Smoke Signals: Money Laundering and the Illegal Tobacco Trade
One of the key crimes that has alerted financial institutions and regulators is trade-based money laundering (TBML). The complexity that TBML comprises (its wholly global payment stream and the spectrum of imported or exported goods) indicates the minutiae that has to be investigated through advanced data screening. FATF’s latest report identifies the difficulty that TBML continues to pose more than a decade after the release of its landmark study – one commodity creating challenges is illicit tobacco.
Brandon Mesanovic Joins AML RightSource as Senior Director of M&A Integration
AML RightSource is pleased to announce that Brandon Mesanovic has joined the company as Senior Director of M&A Integration and be responsible for leading the integration efforts of acquired organizations into the AML RightSource ecosystem. In this role, Mr. Mesanovic will report to Cory Skinner, Senior Vice President, Corporate Development.
Where is FinCEN on Virtual Currencies?
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.
How to Bank Cryptocurrency Providers
In this installment of AML Voices, Chuck Taylor, AML RightSource Executive Vice President and Head of Financial Crimes Advisory, Stephen Ryan, Chief Operating Officer at CipherTrace, Don Fort, Director of Investigations at Kostelanetz & Kink, and Joseph Seibert, Managing Group Director, Digital Asset Banking at Signature Bank, look at the processes financial institutions should consider in deciding to do business with exchanges and other service providers in the cryptocurrency ecosphere. They discuss a number of risk mitigation strategies for working effectively with cryptocurrency related clients.
AML Conversations: A Law Enforcement Career in Money Laundering Detection - Unplugged
Don Semesky spent decades working, training, and building policy for several agencies. His insight from the very early days of the Bank Secrecy Act to the need for improvement in the AML infrastructure is a must listen for the entire financial crime prevention community. Tune in as John and Don go through these various experiences.
AML RightSource Acquires Arachnys Information Services
CLEVELAND, OH, March 04, 2021 – AML RightSource (“AMLRS” or the “Company”), the leading outsourced provider of Anti-Money Laundering (“AML”), Know Your Customer (“KYC”), and Bank Secrecy Act (“BSA”) compliance solutions, is pleased to announce it has acquired Arachnys Information Services Limited (“Arachnys”).
Suspicious Activity Monitoring - Leveraging Machine Learning and Artificial Intelligence
In this installment of AML Voices, Chuck Taylor, AML RightSource Executive Vice President and Head of Financial Crimes Advisory, Matt Michaud, AML RightSource Senior Vice President, Bob Schuldes, Senior Vice President – BSA/AML/OFAC Officer at Associated Bank, and Scott Nathan, Managing Director, Global Head of Innovation for AML and ERM, at State Street, discuss how using AI and machine learning can take transaction monitoring systems to the next level. They give practical insights into how to start applying advanced analytics to help organizations make their systems more efficient and support a robust AML/BSA program.
Sam Russo Joins AML RightSource as Senior Advisor
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 Frank Ewing and support the Company’s growth strategy.
AML Reform 2021: Now the Real Work Begins
“Something Good This Way Comes”[1] As the new Congress and the Biden Administration continue to grapple with COVID relief, economic uncertainty, national security and all the proverbial “curveballs” facing society; there also remains oversight and implementation of a wide array of provisions from the Anti-Money Laundering Act of 2020. Our AML community knows that this legislation is clearly the broadest, and potentially the most dramatic change to the infrastructure for money laundering, sanctions and financial crime prevention in the United States since the 2001 USA PATRIOT Act. This new law has encourage the creations of a series of studies, strategies, and groups that will demand our continued diligence and participation as relevant stakeholders in every issue and project emanating from this process. There can be an entire chapter on the soon-to-be (after regulations) beneficial ownership reporting requirements and the FinCEN registry, but there are other important areas on which to also focus. Not all parts of the new law will be finalized or even begun in 2021, but here are some of the key sections to watch and weigh in on:
