Responsibilities primarily include transaction monitoring and research of customers deemed to be "high risk" by our various financial institution clients as required by their respective Anti-Money Laundering (AML)/Bank Secrecy Act (BSA) programs. This position can be located in either our Cleveland, Ohio; Hudson, Ohio or Phoenix, Arizona offices.
Last week, AML RightSource Financial Crimes Advisory Practice Associate, Mici Chase, spoke at the Frantz Ward Labor and Employment Seminar. She co-presented with Keith Ashmus, Partner at Frantz Ward, on the topic of Bitcoin and Blockchain
The Beneficial Ownership rule is oftentimes considered a component of Know Your Customer (“KYC”) procedures. Most financial institutions have focused primarily on developing the policies, procedures, processes, and technology infrastructure required to collect beneficial ownership information, but financial institutions must understand how the rule interacts with other elements of their BSA / AML program.
This edition of AML Conversations features John Byrne and Jonathan Lopez, Partner in the white collar corporate investigations group at Orrick, Herrington & Sutcliffe in Washington DC. The discussion revolves around Jonathan’s previous career with the Department of Justice and the perspective he now has after transitioning to currently defending and advising white collar clients.
Financial Institutions (“FIs”) are required to take a risk-based approach in their BSA/AML compliance programs. The risk-based approach provides FIs with a large degree of flexibility in determining their risk thresholds for certain types of customers and transactions. International transactions carry different amounts of risk, depending on the jurisdiction. What methodology should FIs use to identify higher risk countries?
In today’s regulatory enforcement environment, staying ahead of the trends in BSA/AML compliance is critical. The stakes in minimizing risk have never been higher, compelling managers to focus on the promotion of healthy and responsible institutional practices within their financial institutions (“FIs”). A strong AML program operates in the background when things are going smoothly. However, when things go wrong, the consequences are usually severe and the weaknesses come to the forefront.
This episode features John Byrne, AML RightSource Vice Chairman, and Dan Soto who serves as Chief Compliance Officer at Ally Financial and is a member of the ACAMS Advisory Board. The conversation goes through Dan's career starting in the public sector to where he is today, including comments about compliance in 2018 and some of the things he has learned throughout his career.
It is well-known in the law enforcement and intelligence communities, as far back as the 1970s and 1980s, that there are instances where a nexus exists between transnational organized crime and foreign terrorist organizations. What role does the financial industry play in this alliance?
AML RightSource, national leader in anti-money laundering services and premier provider to the financial services sector, celebrates a period of exponential growth with the appointment of Mark A. Schlageter to the organization’s Board of Directors.
On February 20, 2018, American Banker published "Did bank's KYC controls fail in Russian efforts to sing election" by Rachel Witkowski and Ian McKendry. The article discusses Know Your Customer (KYC) efforts and how process improvements could prevent future Russian efforts to influence elections.
View the statement for the record of John J. Byrne, Esq., CAMS to the House Financial Institutions and Consumer Credit Subcommittee on “Examining De-risking and its Effect on Access to Financial Services,” February 15, 2018.
Our second episode features John Byrne, former ACAMS Executive Vice President and current AML RightSource Vice Chairman and Board Member, discussing the intersection of fintech and community banking with John Waupsh, Chief Innovation Officer at Kasasa, and author of “Bankruption: How Community Banking can Survive Fintech.”
Illicit Finance Spotlight Series - In Plain Sight: Illicit Funds Concealed in Artwork
by Christopher Lopez
Associate Analyst II
AML RightSource announced today that it has appointed John J. Byrne to Vice Chairman.
Illicit Finance Spotlight Series - Blockchain of Diamonds, Risks and Regulation of the Diamond Industry and How Blockchain Technology Can Improve Transparency
by Mici Chase, MS, CAMS
Associate, Financial Crimes Advisory
Welcome to the first episode of our new podcast series, AML Conversations. This series is dedicated to inform professionals and those interested in anti-money laundering about conversations happening in the government, private sector, and internationally. We will be posting interviews, live programming, and panel discussions related to the industry throughout the series to keep our listeners well-informed.
Illicit Finance Spotlight Series - China’s Illicit Financial Flows The Threat to Global Stabilization
by Sabeen Baakza, J.D., CAMS
Senior Associate, Financial Crimes Advisory
AML RightSource, a leader in Anti-Money Laundering (“AML”), Bank Secrecy Act (“BSA”), and Financial Crimes compliance service, announced today that it has named John J. Byrne to its Board of Directors.
Mergers of Financial Institutions (FIs) are an increasingly common industry trend. A merger creates a number of challenges for Bank Secrecy Act (BSA) Officers who are tasked with developing an integration plan, while ensuring ongoing compliance with the relevant laws and regulations. When FIs find themselves in the midst of a merger, developing a strategic approach to help facilitate the merging of policies, procedures, and processes, while simultaneously remaining compliant with applicable laws and regulations, can prove highly beneficial.
Recently, we observed the sixteenth anniversary of 9/11, recalling the tragic loss of life and the sustained terror threat that still exists. In this article, we will recall what was believed to be one of Al Qaeda’s (“AQ”) primary means of funding its operations, discuss the current state of terrorism financing, and take a glimpse at what the future may hold.
How effective is your financial institution (“FI”) at assessing the overall inherent risk within your organization? Where is the highest amount of risk concentrated within the enterprise? How is risk even assessed? The responses to these questions all converge to one locale—the foundation for maintaining and safeguarding the integrity of your FI begins and ends with your AML and OFAC Enterprise-Wide Risk Assessment (“ERA”). In this post, we examine the mechanism behind developing a resilient ERA and how FIs can effectively sustain a low-risk enterprise utilizing a methodical framework. Although you may think your institution maintains a strong ERA, this post may prompt you to reexamine your ERA.
Current shareholders of AML RightSource, Frank Ewing and Paul Linehan, will maintain an ownership stake in AML RightSource and will lead the business in partnership with Clarion.