AML Conversations

This week, John and Elliot discuss the recent GAO report on AI in financial services, AUSTRAC’s media release about crypto ATMs and their use in scams, fraud, and illicit finance, a new Canadian proposal to strengthen its boarders, including efforts to crack down on money launderers, a new North Dakota data security law impacting financial service providers, and other items impacting the financial crime prevention community.

Each industry segment has unique issues for its third-party risk management program. Learn what you need to know for the manufacturing sector.

This week, John and Elliot discuss the recent Wolfsberg 25th Anniversary Forum, the outcomes of the G7 meeting of Finance Ministers and central bank governors, the Manhattan D.A.’s office return of looted antiquities to Peru, a proposed bill in the US Senate concerning Russia sanctions, and other items impacting the financial crime prevention community.

This week, John and Elliot discuss new Russian sanctions from the Council of the European Union, new UK AML requirements for art dealers, a call to action from FATF, Interpol, and UNODC, AUSTRAC’s second public consultation on new AML/CTF rules, an alert from NYDFS about scammers impersonating crypto service providers, and other items impacting the financial crime prevention community.

Join Vesna McCreery, Managing Director at AML RightSource and a financial crime compliance expert with 25 years in banking, as she sheds light on the alarming convergence of fraud and AML. They discuss the staggering projected losses from fraud, driven by technology and real-time threats like deepfakes. Vesna highlights Australia's winning strategies through public-private partnerships and the need for improved data utilization and biometric controls. This insightful dialogue offers crucial strategies for tackling evolving financial crime challenges.

Chris Syndic, Senior Director at Blue Umbrella, sheds light on how fluctuations in tariffs affect third-party risk management. He discusses the challenges businesses face and emphasizes the need for robust risk management frameworks. The conversation highlights the trend of companies revisiting former suppliers in China to mitigate supply chain disruptions. Additionally, Sydnic shares insights on the importance of thorough due diligence in supplier evaluation and the complexities of switching vendors in new markets, stressing careful assessments to avoid risks.

This week, John and Elliot discuss updates to the US Department of Justice corporate enforcement policy, the OCC’s priority areas, Transparency International’s report on corruption’s role in fueling arms diversion, and other items impacting the financial crime prevention community.

David Lutz, Senior Director at AML RightSource, shares his expertise on crypto compliance and blockchain analytics. They unveil the complexities of blockchain hops and how they can affect risk assessment in cryptocurrency transactions. The conversation delves into the impact of transaction monitoring and the challenges posed by blockchain's immutability on compliance. Additionally, Lutz discusses the evolving banking landscape in relation to crypto, highlighting the necessity of adapting compliance frameworks to manage risks effectively.

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.