New White House Executive Order requiring regulators to waive, adjust regulations hampering recovery could come with AML, fincrime tethers

The Skinny: New White House executive order requiring regulators to trim or adjust regulations that can hamper an economic recovery could clash with financial crime compliance duties.  The order could pressure federal regulators to publicly, or behind the scenes, nudge banks to pull back on AML requirements now – only to have examiners chastise financial […]

In pandemic fraud, cyber fusillades, more criminals choosing crypto to buy virtual weapons, get paid after successful attacks: FinCEN

The Skinny: FinCEN is putting the virtual value sector on notice that criminals are increasingly using crypto coins and related exchanges to purchase malware packages and reap the profits of COVID-19 pandemic-related phishing, ransomware and other cyberattacks. These illicit actors are also attempting to hide connections to scams and schemes by engaging “anonymity-enhanced cryptocurrencies,” also […]

Pandemic has hampered AML supervision, international investigations, cooperation, could help criminals evade CDD: FATF

The Skinny: A global watchdog group is warning that the COVID-19 pandemic is creating hurdles for running financial crime compliance programs, reporting suspicious activities to law enforcement and working together to identify larger, interconnected criminal groups. The Paris-based Financial Action Task Force (FATF), the standard bearer of anti-money laundering (AML) compliance best practices, is also […]

Scholarship Spotlight: Countering human trafficking takes combination of learning criminal patterns, sharing knowledge, helping survivors rebuild, says Emily Bejarano

The Skinny: One of the winners of the ACFCS certification scholarship for fincrime professionals fighting human trafficking shares what drives her in this mission to thwart criminal groups through follow-the-money sleuthing and directly helping victims and survivors rebuild one-on-one. For Wells Fargo anti-money laundering consultant Emily Bejarano, the mission to counter trafficking goes beyond the […]

In chaos of pandemic, more ransomware attacks targeting hospitals, some dark markets struggle to meet user illicit order demands: special ACFCS webinar report

The Skinny: In chaos of coronavirus pandemic, more ransomware attacks are targeting hospitals, even as some hacking groups debate the ethics of going after vulnerable targets trying to save lives, according to details revealed in a joint ACFCS/Chainalysis webinar Friday. Conversely, even as COVID-19 has opened new avenues for scam, spam and ransomware fusillades, some […]