Posts

China’s Illicit Financial Flows

By AML RightSource | December 15, 2017
The International Monetary Fund (“IMF”) indicated that Illicit Financial Flows (“IFFs”) surging from developing economies globally reached a staggering $3.5 trillion USD in 2014. Every year, approximately $1 trillion USD in IFFs leave the developing world to find refuge in developed countries, money laundering and tax havens, or countries with loose anti-money laundering (“AML”) and counter-terrorist financing (“CFT”) laws and regulations. Where is the majority of IFFs originating from, and where specifically are these illicit funds headed? You may not be that surprised to discover that many are headed to the US! Perhaps what’s even more astounding is that China is spearheading the undertaking, with total incoming and outgoing IFFs amounting to approximately $1.1 trillion USD in 2014 and approximately $6.9 trillion USD between 2005 and 2014, comparative to the volume of China’s overall trade during that time.

Greater Cleveland Food Bank

By AML RightSource | December 13, 2017
This holiday season AML RightSource has several initiatives to give back to the community. Throughout the month of December, members of AML RightSource Cleveland and Hudson offices are volunteering at The Greater Cleveland Food Bank. Every dollar you give, the food bank can provide four nutritious meals to those struggling with hunger.

December Employee Spotlight: Samantha Mucha

By AML RightSource | December 1, 2017
AML RightSource December Employee Spotlight: Meet Samantha Mucha, Esq., CAMS, CFE, CFCS from our Financial Crimes Advisory practice!

AML RightSource Appoints John J. Byrne to Board of Directors

By AML RightSource | November 28, 2017
John J. Byrne

How FIs can Disrupt the Child Pornography Criminal Enterprise

By AML RightSource | November 20, 2017
Crimes against children are heinous and known to be vilified even among the most notorious criminals, but these crimes are, unfortunately, also extremely profitable. The child pornography (CP) industry is a criminal business enterprise with far-reaching consequences for its victims. In a world of increasingly fast-paced, global, and anonymous transactional options, financial crimes professionals have a unique opportunity to see what others cannot, and a responsibility to aggressively research, report, and document child sexual exploitation. To this end, financial institutions (FIs) should develop targeted training programs, work collaboratively with other industries, align their reporting with law enforcement (LE) initiatives, and advocate for changes in Suspicious Activity Reporting (SAR) that will more effectively capture evolving trends pertaining to child pornography. In this article, we will explore how FIs can exceed regulatory standards, assist LE with money laundering prosecutions related to child pornography, cut the flow of funds to illicit criminal enterprises, and most importantly, help victims.

Strategic BSA/AML Compliance in a Financial Institution Merger

By Samantha Mucha | November 1, 2017
Mergers of Financial Institutions (FIs) are an increasingly common industry trend. A merger creates a number of challenges for Bank Secrecy Act (BSA) Officers who are tasked with developing an integration plan, while ensuring ongoing compliance with the relevant laws and regulations. A merger impacts all aspects of the FI’s BSA Program, from the Enterprise-Wide Risk Assessment (ERA) through process implementation. When FIs find themselves in the midst of a merger, developing a strategic approach to help facilitate the merging of policies, procedures, and processes, while simultaneously remaining compliant with applicable laws and regulations, can prove highly beneficial. Let’s delve into what such an approach might look like.

Terrorism Financing: Past, Present and Future

By John Wintrow | October 20, 2017
Recently, we observed the sixteenth anniversary of 9/11, recalling the tragic loss of life and the sustained terror threat that still exists. Numerous articles pertaining to the anniversary have been published; however, little has been written from a financial crimes perspective. In this article, we will recall what was believed to be one of Al Qaeda’s (“AQ”) primary means of funding its operations, discuss the current state of terrorism financing, and take a glimpse at what the future may hold. Past It is a common falsehood that Usama Bin Ladin (“UBL”) funded AQ from his private coffers. In reality, AQ’s war chest, according to the 9/11 Commission, pre-and-post 9/11, was believed to be between $25 to $30 million a year. The Commission also approximated UBL’s annual family inheritance to be around $1 million, which was clearly not enough to fully fund AQ’s operating budget.

