Gathering Information to Close Loopholes
This week, Vice Chairman John Byrne, and Creative Director Elliot Berman of the AML RightSource staff discuss the US Supreme Court decision in Trump v. Mazars regarding subpoenas issued by several congressional committees, including House Financial Services, to the president for certain personal financial records and the purpose for the subpoenas.
How to Gather Data for Your OFAC Risk Assessment
In this installment of AML Voices, Chuck Taylor, Head of Financial Crimes Advisory and Tim White, Director of Sanctions at AML RightSource are joined by Chris Bagnall from Fifth Third Bank, to discuss how to select and gather data for a risk assessment of your sanctions compliance program.
Examinations During the Pandemic
No Deja Vu[1] Examiners will consider the unique, evolving, and potentially long-term nature of the issues confronting institutions and exercise appropriate flexibility in their supervisory response. Stresses caused by COVID-19 can adversely impact an institution’s financial condition and operational capabilities, even when institution management has appropriate governance and risk management systems in place to identify, monitor, and control risk.[2] We are all guilty of saying something along the lines of “wow, this has never happened before” and occasionally we are right. Next year will be twenty years since 9/11, a direct attack on the US; now we have this pandemic which is the first event of such magnitude since 1918. So, for 90% of us, this has never happened before. As such, all responses are new and there are no parallels.
AML Reform May Be Coming Your Way
This week, Vice Chairman John Byrne, and Creative Director Elliot Berman of the AML RightSource staff discuss a bi-partisan effort in the US Senate to adopt sweeping reform to the AML infrastructure.
AML Challenges and Successes in the Gaming Industry
In this episode of AML Conversations, John sits down to discuss the AML challenges and successes in the gaming industry with the former Senior Director of Gaming Policy at the American Gaming Association (AGA), Elizabeth Cronan. Now the Vice President Government Relations at Geoguard, Cronan elaborates on innovative tools to strengthen AML compliance, including geolocation data as well as various themes in enforcement actions, the rise of mobile and on-line gaming, and the increase in sports betting.
Money Laundering in the Art World: The Modern Day Heist
The Italian Renaissance saw the birth of an elite group of patrons revered for their intellect and dedication to the world of art. This group became the first true dealers in arts and antiquities, collecting and reselling masterpieces of former centuries and mentoring such artists as Masaccio and Giotto. However, over the centuries, the proud and historic nature of this seemingly private institution of dealers has been infiltrated by a group less inspired by the bright colors in the works of Henri Matisse or the perceptive work of Claude Monet, who instead have created a mantra out of the Andy Warhol saying: “Making money is art.”
Internationalization of Domestic Terrorism
This week, Vice Chairman John Byrne, and Creative Director Elliot Berman of the AML RightSource staff discuss a recent press release from the Department of Justice about the indictment of a US Army private for conspiring to have his Army unit attacked by foreign terrorists. Link to Press Release https://www.justice.gov/opa/pr/us-army-soldier-charged-terrorism-offenses-planning-deadly-ambush-service-members-his-unit
Investigations – they all start with context
This post is part of our occasional series on AML program fundamentals which focuses on refreshing foundational knowledge for experienced members of the AML community and providing an introduction to key topics for those new to the subject.
