Investigations – they all start with context
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.
AML Conversations: The Rise in Domestic Terrorism
Terrorist financing career expert Dennis Lormel explains the rise in domestic terrorism, the internationalization of such, the current threat environment and what the AML community can do to address this ever-increasing problem. He also connects five clear examples of terrorism over the past several years and defines homegrown and domestic violent extremists.
Planning for a New AML/Anti-Fraud/Sanctions Automation System
This post is the next installment in Tim White's discussion about managing the migration from one transaction monitoring system to another. The first installment focused on the process of selecting a system, and avoiding vendor "pinch".
Information Sharing – the Value and the Challenges
Information Sources Financial service companies (FIs) have a wide variety of information about their customers. Some of it is personal data, gathered at account opening or as part of a specific transaction, such as a loan application; some of it is transaction data gathered to balance accounts and prepare customer statements; and some of it is captured to make required reports to government agencies. In one way or another, much of this data is subject to privacy rules. In the US there are various privacy laws at the federal and state level; in other countries, the laws may be country specific or part of a group of countries such as the European Union.
Employee Spotlight: Arlene Eley
We are very excited to highlight a staff member each month from our team of superb employees. AML RightSource May Employee Spotlight: meet Arlene Eley! Ms. Eley is the Human Resources Business Partner in our Mississauga Office and provides strategic human resource support and counsel to the management team and employees in that office. Ms. Eley is a Certified Human Resources Professional and has her Bachelor of Commerce Degree, Majoring in Human Resource Management, from the University of Ottawa.
Sometimes Things Need a Fix: AML Look-backs and Remediation Projects
What are the root causes leading to a look-back or remediation project? What are the challenges of a look-back or remediation? How do you create a winning strategy to approach a look-back or remediation?
COVID-19 Also Impacts Financial Access
“Time won’t let me”[I] The need to move quickly.. As the AML community grapples with increased fraud and financial crime during this global pandemic, previous regulatory challenges can become even more pronounced. Continuing problems that seem to be exacerbated at this time include de-risking or other limits to financial access, hurdles such as delays in funds transfers to humanitarian groups, and the chronically underbanked.
National Strategy for Combating Terrorist and Other Illicit Financing Webinar Recap
In this installment of AML Voices, Elliot Berman and John Byrne of AML RightSource are joined by Chip Poncy from K2 Intelligence / Financial Integrity Network to discuss the National Strategy for Combating Terrorist and Other Illicit Financing. In this selection from the original livestream in the 1st quarter of 2020, our panelists discuss the three goals of the 2020 Strategy, its implications for identifying beneficial ownership of client accounts, and its focus on risk-based supervision.
Red Flags Associated with the Illegal Gold Rush
In 2016, illegal gold mining operations in Peru accounted for an estimated $2.6 billion in black market trading, surpassing cocaine as the country’s most valuable illicit export1. The bulk of this illegal mining is conducted in the depths of the Amazon by ramshackle teams of criminals; human trafficking, drug trafficking, child labor, and vast environmental destruction follow in their wake. The illegal miners use an unsophisticated method of processing, utilizing mercury to form flecks of gold into an amalgam chunk, then removing the gold by boiling and dumping the mercury wastewater back into the wild at a detriment to the local flora and fauna.
