Posted by Diana Labori - firstname.lastname@example.org 01/26/2019
FINANCIAL CRIME WAVE – COUNTRY CORRUPTION RANKINGS FALL, HONG KONG BOLSTERS AML COVERAGE, AND MORE
In this week’s Financial Crime Wave, global graft watchdog Transparency International sees corruption scores fall in wake of Panama Papers, Hong Kong’s financial regulator looks to boost transparency and anti-money laundering coverage of gatekeepers, criminals turn to “virtual kidnapping” to steal money, without ever leaving their hovels, and more.
Australia’s financial intelligence unit has attempted to tackle the global trend of “de-risking,” in particular, tied to money services businesses, concluding that while some firms can have a difficult time getting and keeping bank accounts, overall international remittance figures continue to grow, (via Austrac).
A rule implemented by the New York State Department of Financial Services that took effect on Jan. 1 will add teeth to federal statutes requiring financial institutions to validate their anti-money laundering compliance programs, (via the Wall Street Journal).
Many cooperative banks in India struggling on AML, countering terror financing, says report
Reports claim that all the cooperative bank employees lack with the potential knowledge of anti-money laundering protocol and regulations. The cooperative banks of India constitute approximately 3.25 percent of the entire banking sector. On the scale of 0-10, the vulnerability of the money laundering processes in any cooperative bank is measured at 0.39 with zero being unsafe in the scale of measurement. The multi-agency analysis survey conducted by the Enforcement Directorate (ED) with the coordination of the Financial Intelligence Unit (FIU), Income Tax department and CBI has stated that the Cooperative bank staffs in particular is observed to be more fragile in overseeing anti-money laundering (AML) and combating terrorist financing (CFT) threats, (via Fingo9).
Will Trump end crackdown on dirty cash in luxury real estate, a key aim of the U.S. Treasury? (via the Miami Herald).
See What Certified Financial Crime Specialists Are Saying
"The CFCS tests the skills necessary to fight financial crime. It's comprehensive. Passing it should be considered a mark of high achievement, distinguishing qualified experts in this growing specialty area."
KENNETH E. BARDEN
"It's a vigorous exam. Anyone passing it should have a great sense of achievement."
(CFCS, Official Superior
de Cumplimiento Cidel
Bank & Trust Inc. Nueva York)
"The exam tests one's ability to apply concepts in practical scenarios. Passing it can be a great asset for professionals in the converging disciplines of financial crime."
(CFCS, Royal Band of
"The Exam is far-reaching. I love that the questions are scenario based. I recommend it to anyone in the financial crime detection and prevention profession."
(CFCS, CAMS Lead Compliance
Trainer, FINRA, Member Regulation
Training, Washington, DC)
"This certification comes at a very ripe time. Professionals can no longer get away with having siloed knowledge. Compliance is all-encompassing and enterprise-driven."
KATYA HIROSE CFCS, CAMS, CFE, CSAR Director, Global Risk & Investigation Practice FTI Consulting, Los Angeles