AML Conversations

Global cryptocurrency exchange giant Binance, was hit with a consent order earlier this week. John and Elliot, joined by Joe McNamara (AML RightSource) discussed the recent consent order against Binance, highlighting two main themes: the collaboration among various law enforcement agencies and the focus on cryptocurrency compliance. They noted the importance of law enforcement working together and the need for crypto exchanges to adhere to traditional anti-money laundering (AML) obligations. The discussion also covered Binance's failures in reporting transactions linked to terrorism, ransomware, child sexual abuse materials, and darknet activities, and the team's reflections on the implications of this case for the broader financial and regulatory community. Happy Thanksgiving, everyone.

It has been another busy week. The Basel Institute on Governance released its AML 2023 Index. The US and the UK issued sanctions on Hamas leaders and financiers, and the US House Financial Services Committee approved several interesting new bills. John and Elliot discuss these activities and their meaning for the financial crime compliance community.

John talks with Chuck Taylor of our Financial Crime Advisory about recent discussions in the popular press about why banks close customer accounts.

It has been a busy week. FinCEN issued an alert and final rule, OFAC issued sanctions against cartel activity on fentanyl, and Canada and the UK adopted new laws on beneficial ownership reporting. John and Elliot discuss these actions and what they mean for the future.

It has been a busy week. FATF released the outcomes from its October Plenary, the Biden Administration issued an Executive Order on Artificial Intelligence, and the US Supreme Court heard arguments about asset forfeiture. John and Elliot discuss the possible impact of these actions and what you should watch for going forward.

Step into the exciting realm of cutting-edge AI technology!

Join our host, Rachel Dettmer, as she welcomes back our esteemed Principal Data Scientist, Leandro Loss, for an engaging discussion on Large Language Models.

Together, they delve into thought-provoking questions:

How will these models revolutionize anti-money laundering and financial crime compliance?

Are human investigators at risk of being superseded by these models?

Why are regulators apprehensive of their inclusion into compliance programs?

Tune in as they discuss the intersection of technology and compliance in an evolving financial crime landscape!

FinCEN has issued a new regulation, renewed its real estate geographic targeting orders, and published an alert regarding terrorist financing. John and Elliot discuss this flurry of activity and why each element is important in today’s operating environment.

John and Elliot examine how different things come together in financial crime prevention efforts. They discuss a recent release from AUSTRAC about the connection between cybersecurity and AML/CFT compliance and an interesting blog post from the Council on Foreign Relations on the nexus of human trafficking, democracy, and corruption.

In this episode, Leandro Loss, our Principal Data Scientist, and Kevin Lee, our Director Financial Crime Technology, delve into the trustworthiness of AI, why it's often viewed as an enigmatic 'black box', and why conventional 'white' models are falling short in the battle against financial crime.

It's clear that terrorist financing is still a global problem that demands consistent vigilance. John and Elliot discuss the importance of being vigilant and the challenges nations and organizations face worldwide.