ACFCS Member Spotlight: For Omri Kletter, fighting fraud, illicit finance in private sector with Bottomline Technologies fueled by military service hunting terrorists, drive to protect the innocent

The Skinny: For Omri Kletter, the dangers of illicit finance getting in the hands of organized criminal networks, cyber-enabled fraudsters and terror groups isn’t a theoretical or academic exercise – the safe harbor of talking heads who never get their hands dirty or had lives literally hanging in the balance based on your decisions. That’s […]

Fincrime Virtual Week Takeaways Day One: The power of data, public-private partnerships, the challenges of sanctions compliance, key updates under the U.S. AMLA

The Skinny: Nearly 6,000 financial crime compliance professionals – current and former anti-money laundering officers and fraud fighters, regulators, investigators and watchdog groups – registered for ACFCS’ Second Annual Fincrime Virtual Week, which started Monday with the overarching theme of empowering the community to be “Agents of Innovation.” The day started with a rousing dance, […]

How to launder $1 million easily, quickly and quietly – and without catching the attention of global authorities: a view into global AML vulnerabilities through the eyes of ‘The Infiltrator’

Image Courtesy: HC Movie Reviews.  The Skinny: In a response to the fincrime compliance community throwing down the gauntlet in a serious, not-so-serious query of, “how would you launder $1 million,” a former government agent who went undercover to take down Mexico’s most powerful narco cartels takes up the challenge. In this theoretical organized criminal […]

Regional Report – Europe: In aggressive AML overhaul, EU unsheathes new fincrime compliance authority, stronger rules to illumine crypto, stamp out ownership opacity

The Skinny: In expansive European Union anti-money laundering update, some big changes to improve fight against financial crime, including a compliance super regulator that can pressure large, international banks – and member state regulators,  a ban on anonymous crypto wallets and a limit of paying more than 10,000 euros in cash, for anything. Those are […]

In FinCEN release of AML priorities, Wolfsberg metrics of effectiveness, a glimpse of the future of financial crime compliance

The Skinny: The future of financial crime has “effective” compliance teams generating “highly useful” and “relevant” intelligence for investigators in focused, shifting defined “priority areas,” both broad generators of illicit income, like corruption and cyber-enabled fraud, but also attuned to the actions and reactions of international threat actor groups. Those are just some of the […]

Special ATII Report – How Human Traffickers Exploit International Economics: Cryptocurrencies, Banks, and Credit Cards (Part 2 of 4)

The Skinny: In this second piece in a four-part series by the Anti-Human Trafficking Intelligence Initiative (ATII), the group tackles how criminal groups exploit the gaps between, in and around brick-and-mortar banks, crypto and credit cards. In a growing number of cases, trafficking groups are swimming together multiple laundering techniques to make it as difficult […]

Austrac faces parliamentary inquiry over AML effectiveness, financial institution oversight ‘failings’

The Skinny: The central pillars of Australia’s defenses against financial crime, including the country’s financial intelligence unit, banking regulators and financial institutions, are facing fresh scrutiny by lawmakers after a series of scandals led to international embarrassment and billions of dollars in compliance penalties. The broader context is that, ironically, in recent years, Austrac has […]