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Jun 26, 2024 | 
moneylaundering.com | Chelsea Carrick
A U.S. agency's warning over a now-scuttled deal with a blacklisted Russian billionaire could force compliance officers to shift more of their efforts towards meeting opaque due-diligence obligations when reviewing supposed divestments, analysts told ACAMS moneylaundering.com.
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Apr 11, 2024 | 
moneylaundering.com | Chelsea Carrick |Fred Williams |Colby Adams
As we say bid farewell again to Florida and make our way home, ACAMS moneylaundering.com reflects on this year’s edition of The Assembly Hollywood and shares some of what we learned. Katrina Berger, executive director of Homeland Security Investigations, or HSI, opened the conference by discussing the launch Cross Border Financial Crime Center, or CBFCC, a public-private partnership to strengthen the agency’s detection and disruption of multi-jurisdictional illicit finance.
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Mar 22, 2024 | 
moneylaundering.com | Chelsea Carrick
To Defeat US Sanctions, Russian Oligarchs and Procurers Use Laundering Strategies A series of U.S. indictments shine light on Russia's use of shell companies, overseas banks, complicit bankers and other features of proven money-laundering techniques to duck sanctions, access global banks and continue equipping its war machine with prohibited technology.
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Mar 19, 2024 | 
moneylaundering.com | Chelsea Carrick |Fred Williams
Historical Bias Could Undermine Artificial Intelligence-Based AML Systems By Chelsea Carrick and Fred Williams Banks that use artificial intelligence to streamline their monitoring of transactions for anti-money laundering purposes must account for the possibility that the technology could yield discriminatory results and exacerbate de-risking, analysts told ACAMS moneylaundering.com.
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Mar 5, 2024 | 
moneylaundering.com | Fred Williams |Chelsea Carrick
In Stopping ‘Sextortion’ Attacks Against Minors, Banks Have Role to Play By Fred Williams and Chelsea Carrick Banks that monitor minors' accounts for signs of "sextortion" attacks can prevent grave harm by contacting parents or legal guardians as soon as suspicions arise, analysts told ACAMS moneylaundering.com. In a Jan.
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Mar 1, 2024 | 
moneylaundering.com | Chelsea Carrick
New York Cryptocurrency Platform’s AML Issues ‘Threatened Safety and Soundness’ State regulators in New York have fined Gemini Trust Company $37 million in response to multiple failures in the areas of fiduciary oversight, customer- and lending-related due diligence, transaction monitoring and suspicious activity reporting.
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Feb 23, 2024 | 
moneylaundering.com | Chelsea Carrick
FinCEN Taking Deeper Look at BSA Reporting Rules, Director Says The head of the U.S. Financial Crimes Enforcement Network suggested in testimony to Congress that the bureau is moving forward with plans to revise requirements governing the financial services industry's submission of reports mandated by the Bank Secrecy Act.
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Feb 20, 2024 | 
moneylaundering.com | Chelsea Carrick
Murky, Pooled Investment Vehicles Threaten US National Security, Officials Warn The uneven application of regulations against illicit finance to the securities market has left the U.S. vulnerable not only to money launderers and sanctions evaders, but also to foreign adversaries such as Russia and China, the Treasury Department warned in a risk assessment.
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Feb 14, 2024 | 
moneylaundering.com | Chelsea Carrick |Fred Williams
FinCEN, OFAC’s Actions Against West Bank Violence Leave Some Banks Guessing By Chelsea Carrick and Fred Williams A federal notice directing banks and other financial institutions in the U.S. to screen payments for potential links to "Israeli extremist settler violence" in the West Bank may prove difficult to incorporate and observe, compliance officers told ACAMS moneylaundering.com.
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Feb 5, 2024 | 
moneylaundering.com | Fred Williams |Chelsea Carrick
Bank-Fintech AML Lapses Draw Regulatory Wrath By By Fred Williams and Chelsea Carrick Recent consent orders against U.S. community banks suggest that federal regulators have progressed from issuing guidance on partnering with fintechs and other third parties to cracking down on banks they fail to fully guard themselves against financial crime when doing so.
