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Elliot Berman: September 20, 2023
The Financial Crimes Enforcement Network (FinCEN) has issued an Alert, FIN-2023-Alert005, on the virtual currency investment scam known as “pig butchering.”[i] The Alert lays out the methodology of the scheme and provides red flags to help identify...
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Elliot Berman: August 23, 2023
Payroll tax evasion and workers’ compensation fraud are multi-million-dollar problems in the US construction sector. Especially as many of these...
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Elliot Berman: July 25, 2023
Terrorism and extremism are continuing global threats. Europol assists member states in the European Union (EU) with their anti-terrorism and...
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Elliot Berman: June 27, 2023
The federal banking regulators have issued interagency guidance on managing the risks of working with third parties. The new guidance finalizes the...
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Elliot Berman: June 08, 2023
Are you responsible for a financial crime compliance program? If so, one of the things that keeps you up at night is how to improve the efficiency of...
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Elliot Berman: June 06, 2023
Money launderers and criminals have used opaque corporate structures to hide and move ill-gotten gains for years. Such structures are also a haven...
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Elliot Berman: August 30, 2022
The Financial Action Task Force (FATF[1]) recently updated its Risk-Based Approach Guidance for the Real Estate Sector. This update was prompted by...
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Elliot Berman: August 16, 2022
Trafficking in persons is the second largest black market in the world (the first is the illegal drug trade). It is estimated that human trafficking...
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Elliot Berman: July 27, 2022
Elder Financial Exploitation (EFE) is a global problem and is on the rise. One of several forms of elder abuse, this type includes theft, fraud, and...
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Elliot Berman: July 13, 2022
After two years of discussion and negotiation, the European Parliament and the European Council reached a provisional agreement on the Markets in...
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Elliot Berman: June 21, 2022
U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) have introduced the Responsible Financial Innovation Act (also being referred to as...
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Elliot Berman: December 14, 2021
The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department, wants your help in deciding how to bring more of the real...
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Elliot Berman: March 09, 2021
Virtual currencies (sometimes referred to as cryptocurrencies) continue to move into established commerce. The number of merchants accepting the...
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Elliot Berman: December 21, 2020
Information sharing in the BSA/AML space is a topic of ongoing discussion and such an essential tool. I wrote about the value and the challenges in a...
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Elliot Berman: November 13, 2020
Every year, fraud on consumers, sellers, and financial service providers increases during the holiday shopping season. This year, pandemic conditions...
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Elliot Berman: September 14, 2020
This post is part of our occasional series on AML program fundamentals which focuses on refreshing foundational knowledge for experienced members of...
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Elliot Berman: August 11, 2020
The Financial Crimes Enforcement Network (FinCEN[1]) has issued an advisory[2], providing guidance and red flags for cybercrime and cyber-enabled...
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Elliot Berman: August 04, 2020
FinCEN has issued additional guidance about the responsibility of financial services companies (FIs)[1] relating to customer due diligence (CDD). The...
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Elliot Berman: July 16, 2020
The title of this post may seem obvious, but do you know what your financial services company should be doing to detect, report and prevent it? As...
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Elliot Berman: July 13, 2020
There has been a lot of information circulating about fraud during the pandemic. Many organizations, including AML RightSource, have discussed this...
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Elliot Berman: June 23, 2020
This post is part of our occasional series on AML program fundamentals which focuses on refreshing foundational knowledge for experienced members of...
4 min read
Elliot Berman: June 03, 2020
Information Sources
Financial service companies (FIs) have a wide variety of information about their customers. Some of it is personal data, gathered...
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Elliot Berman: April 16, 2020
A mixture of government assistance, and exponential increase in need on behalf of customers, and the continuous need to remain compliant has left...
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Elliot Berman: April 08, 2020
The operating landscape during the COVID-19 pandemic is constantly changing. The Financial Crimes Enforcement Network (FinCEN[1]) has issued guidance...
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Elliot Berman: March 19, 2020
When a crisis arises, the volume and speed of activity increases causing many people to act with less care and caution. This rapid action mode opens...
