All AML articles – Page 4
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Blog
Podcast: Oh, Canada...and compliance resources
In this edition of the Compliance Week podcast, we talk to Ellen Zimiles, a managing director at Navigant Consulting, about governance enhancements in Canada that allow CCOs to report their companies for not giving them enough budget to be effective.
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Blog
Banks and bankers on front line of AML fight
The first foreigner, Jens Sturzenegger, a former branch manager at Falcon Private Bank in Singapore, was recently convicted in the 1MDB scandal. Tom Fox reports.
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Blog
FinCEN gives guidance on sharing SARs
The Financial Crimes Enforcement Network has clarified when a casino can share Suspicious Activity Reports and to whom it can provide the information. Joe Mont reports.
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Article
U.S., like much of the world, still struggles with AML crackdowns
There was good news and bad news to be found in a recent review of the United States’ anti-money laundering efforts. Its failings add perspective to what are global challenges, says Joe Mont.
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ArticleTalking to ‘The Infiltrator’ about AML
Joe Mont talks to Robert Mazur, the undercover agent portrayed in the movie The Infiltrator, and Bill Sweeney, financial services evangelist at BAE Systems Applied Intelligence, about the shadowy underworld of money laundering.
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Blog
Self-certified due diligence is fraught with danger
Tom Fox looks at further reverberations from the Malaysian sovereign wealth fund 1MDB scandal concerning one giant red flag: a reference provided by a third party to vouch for that third party.
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ArticleAML strategies keep evolving, and so do the risks
New and evolving technology may help institutions avoid AML and KYC compliance risks, or restore a damaged reputation, says Joe Mont, but not without the right strategy and training in place.
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Blog
FinCEN wants cyber-attack data in SARs
New guidance from the Financial Crimes Enforcement Network addresses the inclusion of information about both attempted and successful cyber-attacks in Suspicious Activity Reports.
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1MDB-a truly international fight against corruption
Tom Fox looks at the alleged looting of Malaysian sovereign wealth fund 1MDB and the implications it has for fighting global corruption.
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Singapore’s increased AML scrutiny might affect everyone
As Singapore considers cracking down on money laundering, the impact of such a move may ripple far beyond that nation’s own banking system. Tom Fox has more.
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Blog
Trump’s border wall could be muy malo for bank CCOs
A key talking point of Republican Donald Trump’s campaign is to build a wall along the U.S./Mexico border, forcing Mexico to fund it. That plan, however, says Joe Mont, could mean added compliance burdens for banks and an expansion of Know Your Customer protocols.
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Blog
To ease fears, agencies address correspondent banking ‘myths’
Federal banking regulators have authored a “fact sheet” intended to clarify supervisory and enforcement activities that focus on the money laundering and sanctions compliance risks that may arise with correspondent banking relationships. Joe Mont has more.
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Blog
FinCEN wants to extend AML programs to all banks
Banks lacking a Federal functional regulator have been hit with proposed rules by the Treasury Department’s Financial Crimes Enforcement Network that would require them to implement anti-money laundering programs. Joe Mont has more.
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Blog
Deloitte poll: Panama Papers will cause financial crime enforcement to spike
As the Panama Papers saga continues to unfold, global enforcement of financial crimes are expected to spike over the next year, according to a recent poll conducted by Deloitte Advisory. Jaclyn Jaeger reports.
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Blog
Basel Index finds slippage in AML efforts
The Basel Committee on Banking Supervision, an international consortium that develops banking standards, has issued its “Basel AML Index,” an annual ranking of country risk regarding money laundering and terrorism financing. The overall conclusion this year, says Joe Mont: A majority of countries fall short in the effective implementation and ...
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BlogBasel Index finds slippage in AML efforts
The Basel Committee on Banking Supervision, an international consortium that develops banking standards, has issued its “Basel AML Index,” an annual ranking of country risk regarding money laundering and terrorism financing. The overall conclusion this year, says Joe Mont: A majority of countries fall short in the effective implementation and ...
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Article
Rise of the machines: how artificial intelligence could revolutionize compliance
It may sound futuristic, but “thinking machines” are poised to revolutionize compliance. Artificial intelligence, proponents say, can take care of grunt work, freeing audit and compliance professionals to focus on matters that befit their skills. Advanced automation, however, says Joe Mont, isn’t without concerns and pitfalls.
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Article
Panama Papers still a ‘gift’ that keeps on giving for compliance officers
What’s next for the infamous Panama Papers scandal? As governments around the world craft opportunity from crisis with various new rules and regulations, CCOs at financial institutions may find themselves at an inflection point. The challenge: how to leverage all that once-hidden data on shell companies? Joe Mont reports.
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Blog
Deloitte names new AML and economic sanctions leaders
Frederick Curry has been named Deloitte Advisory anti-money laundering (AML) and economic sanctions practice leader. Michael Shepard has been named Deloitte Global AML, economic sanctions and financial crimes leader. They succeed Alison Clew who will retire in May.
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Blog
FINRA fines compliance officer for AML compliance failures
The Financial Industry Regulatory Authority has fined Raymond James & Associates and Raymond James Financial Services a total of $17 million for widespread failures related to the firms’ anti-money laundering programs. RJA’s former AML compliance officer was also fined and suspended for three months.