Bitcoin/Blockchain Presentation: Avoiding Jumbo Size Problems

By AML RightSource | May 15, 2018

Avoiding Jumbo Size Problems: Bitcoin/Blockchain Presentation Last week, AML RightSource Financial Crimes Advisory Practice Associate, Mici Chase, spoke at the Frantz Ward Labor and Employment Seminar. She co-presented with Keith Ashmus, Partner at Frantz Ward LLP, on the topic of Bitcoin and Blockchain. The presentation discussed what Bitcoin and Blockchain are and how they work, as well as what the future looks like with this new technology. See the gallery below for photos from the event. Ms. Chase…

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Beneficial Ownership: Putting the Puzzle Pieces Together

By Samantha Mucha | May 14, 2018

Putting Together the Puzzle Pieces of Beneficial Ownership The Beneficial Ownership rule (“Rule”) is oftentimes considered a component of Know Your Customer (“KYC”) procedures.  Most financial institutions (“FIs”) have focused primarily on developing the policies, procedures, processes, and technology infrastructure required to collect beneficial ownership information, but financial institutions (“FIs”) must understand how the Rule interacts with other elements of their BSA / AML program.  In addition to the KYC procedures, the Beneficial Ownership rule…

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May Employee Spotlight: Matt Hanna

By AML RightSource | May 2, 2018

AML RightSource May Employee Spotlight: meet Matt Hanna, Esq., CAMS! Matt is a Manager in our Cleveland office and has been with AML RightSource since July 2015. He has led many staff augmentation projects, is part of the company’s SAR Committee, and is interested in the regulation of Money Service Businesses. Mr. Hanna is a Manager in our Cleveland office and oversees teams of analysts across the firm’s three offices. Prior to joining AML RightSource, Matt…

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Crossing the Border: How to Evaluate Countries’ AML Risk

By Samantha Mucha | May 1, 2018

Financial Institutions (“FIs”) are required to take a risk-based approach in their BSA/AML compliance programs. The risk-based approach provides FIs with a large degree of flexibility in determining their risk thresholds for certain types of customers and transactions. FIs are also required to document their approach by developing a Customer Risk Rating (“CRR”) methodology. International transactions carry different amounts of risk, depending on the jurisdiction. In order to evaluate the risks associated with connections to…

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Prescriptions for Creating a More Robust AML Program

By Mohammad Faraj | April 18, 2018

In today’s regulatory enforcement environment, staying ahead of the trends in BSA/AML compliance is critical. The stakes in minimizing risk have never been higher, compelling managers to focus on the promotion of healthy and responsible institutional practices within their financial institutions (“FIs”). A strong AML program operates in the background when things are going smoothly. However, when things go wrong, the consequences are usually severe and the weaknesses come to the forefront. FIs and nonbank…

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April Employee Spotlight: Amber Schydzik

By AML RightSource | April 13, 2018

AML RightSource April Employee Spotlight: meet Amber Schydzik! Amber is a Manager in our Cleveland office and has been with AML RightSource since March 2015. Ms. Schydzik works in the Cleveland office as a Manager. She currently manages projects ranging in size and type and has assisted with the exponential growth of AML RightSource over the years. Amber joined the company in March 2015 and has performed a variety of AML/BSA tasks for many different…

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The Nexus between Organized Crime and Terrorism

By John Wintrow | March 15, 2018

In past articles, we have discussed the tactics, techniques and procedures used by transnational organized crime (“TOC”) and foreign terrorist organizations (“FTO”); however, we have yet to discuss the alliance between the two, including the role the financial industry plays. It is well-known in the law enforcement and intelligence communities, as far back as the 1970s and 1980s, that there are instances where a nexus exists between TOCs and FTOs. The term “narcoterrorism” is evidentiary…

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March Employee Spotlight: Mici Chase

By AML RightSource | March 1, 2018

AML RightSource March Employee Spotlight: meet Mici Chase from our Financial Crimes Advisory practice! Mici joined AML RightSource in March 2015 and operates out of our Cleveland office. She has worked on a wide variety of projects and is very knowledgeable on BSA/AML regulations and best practices. Ms. Chase works in our Cleveland office and is an Associate in the Financial Crimes Advisory practice. Mici (pronounced Mit-zee) is a key contributor to the practice’s thought…

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John Byrne’s Statement to the House Financial Institutions and Consumer Credit Subcommittee

By AML RightSource | February 15, 2018

Download John J. Byrne’s Statement Examining De-risking and its Effect on Access to Financial Services

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In Plain Sight: Illicit Funds Concealed in Artwork

By Christopher Lopez | February 13, 2018

In 2007, US federal investigators found someone attempting to smuggle a painting, titled Hannibal, at New York’s Kennedy Airport. Although the painting by American artist Jean-Michel Basquiat was appraised at $8 million, it was accompanied with a bill of lading listing the value as $100. The painting was part of a 12,000-piece art collection purchased by Brazilian financier Edmar Cid Ferriera using embezzled funds. Similarly, in a high-profile money laundering case that helped finance the…

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John Byrne interviews Former FBI TFOS Head, Dennis Lormel on how to deal with White supremacists.

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