Posts

A Quick Look at Facebook’s Cryptocurrency Announcement

By Elliot Berman | July 18, 2019
Everybody Needs Money. That’s Why They Call It Money* On June 18th Facebook announced plans to introduce a digital wallet (named Calibra) in 2020 for use with a new digital currency, named Libra.  As part of the announcement, the company issued a white paper from the Libra Association, a non-profit formed to govern the currency.  The association includes a wide variety of entities in the payments, technology, telecommunications, blockchain and venture capital industries.  Notably absent from membership at the time of the announcement were any large financial institutions.

Overcoming common challenges when updating risk assessment

By Mohamed Aziz | July 12, 2019
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. An Enterprise Wide Risk Assessment (“EWRA”) enables Financial Institutions (“FI”) to assess their BSA / AML risk profile, incorporate appropriate risk management processes, and maintain adequate controls to mitigate risk. Moreover, the Federal Financial Institutions Examination Council (“FFIEC”) requires all FIs to maintain an EWRA. Management is responsible for communicating the EWRA to the Board of Directors. The Board, in turn, is required to ensure that the FI has adequate resources both human and technological to address the identified risk areas.

The Cloak of Technology: Rising to the Challenges of Online Banking and E-Commerce

By Diane Dylinski | July 2, 2019
The last two decades have seen a virtual explosion in online financial activity. Widespread adoption of applications (apps) running on smart phones and tablets offer a new level of portability and faster funds transfers. Customers can link bank accounts, credit cards and debit cards to apps to facilitate payments from any location. The inevitable tradeoff for this convenience is that criminals are now hiding behind the cloak of technology in their attempts to quickly move funds and avoid detection. New technology gives rise to concerns regarding customer identity, exploitation of the technology, and a sharp rise in online scams.

July Employee Spotlight: David Green

By AML RightSource | July 1, 2019
We are very excited to highlight a staff member each month from our team of superb employees. AML RightSource July Employee Spotlight: meet David Green! Mr. Green is a Senior Analyst in the AML RightSource Hudson office with over two years of experience in financial compliance including quality assurance, training, project-specific analyst onboarding, analyst development, investigations, SARs, EDDs, transaction monitoring, project management assistance, and internal and external reporting.

We Can Change the World*

By John Byrne | June 28, 2019
Working together always works While I have always believed that what we do in the AML community makes a difference, the past two years (at least) have seen the expansion of challenges that demand proactivity. When we work together with groups outside of AML toward a common goal, our impact can be immeasurable.

AML RightSource Voices – Hot Topics Webinar

By AML RightSource | June 26, 2019
AML RightSource is launching a quarterly webinar series, "AML RightSource Voices". The first installment will be broadcast live on July 23rd, 2019 beginning at 12:30 pm ET, with this edition focusing on AML Hot Topics. The discussion will include insights into the intersection of AML compliance and the art and antiquities markets, how to ensure your compliance program supports working effectively with charities, the recently published Framework for OFAC Compliance Commitments, updates on sanctions relating to Iran and North Korea, high risk customers, customer due diligence, and the pending AML legislation in the House and the Senate.

Banking Nonprofit Organizations—The Way Forward

By AML RightSource | June 20, 2019
Our Advisory Board member Rick Small, and AML RightSource Vice Chairman John Byrne have led a multi-year effort resulting in the “Consortium for Financial Access” and their guidance for both the nonprofit organizations (NPOs) sector and the financial industry. The ongoing challenges for the financial sector with regards to NPOs have been due to a number of factors. This process began under the auspices of ACAMS and the World Bank, and included law enforcement, regulators, the financial sector, the charity community and some policy makers. Over time, Rick and John kept many members of the group together and decided to address these issues with a guidance document that stresses communication among impacted stakeholders as the primary mission, if we are to resolve the problem of de-risking of NPOs.

Model Validation vs Tuning & Optimization Whitepaper

By AML RightSource | June 12, 2019
How do you validate your financial model performance?

AML Conversations: Marilu Jimenez - A Global Career in AML, Training and Compliance Advocacy

By AML RightSource | June 11, 2019
Welcome to this episode of our podcast series, AML Conversations. In this special advisory board edition, AML RightSource Vice Chairman John Byrne interviews Marilu Jimenez, who recently joined the AML RightSource Advisory Board in early April.

Podcasts

In this episode of AML Conversations, John Byrne interviews David Stewart, Director, Financial Services Industry, Fraud & Security Intelligence...

In this episode of AML Conversations, John sits down with Sara Crowe, Strategic Initiatives Director, Financial Systems for the Polaris Project. Sara...

In this episode of AML Conversations, John sits down with David Briggs,  CEO and Co-Founder of GeoGuard and GeoComply. Beyond IP, the role of...

Welcome to This Week in AML - the weekly podcast series hosted by AML RightSource staff for financial crimes professionals. Each week we will discuss...

In the second episode of our AML Conversations series with members of IRSCI, John Byrne sits down with Greg Monahan, IRS Supervisory Special Agent of...

Welcome to This Week in AML - the weekly podcast series hosted by AML RightSource staff for financial crimes professionals. Each week we will discuss...

In this episode of AML Conversations, John Byrne sits down with Steve Gurdak, Group Supervisory of the Northern Virginia Financial Initiative, to...

In this episode of AML Conversations, John Byrne sits down with Gary Shiffman, Founder and CEO of Giant Oak and professor at Georgetown University,...

Welcome back to another episode of AML Conversations. With the recent upgrade to the US evaluation by FATF because of  the 2018 CDD rule, there has...

In this episode of AML Conversations, John Byrne sits down with Amit Sharma, CEO of Finclusive to discuss the global problem of financial access from...

Press

To support company growth, AML RightSource recently designed and opened an office in Highland Hills, OH. The newly renovated 43,602 square foot space...

CLEVELAND, Ohio – February 10, 2020 – AML RightSource, a leading firm focused on fighting financial crime for its clients and the world, today...

AML RightSource, a leading firm solely focused on Anti-Money Laundering (AML)/Bank Secrecy Act (BSA) and financial crimes compliance solutions, today...

AML RightSource, a leading firm solely focused on Anti-Money Laundering (AML)/Bank Secrecy Act (BSA) and financial crimes compliance solutions, today...

Our Advisory Board member Rick Small, and AML RightSource Vice Chairman John Byrne have led a multi-year effort resulting in the “Consortium for...

AML RightSource is pleased to announce the formation of its Inaugural Advisory Board to convene semi-annually starting in the first quarter of 2019.

Company’s Expansion into New York State Will Create 100 jobs in Western New York

AML RightSource is pleased to announce Timothy White, CAMS has joined the company as Vice President of Business Development and Sanctions.

AML/BSA Compliance Veteran to Expand Company’s Financial Crimes and Compliance Operations

AML RightSource, national leader in anti-money laundering services and premier provider to the financial services sector, celebrates a period of...