MINNEAPOLIS-ST. PAUL, October 24, 2018 – The commencement of anti-money laundering (AML) requirements for financial institutions issued in May 2018 has caused increasing numbers of firms to shift their hiring and focus of compliance staff toward more efficient customer due diligence (CDD) practices, rather than addressing and managing regulatory change. That’s one of several key …
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ACAMS2018: Compliance Models and Cryptocurrency Risks
Information has value, and illegal activity to obtain that information is more prevalent than ever. And with that activity, often funded by cryptocurrency, there comes a sense of urgency to develop a knowledge and understanding around cryptocurrency risks. At the ACAMS 17th Annual AML & Financial Crime Conference, a panel entitled “Crafting Compliance Models to …
ACAMS2018: Make a Difference
“Never underestimate the power you can have to make a difference.” That was the statement investigative journalist and author Lydia Cacho impressed upon a room full of professionals attending the opening keynote at the ACAMS 17th annual AML & Financial Crime Conference in Las Vegas Cacho, who has written multiple books including her 2003 debut …
Working to Improve AML Processes for Customers
The implementation of the Customer Due Diligence (CDD) Rule in 2018 by the Financial Crimes Enforcement Network (FinCEN), continues to impact various organizations, but not in the way many may think. Now that the rule is in effect, companies are confident in the amount of data they are gathering and are now looking more closely …
Law Firm Reputation in the KYC Age
My wife hates shopping. But with three active kids, a dog and an absent-minded husband, it’s necessary. To make her life a bit more convenient, she spends time finding ways to shop online. It’s hard to deny the convenience. But more important, it enables her to research and read reviews. I will often see her …
A Look Back at the 2018 Public-Private Partnership Forum in New York
On March 7, Thomson Reuters hosted the 2018 Public-Private Partnership Forum at the Westin New York – the first of three events in a series designed to bring together leaders from both the public and private sector for a day of discussion on topics ranging from anti-money laundering, threat prevention, human trafficking and more. With …
Attorneys and the AML Landscape
As Daniel Glaser, principal, Financial Integrity Network, noted during his ACAMS 2017 Keynote earlier this fall, anti-money laundering (AML) efforts were born out of efforts to stem the influence of narco traffickers in the mid-1980s. While AML policies and efforts have expanded in scope and complexity since then, regulators are looking across other professions, including …
Budget Stretching 101: Practical Strategies to Help Compliance Dollars a Work Overtime – ACAMS 2017 Panel
Implementing and managing AML protocols can be challenging for any institution, but perhaps more so for small- to mid-size institutions and community banks. What’s more, community banks are seen as less sophisticated, and therefore, are more often targeted by money launderers, noted Dan Eckhart of Dan Eckhart Law. This was the focus of an afternoon …
The New CTF: Reviewing Practical Tools to Counter Terrorism’s Evolving Financing Methods – ACAMS 2017 Panel
“It’s very cheap to kill.” A sobering message from Richard Stocks, Global Chief Technology Officer, Financial Crimes and Compliance Solutions, Pitney Bowes, on the new face of global terrorism. This is in light of the fact that law enforcement and AML activities have disrupted terror groups like ISIS and al Qaeda, forcing these groups to …
The State of AML: ACAMS 2017 Day Two Keynote – Daniel Glaser
“How did we get to where we are today?” That was the key question that Daniel Glaser, principal, Financial Integrity Network, posed during his day two Keynote at the 2017 ACAMS Conference in Las Vegas. Glazer reflected on the trajectory of the field of illicit finance, from its “birth” in 1986 when the U.S. first …