AML Conversations

In this episode, Elliot Berman and John Byrne discuss the U.S. legislative gridlock around crypto regulation during “Crypto Week” and the Senate’s bipartisan recognition of the need for a crypto market structure. The conversation also highlights the Basel Institute’s 2024 report, a GAO study on organized fraud in federal programs, and troubling staffing cuts at the State Department’s anti-trafficking and counterterrorism offices. They also examine enforcement actions against Wise and other issues affecting the financial crime prevention community.

In this episode, Elliot Berman and John Byrne dive into the latest developments in global financial crime compliance. They unpack the FATF’s new report on terrorist financing, explore upcoming U.S. legislation on cryptocurrency and stablecoins, and discuss AUSTRAC’s expanded AML/CTF regulations in Australia. The conversation also covers the FCA’s updated guidance on politically exposed persons (PEPs) and enforcement actions against digital banks like Monzo, and other issues affecting the financial crime prevention community.

In this conversation, Jeff Fischer, Director in the Financial Crimes Advisory Group at AML RightSource, shares his insights on modernizing risk assessment practices in financial institutions. He emphasizes the integration of fraud and AML considerations and the importance of adapting to regulatory changes. Jeff highlights the value of collaboration and proactive methodologies, leveraging technology for dynamic assessments. He also discusses how early risk assessments can enhance product development and the role of automation in streamlining compliance, ultimately improving risk management strategies.

In this conversation, Joe McNamara, a speaker on anti-money laundering efforts, dives deep into the battle against fentanyl trafficking. He discusses recent designations of Mexican financial institutions by the Treasury and highlights Canada’s establishment of a new FinTRAC intelligence unit. The talk also covers pivotal updates from FATF regarding virtual assets and the OCC's findings on banking risks. Additionally, Joe sheds light on FinCEN's changes to TIN collection practices, addressing the evolving landscape of financial crime prevention.

Jennie Jonas, a Senior Vice President at AML RightSource, shares her expertise on recent developments in anti-money laundering. She discusses FinCEN’s 2024 Year in Review and the modernization of the Bank Secrecy Act. The conversation highlights global fraud trends, regulatory shifts in the EU and UK, and the role of digital currencies in fighting financial crime. Jennie emphasizes the importance of collaboration and information sharing among institutions to enhance fraud prevention and navigate the complexities of compliance in a rapidly evolving landscape.

Listen in as John and Elliot unpack the latest FATF Plenary outcomes, including the addition of Bolivia and the British Virgin Islands to the gray list. They delve into significant OFAC enforcement actions, such as hefty fines against companies involved with sanctioned individuals. The evolving DOJ stance on white-collar crime is intriguing, especially with notable cases highlighted. The conversation also touches on how federal regulators are taking proactive steps to combat payment and check fraud, emphasizing the importance of integrity in financial crime prevention.

Senior Economist for the Economic Policy Institute, Adam Hersh, discusses the immediate and potential impact of the Trump tariffs, the ongoing challenges of trade fraud, and how the loss of government resources will impact all areas of society.

FCA Guidelines, EU Blacklist, Syrian Antiquities, and a FinCEN Advisory by AML RightSource

This week, John and Elliot discuss the updated Enforcement Guide from the Financial Conduct Authority, the changes to the EU money laundering blacklist, the latest on the trafficking of Syrian antiquities, FinCEN’s Advisory on Iranian illicit oil smuggling, and other issues affecting the financial crime prevention community.

In this conversation, Jeff Fischer, Director at AML RightSource and expert in financial crime advisory, shares insights on transforming risk assessments into strategic tools for financial institutions. He discusses the importance of customizing assessments for different stakeholders, highlighting how tailored communication can enhance decision-making. Jeff emphasizes a holistic approach to risk management, connecting fraud detection with BSA/AML regulations. He also underlines the need for a consistent methodology and documentation to improve business intelligence.