Writing a useful SAR narrative

By Elliot Berman | June 3, 2019

Beginning with this post we will periodically be revisiting essential AML compliance topics. Refreshing the fundamentals and AML priorities helps us stay focused and able to absorb new ideas and trends. Writing useful narratives for Suspicious Activity Reports (SARs) can often be a struggle. When there are many transactions, involving multiple parties, over a long time period, putting together a clear explanation of the facts can be challenging. Part of the challenge is providing clarity…

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June Employee Spotlight: Diane Knight

By AML RightSource | June 1, 2019

AML RightSource June Employee Spotlight: meet Diane Knight! Ms. Knight is a manager in the AML RightSource Phoenix office with over 29 years of banking experience, 15 years of it within the AML industry. Prior to AML RightSource, she served in multiple roles from a branch banker to a Senior Internal Auditor with the last several years as a manager over a team of individuals conducting investigations concerning international transactions, digital currency, law enforcement and…

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Work to Do*

By John Byrne | May 28, 2019

How to Assess Corporate Compliance: DOJ weighs in…   While the debate continues on what role “guidance” plays in compliance, it is clear that we ignore what agencies say at our regulatory peril. Recent Department of Justice guidance adds more information for us to consider as we grapple with improving compliance throughout an institution. AML professionals are well aware of the 2014 advisory from FinCEN on promoting a culture of compliance and it has certainly…

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Not all high risk customers are created equal

By Chuck Taylor | May 24, 2019

While planning for a panel on Enhanced Due Diligence (EDD) for high risk clients, I was provided with pre-conference questions submitted by attendees.  One of them started with “All MSBs are high risk…”, and another with, “Since all non-profits are high risk…”.  My immediate reaction to both was to wince for a number of reasons, including that it is simply not true and can have the dramatic effect of preventing financial access to those entities…

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Why I Joined the AML RightSource Team

By Tim White | May 14, 2019

Over the last 35 years, I have primarily been in the business of providing data and technology solutions to a wide range of financial institutions. It has been a rewarding journey to be able to assist countless financial institutions with information and cutting edge technologies to improve operational and AML and Sanctions compliance efficiencies.  However, as with most things in life, it’s always execution that makes the difference.  Technology and information are only as effective…

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Where do we go from here?*

By John Byrne | May 13, 2019

House moving on AML Reform—Can it both occur, and be valuable this year?! Since the enactment of the Money Laundering Control Act in 1986, the United States has added, without ever eliminating, a myriad of requirements on the private sector (mainly the financial sector) regarding the detection and reporting of financial crime. Our AML community has consistently called for a comprehensive review of this infrastructure to improve efficiency, set realistic regulatory expectations, and actually fulfill…

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Don’t Come Around Here No More*

By John Byrne | May 3, 2019

Looting and Trafficking of Cultural Artifacts and Art Enables Terrorism (and many other crimes) In February 2015, the FATF pointed out: “Reports on the smuggling of cultural artefacts by ISIL are limited, given that they are sold on the black market.  ISIL’s ability to earn revenue from the illicit sale of antiquities is contingent upon the presence of antiquities within territory where ISIL operates, knowledge of their existence, and ISIL’s ability to recognize materials as…

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May Employee Spotlight: Kelly Browne

By AML RightSource | May 1, 2019

AML RightSource May Employee Spotlight: meet Kelly Browne! Ms. Browne is an Associate Manager in the AML RightSource Phoenix office with several years of anti-money laundering experience. Prior to joining AML RightSource, Ms. Browne primarily focused on her background in law, practicing in the states of New York and New Jersey. She has completed legal work for clients including the NYPD, Bronx District Attorney, New York Division of Human Rights, and the federal courts of…

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The Dark Triad: Understanding the Growing Nexus of Organized Crime, Terror, and Fraud

By Edward Ellis | April 2, 2019

While financial institutions are familiar with the concepts of transnational organized crime (TOC) and foreign terrorist organizations (FTO), many may not be fully aware of the expanding alliances between the two. Organized crime and terrorism groups are increasingly relying on each other to create troubling, synergistic outcomes. While both groups differ in many aspects, the way they are funding themselves involve some of the same tactics and methods. The nexus between these two seemingly distinct…

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April Employee Spotlight: Mike Schidell

By AML RightSource | April 2, 2019

AML RightSource April Employee Spotlight: meet Mike Schidell! Mr. Schidell serves as the Director of Training at AML RightSource. In this role, Mr. Schidell is responsible for overseeing all aspects of the company’s training department with particular emphasis on the development and execution of all new hire and continuing education curriculum. Through this training curriculum, Mr. Schidell ensures that all employees have the proper skills and knowledge to succeed in their roles with the company. Since…

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A virtual currency guidance and advisory issued by the U.S. Treasury Department’s anti-money laundering (AML) unit may set a new global standard for combating financial crime.

About 14 minutes ago from AML RightSource's Twitter via HubSpot