AML Conversations

This week, John and Elliot discuss a large fentanyl bust at the southern border, a fraud case, and an AML case in Charlotte, remarks by the AMLA Chairman about the organization's top three priorities, activity at the House Financial Services Committee about cryptocurrency, a paper from the Basel Institute for Governance on the importance of asset recovery in the current environment, and other items impacting the financial crime prevention community.

The Jewelers Vigilance Committee General Counsel Sara Yood and Assistant Counsel Liz Fraccaro discuss advocacy, training, and raising awareness needs of the jewelry industry.

This week, John and Elliot discuss remarks for the former head of CISA and an open letter from JP Morgan Chase’s CISO about cybersecurity, allegations from the European Public Prosecutor’s Office about corruption in the European Court of Auditors, a GAO report about the need of Inspectors General for beneficial information to detect fraud in federal programs, reports of law enforcement opposition to the rollback of the CTA, and other items impacting the financial crime prevention community.

This week, John and Elliot discuss the UNODC’s technical policy brief on the expanding activity of Asian crime syndicates, a policy brief on high-level corruption from Project FALCON, a blog post from the FACT Coalition how high gold prices are fueling guerilla warfare in Columbia, the NCA’s effort in 2024 to interdict fraud and its focus on online fraud involving AI, and other items impacting the financial crime prevention community.

Stephanie Champion, EVP and Head of Financial Crime Technology at NASDAQ Verafin, dives into the 2024 Global Crime Report, revealing alarming trends in money laundering across Europe. She discusses the critical role of financial institutions in combating fraud and the evolving landscape shaped by the rise of cryptocurrency and real-time payments. The conversation emphasizes the need for better feedback mechanisms in crime reporting and the importance of collaboration, technology, and training to effectively tackle these challenges.

This week, John and Elliot discuss the SEC’s statement on offerings and registrations of securities in the crypto asset markets, the UK requirement for identity verification for corporate directors and controlling owners, FinCEN’s renewal of geographic targeting orders relating to residential real estate, FCA’s updated Financial Crime Guide, and other items impacting the financial crime prevention community.

This discussion dives into the alarming nexus of fentanyl and illicit finance, spotlighting shocking statistics on suspicious transactions. There's also a critical evaluation of a cybersecurity breach affecting the OCC and its implications. Fines against Revolut highlight ongoing compliance challenges facing online banks. The evolving focus on crypto crime enforcement raises eyebrows, especially as oligarchs increasingly invest in U.S. real estate, hinting at deeper corruption issues. It's a gripping look at the intersection of technology, crime, and regulatory responses.

John Tobon sits down with us and discusses his over 30-year career battling financial crime at US Customs and HSI.

This week, John and Elliot discuss Transparency International’s Opacity in Real Estate Ownership Index, FinCEN’s alert on bulk cash smuggling by Mexican cartels, IRS-CI’s release of 2024 BSA metrics, and its CI-FIRST initiative, Congressional hearings by a House Financial Services subcommittee, and other items impacting the financial crime prevention community.

Alison K. Jimenez, President of Dynamic Securities Analytics, Inc., and Steven Kemmerling, Founder & CEO of CRB Monitor, dive into the crucial role of AML analytics in compliance. They discuss their experiences in economics and how data is pivotal in tackling financial fraud, especially in the cannabis industry and human trafficking. The duo also addresses the complexities of identifying digital asset businesses, the rise of financial sextortion scams, and the evolving compliance landscape in emerging markets. Their insights shed light on how institutions can better combat these challenges.