Compliance Officers and Fraud Investigators are often challenged with identifying appropriate actions when money laundering activity or fraud is suspected with ACH credit entries. The ACH Network Rules must be balanced with applicable laws, such as AML/CFT, yet the ACH Rules do not dictate specific actions to help an institution comply with legal requirements. To […]
This article was originally published on zuckermanlaw.com. On May 16, 2024, the U.S. Department of the Treasury issued the 2024 National Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessments (AML/CFT Strategy), which provides a blueprint of the U.S. government’s goals, objectives, and priorities to disrupt and prevent illicit financial activities. The AML/CFT Strategy is designed […]
This article was originally published on ACAMS Today. The anti-financial crime (AFC) system in a bank is always a chess game in which several compliance officers play against thousands of international criminals. However, the rules in this game are constantly changing, regulations are often delayed, and the rapid development of modern technologies always gives criminals new […]
This article was originally published on linkedin.com. In an increasingly digitized world, the realms of online gaming and esports have surged, evolving from niche hobbies to powerful industries with revenues rivaling traditional sports and entertainment sectors. Yet, where vast amounts of money flow, so do opportunities for illicit activities. Here, we delve into the unique challenges […]
Focus on EB-5 and EB-2 Visas Financial institutions are charged with mitigating the risks of products, services, and customers, and there are many risks presented in each area. For customer risk, one area that is often overlooked is the type of visa that a non-U.S. citizen has. Many institutions often don’t consider this as a […]
According to the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) 2022 Annual Report, Americans were exposed to approximately $281 million of online shopping and non-delivery scams last year. Many of these scams took place during the holiday season. Full IC3 Report With the 2023 holiday season upon us, lets discuss 3 common holiday […]
As we enter the fourth quarter of the year, we thought this would be a good time to catch up with Rayleen Pirnie, an Accredited ACH Professional with a Bachelor’s in Criminal Justice, to give us the low-down on this year’s down-and-dirty fraud trends. Rochelle: Were there any frauds or cases that surprised you this […]
The word “Tuning” may bring to mind the idea of tuning an instrument. As we all know, if your instrument is not tuned properly, no one will appreciate all the time and effort the musician puts into playing it. If all the instruments in an orchestra are not tuned to the chosen frequency, for example, […]
This article was originally published on frankonfraud.com. Beginning in late 2021 and continuing late into 2022, a globally active, extortion-focused cyber threat actor group called Lapsus$ attacked dozens of well-known companies and government agencies around the world. It penetrated corporate networks, stole source code, and then demanded ransoms. In a newly released report by the US […]
Is your financial institution doing what it can and should to identify and mitigate sex trafficking money laundering risks? Are your risk assessment and transaction monitoring models up to date with emerging trafficking risks and trends? The rise of cryptocurrencies and the darknet (or dark web) have created new challenges for financial institutions in detecting […]
