Time for ‘Bad Banker Registry’?
Banking scandals implicate culture If the Wells Fargo debacle has you cringing this month, you may be among those wondering whether it’s finally time for a ‘Bad Banker Registry.’ William Dudley,...
View ArticleStruggling to return laundered kleptocrat money
Returning laundered state money proves difficult A lead story in the Business Day section of the New York Times last week featured a close-up picture of a crystal-covered glove. The glove. Michael...
View ArticleLawyers remain weak link in U.S. AML Compliance
Billions pass through AML-opaque trust accounts each year FATF’s Mutual Evaluation Report on U.S. AML efforts was released last month, and there remains a glaring weakness: the lack of AML requirements...
View ArticleWestern Union forfeits over half a billion dollars for ignoring AML
DOJ: Tone from the top aided massive AML violations The U.S. Department of Justice last week announced that Western Union, a giant American MSB, has agreed to forfeit over half a billion dollars due to...
View ArticleWill U.S. maintain AML pressure on all-cash real-estate buys?
FinCEN AML scrutiny on luxury real estate set to expire Feb. 23 The luxury real-estate market is well known as a lure for money laundering. Millions of dollars in all-cash transactions occur...
View ArticleE.U. wrestles with AML/CFT versus tax-haven issue
With AML/CFT blacklists, devil is in the details Finding global common ground on the best approach to AML Compliance remains a challenge as evidenced by the rejection by EU lawmakers of a revised...
View ArticleFailures in AML & risk-based approach cost Deutsche over half a billion
‘Mirror trade’ scheme helps Russians launder billions in New York, London, & Moscow Deutsche Bank made headlines again in Compliance news—to the tune of more than half a billion dollars in fines...
View ArticleTug-of-war among competing Compliance interests
Veneer of Compliance or the real thing? By Frank Cummings, CEO of AML Partners, LLC Like many of you, I pay close attention when Compliance makes the news. Usually it’s bad news. Very bad news. Like...
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Ecosystem approach to AML Compliance leads high-tech thinking
Ecosystem approach to AML Compliance leads RegTech innovation, effectiveness You know the old saw that if an object is shiny, a monkey will grab it? ‘Robotics’ and ‘AI’ are the new “shiny” in RegTech...
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Dynamic Case Manager for Better AML Compliance
Dynamic Case Manager transforms AML case management AML Partners’ Dynamic Case Manager is a Global BSA/AML ‘Suspicious Activity Alert’ Case Manager. Dynamic Case Manager (DCM) is the latest module to...
View ArticleSix years for man tied to $3B scheme & $20 million in mattress
Financial crime nets six years for TelexFree founder Do you ever feel awkward trying to break a hundred-dollar bill? Try $20 million in cash. Hidden in a mattress in Massachusetts—with no good plan to...
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Shared accountability a key to Risk, AML Compliance
Best AML software solutions include Shared Accountability Did you now that AML Partners builds shared accountability directly into its AML and risk software solutions? Those features may be more...
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Ecosystem Thinking in AML crucial to PEP, affiliations success
Peak AML Compliance for PEPs, Affiliations PEPs and other affiliations can be a nightmare in AML due diligence across the span of a customer lifecycle—they can present high risk but are tough to track...
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AML Compliance central to bitcoin’s future?
AML Compliance is entry fee to global banking system Cryptocurrencies can tout their anonymity all they want, but trying to exchange a bitcoin for dollars still triggers AML Compliance requirements to...
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Can banks lead fight against human trafficking?
Compliance efforts again leveraged to detect, prevent financial crime The fight against human trafficking is gaining traction. New efforts by European banks and a new bill in the U.S. Senate...
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CCO hit with quarter-million dollar fine in AML Compliance settlement
FinCEN holds individual CCO accountable for AML Compliance failures Thomas Haider, former chief compliance officer at Moneygram, won’t be on anyone’s AML Compliance payroll for the next three years—and...
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Time for crash course in CYA for AML?
Smart CYA protects personal liability for AML Compliance If recent breaking news of a massive fine and AML banishment of a Chief Compliance Officer made you queasy, you’re in good company. The U.S....
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New UBO Rules for AML in 2018: Don’t wait to defuse that ticking time bomb
Tech planning and IT solutions crucial to meeting 2018 UBO rules for AML Compliance By Frank Cummings, CEO of AML Partners, LLC Tick…tick…tick… [Cue the frantic violins…] You know that panicky music...
View Article1MDB Fund’s AML morass continues to unwind
Justice Department lawsuit again targets 1MDB Fund with money-laundering allegations AML Compliance irregularities of Malaysia’s now-notorious 1MDB fund are making headlines again—this time because the...
View ArticleDennis Rodman, North Korea–and AML Compliance?
Reality of AML Compliance a backstory to Potcoin’s support of Rodman’s North Korea trip Strange days, indeed, when Dennis Rodman and North Korea make news in the world of AML Compliance. But that is...
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