AML Conversations

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.

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.