Where is FinCEN on Virtual Currencies?

By Elliot Berman | March 9, 2021
Virtual currencies (sometimes referred to as cryptocurrencies) continue to move into established commerce. The number of merchants accepting the currencies is growing, as are the number of people looking to the currencies as investment vehicles, and to use them for retail transactions. As virtual currencies have moved from techno-curiosities to mainstream commerce, FinCEN has issued a number of advisories and guidance about how the Bank Secrecy Act (BSA) regulatory structure apples to them. FinCEN is not the only agency addressing to virtual currency; for 2020 the IRS has added a yes or no question to the Form 1040 (used by individuals in the US to file federal income tax) that asks whether the taxpayer has acquired an interest in virtual currency.

FinCEN’s Updated Guidance on §314(b)

By 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 prior post. One part of the US information sharing regime is Patriot Act §314(b).[1] Since its passage, FinCEN has issued guidance about the section on a number of occasions; the most recent in December 2020 through the issuance of an updated Fact Sheet. Section 314(b) established a process for financial service companies[2] (FIs) to share certain information under the protections of a safe harbor from liability for privacy law violations or from sharing false information. Participation under §314(b) is voluntary.

Fraud: In Stock for the Holidays

By 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 have led to the reduction of brick-and-mortar shopping, and is driving more merchants online for the first time. This massive shift to online commerce with the inevitability of holiday fraud, sets the scene for a season that promises to be more challenging than financial crimes space is probably used to seeing.

Boards Can’t Exercise Oversight Without the Right Information

By 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 the AML community and providing an introduction to key topics for those new to the subject.

What are the Cybercriminals Up to Now?

By 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 crime occurring during the COVID-19 pandemic. The advisory is intended to, “aid financial institutions in detecting, preventing, and reporting potential COVID-19-related criminal activity.” As you know, there have been numerous alerts issued by various government agencies about crimes and frauds being perpetrated during the pandemic. Links to many of them are available on our COVID-19 resources page - feel free to disseminate them throughout your institution or firm.

How Helpful is the Latest FinCEN Guidance on Customer Due Diligence?

By Elliot Berman | August 4, 2020
FinCEN has issued additional guidance about the responsibility of financial services companies (FIs)[1] relating to customer due diligence (CDD). The guidance takes the form of responses to three frequently asked questions (FAQs) about the requirements of CDD Rule.[2] The FAQs focus on “obtaining customer information, establishing a customer risk profile, and performing ongoing monitoring of the customer relationship.” Let’s look at the details of the guidance and see how this may impact FIs...

Elder Financial Exploitation is a Financial Crime

By 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 with many financial crimes, the activity often touch FIs. So what exactly is elder financial exploitation (EFE)? EFE refers to the “illegal or improper use of an older adult’s funds, property, or assets.[i]”

Fraud – It Continues in Bad Times and Good

By 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 challenge. What is most confounding about fraud is that it is always with us; and it is getting more prevalent.

Investigations – they all start with context

By 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 the AML community and providing an introduction to key topics for those new to the subject.

AML Conversations

John Byrne, Executive VP at AML RightSource sits down to talk with Richard Harvey, compliance veteran and current EVP, General Counsel & Director of...

AML RightSource Executive Vice President, John Byrne sits down with Kevin Hall, Chief Economics Correspondent and Senior Investigative Reporter for...

Don Semesky spent decades working, training, and building policy for several agencies. His insight from the very early days of the Bank Secrecy Act...

Tom Cardamone, the CEO and President of Global Financial Integrity (GFI), discusses the worldwide challenges of preventing illicit financial flows...

The terrorist attacks by US citizens against Congress and the Capitol on January 6th were the most horrific attacks on US soil since 9/11. We sat...

In this episode of AML Conversations, John Byrne, AML RightSource Executive Vice President, Chuck Taylor, AML RightSource Executive Vice President...

In this episode of AML Conversations, AML RightSource Executive Vice President John Byrne sits down with Melissa Strait, Global Head of Financial...

In this episode of AML Conversations, John Byrne, Executive VP at AML RightSource sits down with Don Fort, recently retired Chief of the Internal...

In this episode of AML Conversations, John Byrne, Executive VP sits down with Frank Ewing, CEO, both of AML RightSource and Will Hausberg, Managing...

Dr. Gary Shiffman, CEO of Giant Oak, discusses the recent explosive stories of the leaked SAR documents with AML RightSource Executive VP John Byrne....

Press

AML RightSource is pleased to announce that Michael Jacoby has joined the company as a Director. In this role, Mr. Jacoby will report to Gerry Klein,...

CLEVELAND, OH, March 23, 2021 – AML RightSource (“AMLRS”), the leading outsourced provider of Anti-Money Laundering (“AML”), Know Your Customer...

AML RightSource is pleased to announce that Brandon Mesanovic has joined the company as Senior Director of M&A Integration and be responsible for...

CLEVELAND, OH, March 04, 2021 – AML RightSource (“AMLRS” or the “Company”), the leading outsourced provider of Anti-Money Laundering (“AML”), Know...

AML RightSource is pleased to announce that Sam Russo has joined the company as a Senior Advisor. In this role, Mr. Russo will report to the CEO...

AML RightSource is pleased to announce that Kevin Kerl and Alyson (Aly) Finkle have joined the company as a Senior Vice President, People Operations...

AML RightSource (“the Company”) is pleased to announce that Maria Filipakis and David Brown of the Topside Group have been named Senior Advisors to...

AML RightSource is pleased to announce that Matt Michaud has joined the company as a Senior Vice President, Financial Crimes Advisory. Mr. Michaud...

AML RightSource is pleased to announce the appointment of Teresa A. (Terry) Pesce to the company’s Advisory Board. Ms. Pesce is President and CEO of...

CLEVELAND, OH, January 14, 2021 – AML RightSource (“AMLRS” or the “Company”), the leading outsourced provider of Anti-Money Laundering (“AML”), Know...