FinCEN Exchange to Enhance Information Sharing Between the Public and Private Sectors

Posted by & filed under AML General.

In a news release issued yesterday, FinCEN has launched the “FinCEN Exchange” program to enhance information sharing between financial institutions and law enforcement. Per the release, “FinCEN, in close coordination with law enforcement, will convene regular briefings with financial institutions to exchange information on priority illicit finance threats, including targeted information and broader typologies.” Through… Read more »

Money Laundering in Pop Culture

Posted by & filed under AML Presentations.

…Yep, you read that right! Money laundering is an important part of many Hollywood story lines. Whether it be through an original Netflix series, prime time television shows, or on the movie screen, there’s now a plethora of financial crime-related media to watch. What does this mean? Financial crime compliance and money laundering awareness is… Read more »

“Paradise Papers” Topic List

Posted by & filed under AML General, Negative News.

It’s like the Panama Papers all over again!  On November 5, 2017, information on the Paradise Papers was released to the public via the International Consortium of Investigative Journalists (ICIJ – view page here).  Without a doubt, financial institutions and banks are scrutinizing these documents for client, account, and transactional exposure. A quick overview of the… Read more »

Why negative news screening is as important as ever

Posted by & filed under Negative News, Research & Investigation.

The pinnacle of a well-established AML program is its transaction monitoring program. There are entire groups dedicated to reviewing transactions generated by these systems, groups dedicated to reviewing the initial reviews, groups optimizing scenarios and rules, groups auditing these scenarios, groups tasked with drafting policies and procedures, etc.  Transaction monitoring is an extremely important component… Read more »

AML Risks in Real Estate

Posted by & filed under AML General, Negative News.

The real estate market is hot…especially for money launderers. The purchasing of real estate with illicit proceeds is not a newly identified method of money laundering, yet it continues to be pervasive with drug traffickers, corrupt officers, and criminals. In a way, this should be one of the more difficult ways to launder funds, as… Read more »

AML Programs for Broker-Dealers – SEC and FINRA say One Size Does Not Fit All

Posted by & filed under AML General, Negative News.

The SEC and FINRA announced that broker-dealer anti-money laundering (“AML”) programs continue to be a focus and priority for 2017. While most, if not all, broker-dealers likely have some form of AML program, this continued focus by the SEC and FINRA indicates that having just any program is not enough. Key Aspects for an AML… Read more »

Six Considerations when Investigating Foreign Correspondent Banking Clients

Posted by & filed under AML General, Negative News, Research & Investigation.

correspondent banking investigation

It is well known that correspondent banking relationships result in heightened money laundering and terrorist financing risks, and deficiencies in AML programs relating to correspondent banking clients have led to billions of dollars in regulatory fines. While there is a multitude of literature and commentary on the AML risks and challenges associated with foreign correspondent… Read more »