Managing PEP Risk in Light of the Pandora Papers

The Pandora Papers were the result of a leak of almost 12 million documents that subsequently revealed hidden wealth, tax avoidance, and money laundering by some of the world’s richest and most powerful individuals.  The data was obtained by the International Consortium of Investigative Journalists (ICIJ) which then collaborated with 140 media organisations on the […]

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Why EVERY Financial Institution Needs to Be a 314(b) Participant A Joint Effort from the desks of: NEACH and AML-ology

Imagine this: Nancy at ABC Credit Union calls Rayleen at MainStreet Bank to inquire about 3 large ACH transactions moving between accounts of the two financial institutions (FIs). The three transactions appeared in the transaction monitoring system at ABC Credit Union, prompting an AML investigation. Nancy suspects their member is a money mule. Rayleen at […]

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Human Trafficking Digital Crimes

Human traffickers are quick to adapt their business models based on technology trends to grow their markets and increase their profits. Traffickers use technology as a force multiplier to profile, recruit, control and exploit their victims via a variety of online platforms, where personal information and details of people’s locations are readily available, they connect […]

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Why the World Won’t Find Vladimir Putin’s Fortune

When the Soviet Union collapsed, I was a member of the Panamanian underworld that laundered drug money for Colombia’s Cali drug cartel. My friends in Panama’s mafia, several of whom had high-level KGB connections, also worked with Russian power brokers to launder and invest in assets stolen from the Russian public as its economy was […]

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Encryption Isn’t Your Only Ransomware Problem – There Are Some Other Nasty Issues

Ransomware has become one of the most dreaded problems in the cyber world and it’s only getting worse. Much worse! Traditionally, ransomware was a trojan horse malware program which when it found a new host computer simply went off, encrypted all the data it could find, and sent the user an onscreen message to pay a […]

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Crypto ATMs: Fraud mitigation approaches to protect a nascent industry

Background In Q4 2021, the value of all crypto-assets in circulation stood close to $3Tn. At the start of 2021, that number stood at $1Tn, and nearly a decade ago did not exist. The rapid rise of interest in crypto has stunned many skeptics. The increase of crypto-assets and associated wallets has been accompanied by […]

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Spotlight: AML Training is a Pillar of Compliance – How are you meeting this requirement?

Introduction As outlined in Section 352 of the USA PATRIOT Act, which stands for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001.”, an Anti-Money Laundering (AML) Program shall establish “an ongoing employee training program…”.[1] Collectively speaking, regulatory bodies have not explicitly defined what this […]

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