Here you will find the AML-ology curriculum, our monthly curated articles, to help any BSA professional stay up-to-date on the latest trends and learn answers to timeless challenges. We share articles written by a number of industry sources that we believe take an academic approach to the challenges anti- money laundering (AML) professionals face, and actual solutions for you to implement. These articles are published monthly and sent directly to you when you sign up to be an AML-ology Scholar!
Digital currency technologies generated widespread public and investor interest in 2017, with new cryptocurrency products capable of streamlining and decentralizing global commerce. Unfortunately, these technologies also create new money laundering tools that allow countries like Iran, North Korea, and Russia to evade international sanctions. This is especially true of so-called “privacy coins,” which offer personal […]
Patching together stove-piped systems has been a necessary evil in AML compliance and overall enterprise governance, risk, and compliance (eGRC). Institutions regularly wrestle with discrete systems and isolated data that may function well in isolation but cannot inform the crucial larger picture of risk and compliance. Advances in platform technology, however, now make possible game-changing […]
A review of the recent sanctions imposed on organizations reveals that regulators frequently condemn the lack of governance, oversight, involvement and accountability at the senior levels of organizations with respect to anti-money laundering controls and the financing of terrorist activities. These major deficiencies are believed to be the source of the majority of regulatory deficiencies […]
Originally published on www.reuters.com Here. Regulators are holding financial institutions responsible for the real-life consequences of anti-money laundering (AML) failures. Firms must reconfigure their transaction monitoring programs to identify the emergent, multi-dimensional money laundering and terrorist financing methods that are defeating today’s rules-based detection scenarios. Adopting an actor-centric hybrid threat finance (HTF) model can cut […]
Recent news of the largest federal crackdown on elder fraud in U.S. history should send a powerful message to financial institutions; prevention of this growing problem is critical, and technology holds the key. Many were surprised by the scale of law-enforcement actions announced Feb. 22, in which more than 250 defendants were charged in schemes […]
Thanks to the prevalence of smartphones (77 percent of U.S. adults now own one), consumers not only have more payment options than ever before, but they also have higher expectations for fast and frictionless transactions. From first enrollment to checkout and payment, consumers demand a seamless and extremely convenient experience. However, meeting these consumer expectations can […]
Many government bodies, regulators, investors and banks see Bitcoin, even the whole cryptocurrency market, as a speculative bubble. Some say it is a fraud, while others speculate that it will continue to rise in 2018. Previously, I wrote an article on why I believe that Bitcoin will fail. Not because it is a fraud, but because it […]
“Is this us?” When it comes to penalty actions that include insufficient resources, that is one of the first questions the average AML compliance officer should ask after reading some of the more recent enforcement cases, like the one that resulted in an $8 million penalty for Raymond James, or the $16.5 million headache for Credit Suisse. […]
On June 30, 2016, the New York State Department of Financial Services (“NYS DFS”) issued the final version Rule 504, “Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications.” The Rule takes effect on January 1, 2017, with the first reporting date of April 15, 2018. In a sense, the Rule follows upon the […]
The pervasiveness of buzzwords and conversation about new technologies in the banking and financial services industries can be overwhelming and seem daunting. Especially when people, like myself as a technologist, talk about them as if they’re going to change the market and react to them as if their change is tomorrow, instead of as future […]
