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No Receipt? No Problem. How Fraudsters use Merchandise Returns to Make Millions

By Jessica Mitchell | November 18, 2019

As holiday shopping increases, so do the opportunities for Organized Retail Crime. “Theft from retail establishments has long been a problem,” – according to Rep. Robert C. Scott, (VA), Chairman of the House Subcommittee on Crime, Terrorism, and Homeland Security back in November 2009  – “but the problem gradually grew beyond simple, isolated incidences of shoplifting and burglary into something more complex.” It wasn’t until the 1980’s, he added, “that organized retail crime was recognized…

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Combating Organ Trafficking

By AML RightSource | November 8, 2019

Adding to the number of criminal activities that are part of the money laundering infrastructure is organ trafficking. Expert Christina Bain, discusses this horrific crime, the need for private-public partnerships to combat the crime and offers financial indicators that can be developed for identifying and reporting organ trafficking. *John sat down with Melissa during the 2019 ACAMS 18th Annual AML & Financial Crime Conference in Las Vegas, NV outside of the exhibit floor. There are…

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The Importance of Knowing Your Customer during the Holidays

By Amanda Salasek | November 7, 2019

Know Your Customer (KYC) is not only a requirement from the Bank Secrecy Act’s Customer Due Diligence (CDD) Rule, but is also an important part of keeping financial institutions and their customers safe during the holiday season. KYC can help financial institutions determine who are likely targets of fraud, as well as what patterns of activity are indicative of a fraudster. KYC can be used to detect fraud through information collected directly from the customer…

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The Song Remains the Same*

By John Byrne | November 6, 2019

AML Professionals simply want the BSA to work.. Whether in open hearings before Congress, at conferences, or in closed-door sessions such as our recent AML RightSource Symposium, when AML community leaders discuss their challenges, the themes are constant—the bifurcated nature of the Bank Secrecy Act prevents success. Success, as has been defined many times, is to get information into the hands of law enforcement. Over the course of the day, the group of AML leaders…

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Training – A Five Pillar Requirement That is Always Changing

By Elliot Berman | November 4, 2019

This post is part of our occasional series on AML program fundamentals which focuses on refreshing foundational knowledge for experienced members of the AML community and providing an introduction to key topics for those new to the subject. As discussed in The Five Pillars of an AML Compliance Program, employee training is a key element of an AML compliance program. The minimum training requirement is set out in the FFIEC BSA/AML Examination Manual: Banks must…

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November Employee Spotlight: Chad Squires

By AML RightSource | November 1, 2019

AML RightSource November Employee Spotlight: meet Chad Squires! Mr. Squires is a Senior Analyst in the AML RightSource Hudson office with over two years of experience in financial crimes consulting. He is a Certified Anti-Money Laundering Specialist (CAMS) and currently an Advanced CAMS-FCI candidate. Mr. Squires joined the company in early 2017 and has contributed to multiple client engagements in various capacities including alerts, cases, SAR filings, training, analyst onboarding, and quality control. He is…

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Machine Learning and Robotic Process Automation: the Next Steps in AML Technology

By Ruben Aguero Quinteros | October 25, 2019

Since the passage of the Bank Secrecy Act in 1970, FIs have looked for ways to automate elements of their AML compliance programs. Early automation included integration of exemption lists with teller systems, automatic printing of CTRs, accumulation of CTR information for bulk filing, integrating OFAC list screening with transaction processing systems and use of rules based systems to identify potentially suspicious transactions. More recently with the broadening of FI delivery channels, the rising cost…

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Combating Wildlife Trafficking

By AML RightSource | October 22, 2019

AML professionals are well aware of the many diverse ways that organized criminals and terrorists utilize items of value to move and disguise the movement of funds derived from those items. While not a new area, we need to learn more about “wildlife trafficking” and recognize that, for example, over 7000 species have been traded illegally. In this interview, a committed activist, Melissa Leeds, shares her insights on the broad scope of this global problem…

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The Heat is On*

By John Byrne | October 2, 2019

AML Reform needs all of us – this year or hopefully next We know that the current 116th Congress has another year before it is over; still there remains some speculation that the various AML bills in the House and Senate could move before the 2019 recess. While last week’s dramatic announcement of the start of an impeachment inquiry could prevent any legislative movement, the formal introduction in the Senate of the “Illicit Cash Act”…

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October Employee Spotlight: Coletun Long

By AML RightSource | October 1, 2019

AML RightSource October Employee Spotlight: meet Coletun Long! Mr. Long is a Senior Analyst in the AML RightSource Cleveland office with over two years of experience in financial compliance including CDDs, EDDs, alert triage, investigations, SARs, fraud typologies, quality control, training, and transaction monitoring. Mr. Long joined the company in 2017 and has contributed to client engagements in various capacities. He is currently involved an engagement with over 70 analysts that provides assistance with fraud/AML…

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