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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The Financial Risks and Transparency of the Diamond Industry

By Mici Chase | January 17, 2018

Where do diamonds come from? Before a diamond is set and sold, it travels through a series of forms, and simultaneously, across the world. Diamonds are mined and initially traded as rough diamonds, then cut and polished to be traded as loose polished diamonds, sold to jewelry manufacturers where they become mounted polished diamonds, enter jewelry retailers, and are ultimately bought by consumers. Diamonds may be mined in Africa, cut and polished in India, traded…

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China’s Illicit Financial Flows

By AML RightSource | December 15, 2017

The International Monetary Fund (“IMF”) indicated that Illicit Financial Flows (“IFFs”) surging from developing economies globally reached a staggering $3.5 trillion USD in 2014. Every year, approximately $1 trillion USD in IFFs leave the developing world to find refuge in developed countries, money laundering and tax havens, or countries with loose anti-money laundering (“AML”) and counter-terrorist financing (“CFT”) laws and regulations. Where is the majority of IFFs originating from, and where specifically are these illicit funds…

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Greater Cleveland Food Bank

By AML RightSource | December 13, 2017

This holiday season AML RightSource has several initiatives to give back to the community. Throughout the month of December, members of AML RightSource Cleveland and Hudson offices are volunteering at The Greater Cleveland Food Bank. Every dollar you give, the food bank can provide four nutritious meals to those struggling with hunger. The Greater Cleveland Food Bank is the largest hunger relief organization in Northeast Ohio, having provided 55 million meals in 2017 to hungry people…

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How FIs can Disrupt the Child Pornography Criminal Enterprise

By AML RightSource | November 20, 2017

Crimes against children are heinous and known to be vilified even among the most notorious criminals, but these crimes are, unfortunately, also extremely profitable. The child pornography (CP) industry is a criminal business enterprise with far-reaching consequences for its victims. In a world of increasingly fast-paced, global, and anonymous transactional options, financial crimes professionals have a unique opportunity to see what others cannot, and a responsibility to aggressively research, report, and document child sexual exploitation.…

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Strategic BSA/AML Compliance in a Financial Institution Merger

By Samantha Mucha | November 1, 2017

Mergers of Financial Institutions (FIs) are an increasingly common industry trend. A merger creates a number of challenges for Bank Secrecy Act (BSA) Officers who are tasked with developing an integration plan, while ensuring ongoing compliance with the relevant laws and regulations. A merger impacts all aspects of the FI’s BSA Program, from the Enterprise-Wide Risk Assessment (ERA) through process implementation. When FIs find themselves in the midst of a merger, developing a strategic approach…

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Despite the valuable insight CTRs provide law enforcement, the process for the exemption criteria is quite burdensome. Here's how to understand CTR exemptions and their practicality:

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