Financial Crime Compliance Resources
Explore a comprehensive collection of insights, articles, and updates dedicated to Financial Crime Compliance. Here, you’ll find the latest trends, expert analysis, and practical resources designed to help you stay ahead of regulatory changes and enhance your organization’s compliance strategies.
Fighting financial crime is a multifaceted endeavor. It takes a combination of resources in the private sector and the law enforcement community. When these groups work in public-private partnerships, they are more...
With the geographic selection of the AMLA’s Headquarters, many are celebrating these days. While accurate, there’s always more to the story. In this case, the news regarding the AMLA’s decision to set up camp in...
Payroll tax evasion and workers’ compensation fraud are multi-million-dollar problems in the US construction sector. Especially as many of these schemes flow through financial institutions. The Financial Crimes...
Terrorism and extremism are continuing global threats. Europol assists member states in the European Union (EU) with their anti-terrorism and anti-extremist efforts. As part of that effort, Europol publishes the...
The federal banking regulators have issued interagency guidance on managing the risks of working with third parties. The new guidance finalizes the proposal published in July 2021 and replaces previous guidance issued...
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 your program. In conversations with your staff and colleagues at...
Money launderers and criminals have used opaque corporate structures to hide and move ill-gotten gains for years. Such structures are also a haven for corrupt governments, public officials, companies, and individuals....
The Financial Action Task Force (FATF[1]) recently updated its Risk-Based Approach Guidance for the Real Estate Sector. This update was prompted by increasing risks of money laundering and terrorist financing (ML/TF)...
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 is more than a $150 billion industry with over 24.9 million victims...
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 exploiting the financial resources of older adults. The bad actors in...
After two years of discussion and negotiation, the European Parliament and the European Council reached a provisional agreement on the Markets in Crypto-Assets (MiCA), a framework of regulations for digital asset...
U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) have introduced the Responsible Financial Innovation Act (also being referred to as “Lummis-Gillibrand”). The goal of the proposal is to create...
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 estate industry under the Bank Secrecy Act (BSA). In the December 8,...
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...
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...
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...
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...
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...
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...
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...
Information Sources
Financial service companies (FIs) have a wide variety of information about their customers. Some of it is personal data, gathered at account opening or as part of a specific transaction, such as a...
A mixture of government assistance, and exponential increase in need on behalf of customers, and the continuous need to remain compliant has left many financial institutions (FIs) stretched thin, and scrambling. As I...