Special for the Web Archives

September 2020 - November 2020, Special for the Web, Staff Notes

The New ACAMS Brand: The Journey

September 28, 2020September 28, 2020 /Leave a comment

The idea of improving the world while also changing how you interact with it is best articulated by Leo Tolstoy, who famously said: “Everyone thinks of changing the world, but no one thinks of changing themselves.” ACAMS decided it wanted to do both. With help,...

Compliance, Special for the Web

TBML Conference Produces Strategic Road Map to Address Worldwide Growing Threat

September 16, 2020September 17, 2020 /Leave a comment

Trade-based money laundering (TBML) harms legitimate trade, national and international markets, as well as global financial systems. It also poses threats to national security, global peace, prosperity and the safety of various communities. Currently, there are no official statistics for TBML, but its magnitude is...

Practical Solutions, Special for the Web

FCC Testing Within the Banking Industry

September 1, 2020September 24, 2020 /Leave a comment

What is financial crime compliance (FCC) testing? A report by PwC uses the following definition, “Compliance testing can be defined as a periodic, independent and objective assessment of compliance-related processes and/or controls. The aim of compliance testing is to assess whether the elements, processes and...

AML Challenges, Special for the Web

Old Trick, New Victims: The Rise of Money Mules During the Pandemic

August 28, 2020September 14, 2020 /3 Comments

Following the coronavirus outbreak, mandated lockdowns were implemented that led millions of people to stay home. The financial industry has seen less money laundering cases and fines from regulators because COVID-19 completely disrupted the demand of illicit drug trafficking and successive money laundering measures. During...

Europe Express, Special for the Web

COVID-19: Fraud Schemes Across the World

August 20, 2020September 29, 2020 /Leave a comment

In the past several months, people worldwide have been affected by COVID-19. As people have been dealing with fear of contracting the virus, criminals have been quick to adapt and take advantage of the pandemic to commit financial crimes, such as money laundering. This article...

Compliance, Special for the Web

Psychoanalytic Approach to Lone-Wolf Terrorist Financing Investigations

August 7, 2020 /Leave a comment

Recent terrorist attacks and failed terrorist plots across the globe have proven that lone wolves continue to pose a significant threat. They are usually self-radicalized, self-funded and operate alone. Such modus operandi presents challenges not only to law enforcement and intelligence agencies but also...

Compliance, Special for the Web

Product Risk and Suitability Risk: A Holistic Perspective

July 17, 2020July 21, 2020 /Leave a comment

The sales practices scandal at Wells Fargo has placed “bank culture” at the forefront of product strategy and prudential supervisory considerations. For practices deemed “unsafe, unsound and unfair,” the bank has paid substantial fines resulting from regulatory and criminal probes, civil suits and shareholder...

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...

ACAMS Today

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

Gangsters, Whales and Businessmen—Money Laundering in Canada

La Versatilidad en el Robo de Identidad

Elementos Esenciales del Programa ALD en los Tiempos de COVID-19

Cajeros Automáticos de Criptoactivos: ¿Qué Son y Cómo Están Regulados?

Minería Ilegal en América Latina: Lavando Oro Fuera del Río

Special for the Web

The New ACAMS Brand: The Journey

TBML Conference Produces Strategic Road Map to Address Worldwide Growing Threat

FCC Testing Within the Banking Industry

Old Trick, New Victims: The Rise of Money Mules During the Pandemic

COVID-19: Fraud Schemes Across the World

Psychoanalytic Approach to Lone-Wolf Terrorist Financing Investigations

Product Risk and Suitability Risk: A Holistic Perspective

CARES Act and Potential Government Fraud Investigations

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

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