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Top 10 ACFCS Stories of the Year: Key coverage of cyber, transparency and compliance convergence

Thursday, December 22, 2016   (0 Comments)
Posted by: Brian Monroe
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By Brian Monroe
December 22, 2016

At the Association of Certified Financial Crime Specialists, we take our content seriously. We strive to provide unparalleled depth, relevance and nuance on financial crime detection and prevention, and pride ourselves on coverage that spans the entire spectrum, from anti-money laundering (AML), to fraud, tax evasion, cybersecurity and more.

But we don’t just report on these topics individually - we are, and always have been, champions of convergence. By breaking down informational silos in institutions, organizations empower their staff to think more broadly, more critically and more holistically, increasing individual effectiveness while at the same time bolstering program efficiency and timeliness – all crucial metrics in a field ever more scrutinized by regulators.

So it’s no surprise that regulators have caught on this year, particularly in the United States, and also extolled the virtues of compliance convergence, a development we covered in-depth throughout 2016, along with other major trends including corporate transparency, cybersecurity, and individual liability and accountability for compliance roles.

And while it’s hard to pick the most important stories throughout the year, below is our Editor’s Choice of the Top 10 stories of 2016. While it's only a small sampling of ACFCS coverage, it represents news and analysis we are particularly proud of, either in terms of its importance to the field, validation of the ACFCS mission, or overall quality. Thank you for reading and enjoy!

Thursday, December 8, 2016   

FATF chastises U.S. on beneficial ownership, oversight of attorneys, real estate, Swiss on sharing » 

This piece highlighted in the highs and lows of the FATF's mutual evaluation of the US - the country got high marks for effectiveness, but the lowest scores possible tied to capturing beneficial ownership details and the oversight of non-bank entities.

Thursday, December 1, 2016   

In ransomware fight, updated system, offline backups critical: Here are 10 things to do in an attack » 

In this piece, we detail practical guidance on what you can do before, during and after a ransomware attack to survive, revive and thrive.  

Friday, November 4, 2016   

FinCEN advisory sharpens cybercrime reporting expectations, urges close ties between AML, cyber » 

In this story, we detail a FinCEN advisory that provided useful guidance on SAR reporting for cybercrime and touted compliance convergence to thwart cyber criminals, in the process validating the ACFCS mission. 

Thursday, September 29, 2016   

In wake of OFAC action against Canadian payment processor, banks to review customers, policies » 

In this story, we highlight how OFAC for the first time, designated a payment processor as an organized crime group, widening the use of US sanctions to target fraudsters. 

Thursday, September 22, 2016   

In hearing on Wells Fargo scandal, AML-style data analytics come into play » 

In this piece, we note how Wells Fargo used tactics typically employed as part of their AML arsenal to uncover illicit insider sales practices, and the importance of compliance having a say in the development and implementation of sales goals.

Thursday, September 8, 2016   

FinCEN calling for compliance convergence to better tackle ‘cyber-enabled' frauds » 

In this story, we cover how FinCEN calls on financial institutions to break down silos to stop a surging cyber attack tactic.  

Thursday, July 28, 2016   

In search of illicit assets, FinCEN GTOs hit Texas, California, expand in Florida, New York » 

In this piece, we detailed the significance of FinCEN geographic targeting orders and how they could be a harbinger of AML rules for the real estate sector. 

Sunday, April 10, 2016

Three perspectives on the Panama Papers: Law enforcement, compliance experts and policy makers » 

In this story, experts analyzed the leak of more than 11 million records from a Panamanian law firm that revealed how offshore secrecy and corporate entities helped shield the powerful, criminal and corrupt from all manner of scrutiny.

Thursday, March 24, 2016

Aging population, opportunistic relatives leading to surge in financial crimes against elderly » 

In this piece, ACFCS examined how an aging population, desperate, downtrodden relatives and fraudsters are coming together in a perfect storm to victimize the country’s most vulnerable demographic.  

Thursday, February 11, 2016

Money laundering, cybersecurity threats ‘resemble one another,’ require firm-wide commitment: OCC » 

In this piece, ACFCS highlighted how the federal regulator of the largest and most sophisticated banks in the US tied together AML and cybersecurity in the same risk management framework for the first time.

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