Receive Daily Financial Crime Email Alerts from TransparINT

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

We know that it is common for AML professionals to set up Google alerts on generic terms such as “money laundering” or “terrorist financing” to stay up-to-date on what is happening in the industry. While Google Alerts can be a valuable tool, it often only reports on the larger trending topics, and many of the… Read more »

Will AML Change This Year?

Posted by & filed under AML General, Negative News.

Wherever you look, you see reports about big changes coming to AML compliance with a particular fixation on Artificial Intelligence. Those of us in AML wonder, “How soon will this all happen?” “How will it impact me?”  “Will I keep my job?” Here is my view: Change to AML is coming, but slowly. Better software… Read more »

7 High Risk Groups that You Should Be Continually Monitoring for Adverse Media

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

Financial institutions often maintain higher-risk client relationships.  As part of their risk management program, these business and individual relationships need to be constantly monitored for consistency in transactions and anticipated and expected activity. One other component that financial institutions may want to consider for their high-risk client groups is continued monitoring for adverse media or… Read more »

Are you Monitoring Correspondent Banking Clients for Negative News? You Probably Should be.

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

If you have been in the AML industry for any amount of time you are aware that correspondent banking clients pose an increased risk of money laundering to a financial institution. Based on existing regulations, guidance from the Office of the Comptroller of the Currency, and industry “best” practices, financial institutions conduct enhanced due diligence… 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 »

An Easy Way to Speed Up AML Work

Posted by & filed under AML General, Negative News.

At my twin daughters’ 7th grade back to school night last week I was forced to relive my horror of Algebra 1. As the parents walked into the classroom, the teacher handed us an index card and told us to complete the problem on the board.  “Show your work or no credit, and your kids… 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 »

Reviewing Negative News: Costs Are Worse Than Thought

Posted by & filed under Negative News.

Third in a series.  See part 1 and part 2. Current ways of reviewing negative news results are monotonous, frustrating, and harmful to AML compliance. Negative news is the best way to identify AML risk, yet reading piles of irrelevant results can zap the attention and spirit of every AML investigator. So, a troubling paradox… Read more »

Negative News Searching Isn’t Working (Part 2 of series)

Posted by & filed under AML General, Negative News.

Second in a series.  See part 1 here. Searching for negative news is among the most inefficient, inconsistent, and risky parts of AML. Whether new customer KYC, high-risk customer EDD, or suspicious activity investigations, negative news searching involves too many systems, too many manual steps, and too much likelihood something critical is missed. No wonder… Read more »