July 31, 2014, Miami, FL – Before a diverse audience of high-level executives in Mexico, the Association of Certified Financial Crime Specialists delivered a formal presentation on July 16th that elaborated on the organization’s services, knowledge, experiences and best practices in the area of financial crime.
The association’s visit to Mexico was coordinated by the Mexican-American Chamber of Commerce and held at the Banker’s Club in the historic heart of Mexico City, where over 70 professionals from 50 organizations gathered to learn more about the main challenges that face Mexican organizations in the area of financial crime. The directive of ACFCS explained how organizations can use best practices and tools to mitigate those risks in a new era of financial crime, in which the pace of financial operations leave a thin margin of error for professionals and institutions.
Partly due to pressure from law enforcement to apply sounder business practices, many organizations and institutions, from the financial and commercial sector, are seeing the importance of complying with laws against financial crime. Beyond the standard infraction of money laundering, institutions are facing a wide range of threats, such as corruption, cybercrime, fraud and tax evasion, among other crimes that once did not take priority.
The diversity of organizations that participated in the event reflects a new reality. Among the audience were private institutions in the financial sector – banks and non-banks alike – as well as exchange houses, financial groups and funds, public banks, government agencies, and companies in the real sector that participate in importation and exportation, among other participants.
Stephen Fredette, Chairman and CEO of BARBRI, the parent company of ACFCS and Dan Schoepf, the Senior Vice President, were part of the committee that organized the event and also met with high-level authorities in charge of overseeing controls against financial crime and organized crime.
Among the presenters invited by the association was Javier Vargas Muñoz, the Chief of Compliance at Bank of Costa Rica, who was one of the first members in Latin America to receive the CFCS certification. Muñoz traveled to Mexico to explain his decision to obtain the certification and the need to focus on the new panorama of financial crimes from an integral and holistic perspective.
With the surge of new technologies and the increase in regulatory obligations, the spectrum of financial crimes has widened and professionals in this area therefore need to be well-equipped with the most relevant knowledge and skills. The specialists who participated in these meetings recognize that the certification offered by ACFCS is a precise and necessary tool to combat financial crime which offers better protection to an organization.
ACFCS is an organization made up of members and that offers the title of Certified Financial Crime Specialist, the only credential that verifies the skills and knowledge of professionals in all the areas of financial crime. ACFCS also offers training, analysis and a network of professional and expert contacts to its community of worldwide specialists who participate, in both the private and public sector.
In addition to the principal types of financial crime, such as money laundering, corruption, fraud and tax evasion, ACFCS also covers the complete range of financial crime topics in the 21st century, including data security, virtual currency, big data and analytics, forensic auditing, cybercrime, among others of high importance.