AML Conversations

This week, the US State Department issued a report on wildlife trafficking, The European Central Bank published a report on payment fraud, and Health Canada discussed the dangers of the increase in domestic fentanyl production. John and Elliot discuss these items and others, including a fraud warning from the FBI, the AML law passed in Singapore, and more.

This week, the GAO issued a report on payment scams, the OCC responded to a letter from members of Congress about the actions of some state legislatures to limit the authority of national banks, FinCEN issued clarification about the data being captured in the beneficial ownership information registry and more. John and Elliot discuss these items and their meaning for the financial crime compliance community.

John and Elliot discuss several developments impacting the financial crime community this week. These include a report on foreign investment in the US, the interagency statement on the AML/CFT program proposal, and the regulatory agenda for the Treasury Department. They also talk about the report from the House Financial Services Committee working group on AI, new sanctions on fentanyl producers, and a Europol report on migrant smuggling.

Les Joseph, retired head of Global Financial Crime Intelligence at Wells Fargo, discusses the evolution of money laundering statutes and investigations, challenges in investigating financial institutions, importance of information sharing among banking professionals, and solutions in the anti-money laundering infrastructure.

John and Elliot discuss several developments impacting the financial crime community this week. These include an OCCRP article on crypto ATMs, FinCEN’s Alert on red flags related to the financing of Israeli extremist settler violence against Palestinians in the West Bank and a joint notice on timeshare fraud, Senator Robert Menendez's corruption conviction, an AUSTRAC report on the current state of money laundering enforcement in Australia, and other items.

John and Elliot discuss several developments impacting the financial crime community this week. These include FATF’s Horizontal Review of Gatekeepers’ Technical Compliance Related to Corruption, remarks by US Treasury Under Secretary Nelson at the Pacific Banking Forum, a new IRS warning on identity theft, and other items.

This week, John and Elliot discuss several developments impacting the financial crime community. These include the results of the recent FATF Plenary, a new statement from the Wolfsberg Group on effective monitoring for suspicious activity, the proposed rule from FinCEN to strengthen and modernize AML/CFT programs, and other items.

The U.S. State Department's new Trafficking Persons Report uncovers shocking trends in human trafficking. EU sanctions against Russia target the liquefied natural gas sector while raising concerns about human trafficking linked to migration. Spotlighting Iran, recent U.S. sanctions expose a shadow banking network laundering vast sums for defense. Investigative journalism plays a crucial role in revealing these issues. Finally, discussions on AML compliance highlight the need for community involvement and regulatory updates to enhance financial crime prevention.

AMLRS Advisory Board member and former OSFI official shares his expert views on changes and challenges for AML in 2024.

This week, the US Department of Justice made two announcements about repatriating funds seized from criminal actors. The Federal Reserve issued a cease and desist order regarding banking as a service. FinCEN issued a reminder about the importance of detecting elder financial abuse. John and Elliot discuss how these items impact the financial crime prevention community.