas

April 30, 2020June 16, 2020 /1 Comment

Actualmente estamos viviendo una época donde constantemente estamos recibiendo información diversa sobre la pandemia del COVID-19 a través de los medios de comunicación y las redes sociales, tomando muchas veces la información que nos llega como certera. Sin embargo, es importante preguntarse: ¿Qué es...

Special for the Web

COVID-19: New and Old Money Laundering Risks

April 21, 2020April 22, 2020 /Leave a comment

In the past months, several domestic and international regulators and watchdogs have issued warnings regarding potential impacts of the COVID-19 pandemic on financial crime. The president of the Financial Action Task Force encouraged responsible digital customer onboarding and delivery of digital financial services in light...

Practical Solutions, Special for the Web

Three Benefits of Converging Fraud and AML

April 6, 2020 /Leave a comment

The human mind is wonderful yet rather mysterious. What the mind looks for determines what it is able to see. Researchers who were looking into this phenomenon, known in the field as “inattentional blindness,” presented oncologists with radiology scans. The doctors, all of them...

March - May 2020, Special for the Web, Understanding AI

Is This AI System For Me?

March 10, 2020 /Leave a comment

It has been almost two years since the Understanding AI column debuted on ACAMSToday.org. In that brief span of time, the technology has gone from fringe to fixture in the minds of anti-financial crime professionals. Dedicated artificial intelligence (AI) solutions are now commonplace and...

Regulatory Initiatives, Special for the Web

Title Companies: Expanding Regulatory Territory

February 25, 2020February 26, 2020 /Leave a comment

This is the first of two articles unraveling the complicated risk exposure that unregulated industries present to the regulated institutions that bank them. More anti-money laundering (AML) regulations could reduce regulatory burden for financial institutions if these new regulations are applied to industries that do...

Compliance, Special for the Web

NYDFS’ Proposed Virtual Currency Guidance Could Doom Privacy Coins

January 30, 2020February 5, 2020 /Leave a comment

Several months after the New York Department of Financial Services (NYDFS) announced that it would re-examine its controversial BitLicensing requirements, NYDFS posted its “Proposed Guidance Regarding Adoption or Listing of Virtual Currencies” to address the total lack of regulation in this area. The proposed guidance,...

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