Get Together: Partnering and Collaboration is a Model for Anti-HT Success*
We in the financial crime prevention community are still assessing how the new Administration will address white collar crime and accompanying regulatory oversight. With the recent announcements about a new focus on tax evasion and enhanced reporting requirements for newer payment products such as virtual currency, it is clear that various forms of compliance and training will be essential and need to be enhanced. Added to these challenges is the wide policy support for private-public partnership and information sharing embedded in the recently enacted Anti-Money Laundering Act of 2020. This leads me to the proposition that no matter what or how much we address at the same time, let’s pause and recognize the ongoing examples of how the financial sector continues to be proactive and encourage those efforts so that their resources continue to be available to combat crimes such as human trafficking.
FinTechs: Assessing Risk; Creating Effective Controls
In this edition of AML Voices, Elliot Berman, Creative Director at AML RightSource, Amelia Childress, Head of Compliance, Cash App at Square, Melissa Strait, Chief Compliance Officer at Coinbase and Chuck Taylor, EVP and Head of Financial Crimes Advisory at AML RightSource, discuss how continually improving the risk assessment process leads to implementation of an effective control environment.
Kim Manchester - The Global Training Landscape
John Byrne and Joe McNamara of AML RightSource sit down with Kim Manchester, Managing Director for ManchesterCF, an AML/Financial Compliance Training company, to talk about the current global environment for training, as well as trends in the industry and where the future of the integral training pillar is headed. Kim provides insights on the importance of public/private training, law enforcement education, and more.
FinTechs: Explaining the Why of Compliance to Customers
In this edition of AML Voices, Elliot Berman, Creative Director at AML RightSource, Amelia Childress, Head of Compliance, Cash App at Square, Melissa Strait, Chief Compliance Officer at Coinbase and Chuck Taylor, EVP and Head of Financial Crimes Advisory at AML RightSource, discuss how to explain regulatory requirements and expectations to clients, to help smooth out their experience.
Data Breach Responses: Not a Question of If, But WHEN
AML RightSource Executive Vice President John Byrne sits down to chat with Dr. Ning Wang, CEO of Offensive Security, on the global problem of cyber attacks. Nina walks through how to train staff on preventing breaches within your organization, and improving your security mindset in an ever-evolving cyber world.
Using Bitcoin for Purchasing and Investing
Join Elliot Berman, Creative Director at AML RightSource, Robert Russell, Counsel at Kostelanetz & Fink, LLP, and Don Fort, Director of Investigations at Kostelanetz & Fink, LLP, as they discuss the tax implications of using virtual currencies for purchases and as investments.
Client Monitoring: Reducing False Positives and Leveraging Straight Through Processing
Despite the massive cost and reputational risks Financial Institutions (FIs) are exposed to, efficient fraud & AML systems largely remain elusive. Incumbent fraud systems generate a large volume of false positives in the process of detection; for example, a false positive can be an account or transaction mistakenly identified as criminal in origin. Typically, such fraud systems are heavily reliant on large numbers of human fraud case analysts to course correct. This can result in large costs to the FI as it allocates human resources to the problem.
The Private Investment Industry Should Turn Its Focus to Anti-Money Laundering Compliance
Last summer, the Federal Bureau of Investigations (FBI) stated in a leaked intelligence bulletin that they believe that nearly $10 trillion in private investment funds are being used as vehicles for laundering money.[1] Despite these concerns, when the Anti-Money Laundering Act of 2020 was enacted earlier this year, it largely left the private investment world untouched by any formal regulation.[2]
William Maggio Joins AML RightSource Advisory Board
AML RightSource is pleased to announce that William (Bill) Maggio has joined the company's Advisory Board. In this role, Mr. Maggio will provide guidance to the company’s CEO, Frank Ewing, and support the Company’s vision and growth initiatives.
