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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Beware of Darkness*

By John Byrne | March 26, 2019

AML legislation as a light? Despite universal A.D.D. in all aspects of policy debate, and the consistent chase for the shiny object, for the first time in years there seems to be an appetite for AML reform, or at least partial change. After attending two programs and watching a House hearing in the past two weeks, I wanted to identify some areas that may see some actual movement. Bipartisanship—Really? I have realized over time that…

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Evaluating Controls in the Risk Assessment Equation

By Edward Ellis | March 25, 2019

As the need to stay in compliance continues to be at the forefront of every financial institution’s priorities, one of the key factors is The Federal Financial Institutions Examination Council’s (FFIEC) requirement for financial institutions to develop and execute an Enterprise Wide Risk Assessment (EWRA). Beyond this requirement and the acknowledgment that the FIs may employ a risk-based approach to the EWRA, the FFIEC provides very little guidance on how to execute an effective EWRA.…

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The Beneficial Ownership Rule

By Edward Ellis | March 6, 2019

As all financial institutions are aware, in May of 2018, the Financial Crimes Enforcement Network (FinCEN) customer due diligence (CDD) Rule went into effect, amending pre-existing Bank Secrecy Act (BSA) regulations. This rule was enacted in part to help solidify customer due diligence requirements for U.S. financial institutions, and added the Beneficial Ownership Rule. Subject to certain exclusions, the rule requires that all covered Financial Institutions (FIs) collect and maintain information on beneficial owners for…

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March Employee Spotlight: Katie Smith

By AML RightSource | March 1, 2019

AML RightSource March Employee Spotlight: meet Katie Smith! Ms. Smith is an Associate Manager in the AML RightSource Cleveland office with over ten years of experience in banking and anti-money laundering. Before joining AML RightSource, she served in roles such as banker and retail operations and compliance manager at a $450 billion asset sized national bank. Her responsibilities included compliance training, loss mitigation, and preparation for quality assurance reviews. Ms. Smith joined the company in…

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What Were Once Vices Are Now Habits*

By John Byrne | February 26, 2019

A review of “Dark Commerce” Age old corruption still exists and is really part of the economic fabric One of the most interesting parts of the very broad-based AML (anti-money laundering) community is how much we are challenged with and how much we can still learn. Years ago, a compliance officer or policy professional only needed to know about some very basic recordkeeping and reporting and most of the crimes being identified were related to…

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“Do you want to know a secret?”

By John Byrne | February 19, 2019

One of the most essential activities the AML community can engage in is sharing information, best practices and expertise on the myriad of challenges facing all of us. We at AML RightSource saw that, up close and personal, in late 2018 when we held a closed-door symposium with clients, AML peers and other global experts. In a way, the symposium was modeled after a process I originated while at ACAMS— taking the age-old notion of…

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Is AML Ready for Artificial Intelligence?

By Edward Ellis | February 14, 2019

Today’s criminals have more sophisticated ways to launder money than ever before. This is creating unprecedented challenges for the AML community. To minimize the increasing risks, financial institutions also need more advanced tools and skills to help them track, discover, and stop financial crimes from occurring. One new field of technology being explored in the fight against financial crimes is artificial intelligence. Through ongoing continuous training, machine-learning-based AI continually gathers new knowledge, becomes smarter, and…

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