Is AML Ready for Artificial Intelligence?
Today’s criminals have more sophisticated ways to launder money than ever before. This is creating unprecedented challenges for the AML community. To minimize the increasing risks, financial institutions also need more advanced tools and skills to help them track, discover, and stop financial crimes from occurring.
How Financial Institutions Can Combat Growing Tax-Prep Fraud
Tax return preparer fraud is an area of increasing concern for the Internal Revenue Service (IRS). The IRS defines tax return preparer fraud as the preparation and filing of false income tax returns containing inflated personal or business expenses, false deductions, unpermitted credits, or excessive exemptions. Unscrupulous preparers may either steal the refund outright, charge a fee based on a percentage of the refund, or collude with the taxpayer to split the proceeds.
A Guide to the State of the 2019 AML Industry
For people working in a community that changes as regularly as AML and financial crimes prevention, it can be challenging to find the time to reflect on bigger-picture trends. As criminals find increasingly more inventive ways to launder money and commit other financial misdeeds, compliance officers are required to adapt quickly to find new ways of detecting and preventing these crimes. That doesn’t leave a lot of time for deep thought on the state of the industry as a whole.
The State of AML Practices in 2019
Learn how to be effective in the 2019 AML industry Criminals are always looking for new and innovative ways to launder money. AML professionals will need to stay abreast with industry-wide trends and new illicit practices to stop financial crime in its tracks. But finding time to do your own research is difficult, especially when your schedule is already full with your other AML duties.
Chuck Taylor Adds Proven Industry Expertise to AML RightSource
When you build a team, any team, whether for sports, elections, or the executive suite, you begin by creating a dream team in your mind. You have a vision of each key player — his or her background, skill set, and expertise. While you aim for the whole package, you know that you’ll have to make a few compromises. You’ll have to trade a little less of one skill for a little more of another.
February Employee Spotlight: Paul Iya
We are very excited to highlight a staff member each month from our team of superb employees. AML RightSource February Employee Spotlight: meet Paul Iya! Mr. Iya is an Associate Manager in the AML RightSource Cleveland office with over five years of experience in the legal and anti-money laundering sectors. He is a Certified Anti-Money Laundering Specialist (CAMS), and is well-versed in industry policies and best practices. Prior to joining AML RightSource, his practice areas included white collar and general criminal defense, business and commercial litigation, and professional discipline and licensing. Paul is a licensed attorney in the state of New York.
How to Prepare Your Company for Annual AML Exams
When AML compliance exams come up in conversation among financial institutions, the most common word we hear is “inconsistent.” Financial leaders would like more certainty among the various regulatory bodies, including on their interpretation and enforcement of AML laws.
Beginnings*
Beginnings* Only just a start Congress starts on a bipartisan basis There have been a few posts and stories (to say the least) about how the change in power in the US congress in 2019 can impact the financial community. With the potential for investigations on everything from consumer abuse to compliance deficiencies and any other scandals, the AML community ignores the legislative branch at their peril. For several previous sessions, it was easy to avoid focusing in what were only occasional hearings but, frankly, very political and in some cases, one sided.
Why I Joined AML RightSource
As an AML professional with any sort of tenure, contact from recruiters becomes common place. It’s a nice problem to have but one that most of us try to kindly deflect. When I was contacted by a recruiter representing AML RightSource I was curious as it was not the normal type of firm that seeks me out. As a client I knew that AML RightSource was great at what they do, but their business model didn’t seem to fit my skill set. I met the recruiter and she told me she was filling a vacancy for Head of the Financial Crimes Advisory Practice. My initial reaction was to laugh as I thought she had the wrong person. I’m a practitioner not a consultant and the idea seemed overwhelming and completely out of my comfort zone.
