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How to Prepare Your Company for Annual AML Exams

By Edward Ellis | February 1, 2019

When AML compliance exams come up in conversation among financial institutions, the most common word we hear is “inconsistent.” Financial leaders would like more certainty among the various regulatory bodies, including on their interpretation and enforcement of AML laws. While we have seen a lessening of AML enforcement actions, there is a clear increase in formal agency criticism. Across the board, regulatory bodies are strengthening exam enforcement in which deficiencies result in the need for…

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Beginnings*

By John Byrne | January 30, 2019

Beginnings* Only just a start Congress starts on a bipartisan basis There have been a few posts and stories (to say the least) about how the change in power in the US congress in 2019 can impact the financial community. With the potential for investigations on everything from consumer abuse to compliance deficiencies and any other scandals, the AML community ignores the legislative branch at their peril. For several previous sessions, it was easy to…

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Why I Joined AML RightSource

By Chuck Taylor | January 28, 2019

As an AML professional with any sort of tenure, contact from recruiters becomes common place.  It’s a nice problem to have but one that most of us try to kindly deflect.  When I was contacted by a recruiter representing AML RightSource I was curious as it was not the normal type of firm that seeks me out.  As a client I knew that AML RightSource was great at what they do, but their business model…

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Power in Numbers — Thoughts on AML/BSA to start off 2019, from Frank Ewing, CEO

By Frank Ewing | January 24, 2019

As I was watching football last weekend, and specifically the New Orleans Saints versus the Los Angeles Rams, I was taken by the impact of the Saint’s crowd. The noise inside the stadium seemed deafening and raucous. The fans were passionate. The home team was energized. And then there were the Rams, visibly shook and committing several penalties and mistakes as a result of the crowd noise. Think about that – a group of well-trained,…

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AML RightSource Names Chuck Taylor as Executive VP, Head of Financial Crimes Advisory

By Alex Even | January 22, 2019

AML/BSA Compliance Veteran to Expand Company’s Financial Crimes and Compliance Operations AML RightSource announced today that Chuck Taylor, CAMS, JD, will join the company as Executive VP, Head of Financial Crimes Advisory. Mr. Taylor brings over 20 years of progressive business achievement with a proven track record of success in regulatory compliance, along with exceptional skills in research, risk analysis, and training. He is an expert in Bank Secrecy Act (BSA)/Anti-Money Laundering (AML)/Office of Foreign…

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Maybe there will be a balanced report on the state of money laundering… In the Year 2525*

By John Byrne | January 7, 2019

Every time a report is issued in late December, you have to wonder about impact. Although the advent of active social media makes it more likely that there are no longer “news dumps”, let’s assume the best and review a recent posting of the Treasury Department’s “National Strategy for Combating Terrorist and Other Illicit Financing.” The report is actually four separate documents and I would urge everyone to read all four—mainly because several are clearly…

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Charting smooth sailing in rough Waters: The House Financial Services Committee in 2019

By Tim Murphy | January 2, 2019

With the first meeting of the 116th United States Congress near, by now lawmakers have surely dried off from that November wave. As you’ll recall, cresting that swell was a mix of new and old characters who are currently jostling for various leadership positions as Democrats regain control of the House of Representatives. And, while the shakeout (or shakedown) continues for many coveted positions, leadership of the House Financial Services Committee has never really been…

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January Employee Spotlight: Mark Smalley

By AML RightSource | January 1, 2019

AML RightSource January Employee Spotlight: meet Mark Smalley! Mr. Smalley is a Senior Manager in the AML RightSource Cleveland office with over 25 years of experience in financial institutions, financial services firms, and private law practice. Mark is a Certified Anti-Money Laundering Specialist (CAMS) as well as a licensed attorney within the state of Ohio and various federal courts. His expertise spans across various AML/BSA areas including economic sanctions, Know Your Customer (KYC), Anti-Bribery and…

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The Art of Money Laundering: How to Fight the Perfect Crime

By Edward Ellis | December 26, 2018

Certain works of art are priceless. Literally. They do not have a market-determined value. The cost is whatever an art collector is willing to pay. Price flexibility in the art world is just one of the many advantages for a certain subset of the criminals — money launderers. Other advantages include portability, lack of a paper trail, anonymity, and no regulations. Artwork is lightweight compared to other valuables, like gold and cash. Artwork is bought…

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The 2019 AML List!

By John Byrne | December 18, 2018

As I have done in previous years, will be looking ahead to 2019 and what may be in store for the AML/CTF/Financial Crime Prevention community. With new committee chairs in the US House and several retirements in the Senate, it is a safe bet that any policy debates in our area will be somewhat different than the last two years. If you add on what is likely to be a financial focus on investigations of…

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