A Responsible Evaluation of Enterprise-Wide AML/OFAC Risk

By Sabeen Baakza | September 15, 2017
How effective is your financial institution (FI) at assessing the overall inherent risk within your organization? Where is the highest amount of risk concentrated within the enterprise? How is AML enterprise-wide risk even assessed? The responses to these questions all converge to one locale—the foundation for maintaining and safeguarding the integrity of your FI begins and ends with your AML and OFAC Enterprise-Wide Risk Assessment (ERA). In this post, we examine the mechanism behind developing a resilient ERA and how FIs can effectively sustain a low-risk enterprise utilizing a methodical framework. Although you may think your institution maintains a strong ERA, this post may prompt you to reexamine your ERA. The AML and OFAC Enterprise-Wide Risk Assessment Methodology Though many FIs possess an AML/OFAC Enterprise-Wide Risk Assessment, the actual methodology for how to appropriately conduct an ERA is oftentimes absent. In fact, many FIs do not implement this critical first step with an appropriately documented ERA methodology. The ERA should not be confused with the ERA methodology. The ERA methodology is basically akin to a user-friendly handbook that enables a FI to delineate in detail its approach to the who, what, when, where, why, and how elements involved in assessing risk, such as which databases and platforms the FI will be exploiting to obtain the information necessary to conduct the ERA, or the strategic framework for how risk will be assigned.

Clarion Capital Partners Completes Investment in AML RightSource

By AML RightSource | August 21, 2017
Clarion Capital Partners Completes Investment in AML RightSource, a Gabriel Partners Company New York, August 21, 2017 - Clarion Capital Partners, LLC today announced that it has completed an investment in AML RightSource, a Gabriel Partners company and leader in Anti-Money Laundering (“AML”), Bank Secrecy Act (“BSA”), and Financial Crimes compliance services. Current shareholders of AML RightSource, Frank Ewing and Paul Linehan, will maintain an ownership stake in AML RightSource and will lead the business in partnership with Clarion.  As part of the transaction, Mr. Ewing has been promoted to CEO, and Mr. Linehan to President.  The terms of the transaction, which closed on August 18, were not disclosed.

AML Conversations

Jenni Halleran,  the Head of Financial Crimes Investigations at Silicon Valley Bank, discusses her career path, growing up in a blue collar town, and...

Mark Freedman, CEO / Founder of Rebel Global Security and former Chief of Section in the Counter-Terrorism Bureau at the US State Department...

Guy Ficco, Deputy Chief of IRS-Criminal Investigation, joins us to discuss his new role, the vast coverage of financial crime by the IRS, the...

John Byrne chats with John M. Geiringer, of Barack Ferrazzano Financial Institutions Group, about the new book he edited and co-authored, Countering...

Dennis Lormel, President of the Society of Former Agents of the FBI, discusses the ramifications of the public attacks on the FBI by elected...

There have been outrageous comments made by “policymakers” about the IRS since the passage of the Inflation Reduction Act. AMLRS Chairman of the...

Asset Forfeiture Global Expert Stef Cassella returns to AML Conversations to discuss civil and criminal forfeiture. He explains how it's used, common...

Kit Conklin, VP at Kharon and a Senior Fellow at the Atlantic Council discusses the recent “joint alert” between the Financial Crimes Enforcement...

John discusses with Kent Belasco, the Director of Marquette University’s Commercial Banking Program, a recent project with a microfinance...

Alan Ketley, the new Executive Secretary of the Wolfsberg Group discusses the mission of the group, their focus on a variety of AML related topics:...

Press

AML RightSource, the leading provider of Anti-Money Laundering (“AML”), Know Your Customer (“KYC”), and Bank Secrecy Act (“BSA”) compliance...

AML RightSource’s ongoing expansion into the technology arena continues to go from strength-to-strength as they welcome Stern International Bank to...

Please see a statement below from AML RightSource’s CEO and Buffalo local resident Frank Ewing about this weekend’s tragic events (Saturday May 14,...

CLEVELAND – April 13, 2022 — AML RightSource, the leading provider of Anti-Money Laundering (“AML”), Know Your Customer (“KYC”), and Bank Secrecy Act...

AML RightSource, the leading firm focused on fighting financial crime for clients and the world, welcomes Alexandra Lugo as the company’s general...

Initiative to Create 363 Jobs in Buffalo CLEVELAND –- March 21, 2022 — New York Governor Kathy Hochul announced that AML RightSource, the leading...

AML RightSource, the leading firm focused on fighting financial crime for clients and the world, is pleased to announce that Mark Horwood-James has...

CLEVELAND (March 7, 2022) — AML RightSource (“AMLRS”), the leading firm focused on fighting financial crime for clients and the world, is pleased to...

AML RightSource (“AMLRS”), the leading firm focused on fighting financial crime for clients and the world, is pleased to announce that Nicholas...