AML Conversations

This week, John and Elliot discuss the regulatory action in the UK to require sellers of art to verify the identity of buyers and their source of funds, the action by Companies House requiring the collection and retention of corporate director identity data, several prosecutions under the Export Control Reform Act, a request from the Canadian Bankers Association to reduce the number of STRs required to be filed, and several other items impacting the financial crime prevention community.

This week, John and Elliot discuss the outcomes of the October FATF Plenary, a recent investigative report about former government officials giving advice on sanctions compliance, the US Treasury’s National Strategy on Financial Inclusion, FINTRAC’s recent bulletin on the risks of Canadian lawyers not having to comply with AML rules, and several other items impacting the financial crime prevention community.

Mark Freedman of Rebel Global Security returns to AML Conversations and discusses a new era of Great Power Competition (GPC) between the United States, China, and Russia, which now dominates international politics - and its security impacts on the private sector. He points out that nation-state cyber-attacks on privately owned critical infrastructure, foreign espionage to steal intellectual property, and malign foreign investments are just a few of the tactics shaping the 21st-century battlefield. Mark offers specific suggestions on Enterprise Security Risk Management to combat these threats.

This week, John and Elliot discuss remarks by the US Attorney for Puerto Rico, the UK’s FCA’s warning to “finfluencers” about not promoting scams on social media platforms, the OCC’s action against Axiom Bank for AML program problems, an interview with the new FATF president, and several other items impacting the financial crime prevention community.

Doug Gilmer finished his lengthy law enforcement career at the Center for Countering Human Trafficking as the Senior Law Enforcement Liaison. He now runs Resolved Strategies, a global justice solutions group. Doug talked to us about the various challenges among all stakeholders to combat human and labor trafficking.

This week, John and Elliot discuss a new report from the FACT Coalition, Money Laundering from Environmental Crime: Typologies and Trends in Countries in the Amazon Region, new guidance issued by the Bureau of Industry and Security about compliance with Export Administration Regulations, new sanctions issued by the US and Canada against a sham charity fundraising for the PFLP, a reminder from IRS about the Tax-Exempt Organization Search (TEOS) tool and making safe charitable contributions, and several other items impacting the financial crime prevention community.

This week, John and Elliot discuss a new report from the UN Office of Drugs and Crime on Transnational Organized Crime and the Convergence of Cyber-Enabled Fraud, Underground Banking, and Technological Innovation: A Shifting Threat Landscape, an article on the use of cryptocurrencies in election disinformation, FCA’s recent fining of Starling Bank over its failure to have an adequate financial crime prevention program, the latest US sanctions of Hamas and several other items impacting the financial crime prevention community.

We spoke to Guy Ficco, Chief of IRS:CI, about his first six months in the position, IRS:CI's international activities, multi-agency outreach activities about fentanyl, and the continuing challenges of the increase in frauds.

This week, John and Elliot discuss a program rule comment letter from The Wolfsberg Group, new guidance on corporate compliance programs from the US Department of Justice, proposed anti-corruption legislation in the US Senate, the FBI’s new online Crime Datta Explorer, and several other items impacting the financial crime prevention community.

This week, John and Elliot discuss a release from the G7 on preventing the evasion of Russian sanctions and export controls, reported payments for Yevgeny Prigozhin made through Western banks, FATF’s report on its recent mutual evaluation of India, the Financial Conduct Authority’s recent insights on fraud, and several other items impacting the financial crime prevention community.