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The Cloak of Technology: Rising to the Challenges of Online Banking and E-Commerce

By Diane Dylinski | July 2, 2019

The last two decades have seen a virtual explosion in online financial activity. Widespread adoption of applications (apps) running on smart phones and tablets offer a new level of portability and faster funds transfers. Customers can link bank accounts, credit cards and debit cards to apps to facilitate payments from any location. The inevitable tradeoff for this convenience is that criminals are now hiding behind the cloak of technology in their attempts to quickly move…

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July Employee Spotlight: David Green

By AML RightSource | July 1, 2019

AML RightSource July Employee Spotlight: meet David Green! Mr. Green is a Senior Analyst in the AML RightSource Hudson office with over two years of experience in financial compliance including quality assurance, training, project-specific analyst onboarding, analyst development, investigations, SARs, EDDs, transaction monitoring, project management assistance, and internal and external reporting. Mr. Green joined the company in 2017 and has contributed to client engagements in various capacities. He currently supports an engagement of over 70…

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We Can Change the World*

By John Byrne | June 28, 2019

Working together always works While I have always believed that what we do in the AML community makes a difference, the past two years (at least) have seen the expansion of challenges that demand proactivity. When we work together with groups outside of AML toward a common goal, our impact can be immeasurable. A perfect example is a webinar I participated in this week with the Charity & Security Network on “Tips for Successful Banking…

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AML RightSource Voices – Hot Topics Webinar

By AML RightSource | June 26, 2019

AML RightSource is launching a quarterly webinar series, “AML RightSource Voices”. The first installment will be broadcast live on July 23rd, 2019 beginning at 12:30 pm ET, with this edition focusing on AML Hot Topics. The discussion will include insights into the intersection of AML compliance and the art and antiquities markets, how to ensure your compliance program supports working effectively with charities, the recently published Framework for OFAC Compliance Commitments, updates on sanctions relating…

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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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