AML Officers Gone Wild!

Posted by & filed under AML General.

Last week 11 individuals were charged with laundering more than $40 million in drug proceeds back to Mexico through Atlanta-area money remitters.  What makes this case unusual is that 6 of the 11 individuals were directly responsible for BSA/AML compliance. There has been a recent increase in personal liability enforcement actions against compliance officers for… Read more »

News, News, and More (Fake) News – Vetting Online News Sources

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

The amount of digital information available to us at all times is continually increasing, and it is not all Pulitzer worthy. It is almost impossible to watch cable news and not hear about fake news.  Often a hyper-political term that is interpreted different ways, actual fake news describes stories presented as true, but have no… Read more »

Terrorism Links in UK Customer Populations

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

It has recently been reported that a leaked draft document from HSBC’s monitor identified 13 British customers linked to Islamic terrorist groups in Syria.  While it is impossible to make any determination on HSBC’s AML policy without the full details of the report, this leak highlights a challenging topic for all banks. There is no… Read more »

AML Red Flags for Prepaid Cards

Posted by & filed under AML General.

The AML risks associated with prepaid cards have been known for some time, and with more than $623 billion loaded on gift cards and other types of prepaid cards in the United States in 2015 there continues to be a challenge for AML professionals to identify illicit activity in this sector. Below are three separate… Read more »

7 Free Open Sources to Find PEP Information

Posted by & filed under Research & Investigation.

While most financial institutions subscribe to a Political Exposed Person (PEP) list, there are many cases where these lists lack coverage or additional research is required.  Below is a list of seven free additional open sources to help you track down PEP information. 1. CIA World Leaders List An online directory published by the CIA… Read more »

AML and Investigative Resources

Posted by & filed under Research & Investigation.

Need help tracking down the link to the Hong Kong Companies Registry or the U.S. Postal Inspection Service’s Most Wanted List (here and here)? We have just updated the free investigative resources section on our main site.  Some of the more popular categories are the sections for International Corporate Registries, Sanction/Watch Lists, and Visualization Tools…. Read more »

Raymond James AML Fine Breakdown

Posted by & filed under AML General, Negative News.

Last week FINRA fined Raymond James & Associates, Inc. (RJA) and Raymond James Financial Services, Inc. (RJFS), a total of $17 million for widespread AML compliance failures.  Most notable perhaps was this fact:  RJA’s former AML Compliance Officer was personally fined $25,000 and suspended for three months by FINRA, effectively ending her AML compliance career…. Read more »

Panama Papers Data File Overview

Posted by & filed under Research & Investigation.

Just over a week ago, the International Consortium of Investigative Journalists (ICIJ) released a searchable database of companies, people, and addresses named in the Panama Papers.  In addition to the online search tool, the ICIJ also released a downloadable version of the same information.  Below is a brief overview on how to download the database, and… Read more »