AML Conversations: An interview with the former FinCEN Deputy Director

By AML RightSource | May 23, 2022
John Byrne sits down with former FinCEN Deputy Director, Jamal El-Hindi and now Counsel with Clifford Chance. The two discuss AML challenges with new technology, the use of data, sanctions issues and his 20 year career at the US Treasury Department.   

AML Voices: Domestic Terrorism: Taxonomies of Radicalization

By AML RightSource | May 18, 2022
Our expert panel discusses the process of radicalization and the related changes in financial activity that individuals go through as they move along the steps from sympathizer to terrorist.

The Suspicious Activity Report that is Not Suspicious – Marijuana Limited

By Chuck Taylor | May 17, 2022
As a former Bank Secrecy Act (BSA) Officer I understand that BSA requirements are intended to ensure the integrity of the banking system and detect and deter money laundering. My experience has also shown me that the most important output of a BSA program is its suspicious activity reports (SAR). A well prepared SAR will provide actionable intelligence for law enforcement to use in starting or bolstering investigations and prosecutions.

Trouble in Paradise? Understanding Risks of Financial Activities in The Cayman Islands

By Nathan Vallejos | May 16, 2022
At a glance, the Cayman Islands may simply appear to be a small collection of islands located in the Caribbean Sea with less than 100,000 residents that are only notable for being a British Overseas Territory. These looks can be deceiving, since despite the Cayman Islands’ small population and geographic footprint they are a major international financial center. Per the 2019 Mutual Evaluation conducted by the Financial Action Task Force (FATF): “The Cayman Islands boasted the 6th largest banking sector in the world with a cross border asset position valued at $1.365 trillion dollars and was the 5th largest financial jurisdiction by cross border liabilities valued at $1.347 trillion” (Risks and General Situation, 8). Why the Cayman Islands is such a large international financial center is due in part to the ease of operating a business in the Cayman Islands – the territory famously lacks any taxation on corporate profits, capital gains and personal income for corporations and individuals who operate within the territory (Chon, 2). Additionally, the Cayman Islands has notably relaxed regulations for entities operating within its jurisdiction.

Understanding global corruption and how to prevent it

By Sophie Proctor | May 5, 2022
Corruption can lead to ethical and reputational problems at a private and public level, heightening the need for recognition across the globe about how to both report and prevent it. At the end of 2021, the Biden Administration announced their plans for an anti-corruption strategy to tackle corruption’s ‘ability to corrode democracy’. This echoed other foreign governments around the world which have sought methods to mitigate risk and combat corruption. There have been developments across the globe to combat corruption in recent years, which helps draw conclusions for financial institutions on how to mitigate risk; we can offer solutions to help with these risks.

FinCEN Issues Advisory on Kleptocracies and Foreign Corruption

By Sophie Proctor | May 4, 2022
On April 14th, the Financial Crimes Enforcement Network (FinCEN) issued an advisory on kleptocracy and foreign public corruption. This alert urges financial institutions to make a concerted effort to detect any proceeds of Russian or other foreign corruption. This foreign public corruption includes bribery, embezzlement, extortion, and misappropriation of public assets. This guidance comes following the sanctions against both entities and individuals after Russia’s invasion of the Ukraine.

AML Voices: High Risk Customers: How Do You Use Risk Ratings?

By AML RightSource | May 2, 2022
Our expert panel discusses how to use risk ratings in formulating a financial crime prevention risk assessment, including how to take into account the variations in risk ratings based on lines of business and geographies.

What are the money laundering risks surrounding migrant smuggling?

By Sophie Proctor | April 23, 2022
Migrant smuggling arises due to global conflict, including fleeing from war, political instability, and violence, as well as a yearning for better opportunities and quality of life. This desire is capitalized by smugglers to use migrants as a source of profit, with this illegal industry having estimated annual profits exceeding $10 billion, according to the Financial Action Task Force (FATF). More recently, the disastrous conflict happening in Ukraine has forced citizens to flee and seek refuge in neighboring countries.

AML Conversations: How financial institutions can help prevent human trafficking

By AML RightSource | April 21, 2022
For this episode of our AML Conversations podcast, we sit down with Sara Crowe, the strategic initiatives director at Polaris, a non-profit working to end human trafficking. We discuss how human trafficking has evolved in recent years and concerns following refugees fleeing Ukraine, as well as actionable insights for financial institutions as to how they can help prevent human trafficking. We hope you enjoy this episode.  

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...