ACAMS

Help shape the future of financial crime compliance – ACAMS Global AFC Threats Survey is ready for your input: https://bit.ly/3z31Nik Last year’s survey results helped prepare the AFC community for emerging threats like economic downturns, rising geopolitical tensions, cyber-enabled fraud, and complex sanctions regimes. As these challenges, and new technology-forward threats like AI exploitation, continue to evolve – your participation is more important than ever. #AFC #AntiFinancialCrime #FinancialCrimePrevention #FinCrime

The Federal Bureau of Investigation (FBI) has released an alert for financial institutions setting out the scale of Business Email Compromise (BEC) fraud which they calculate has led to $55bn of losses between 2013 and 2023. The scam is carried out when a legitimate business or personal email account is compromised through social engineering or computer intrusion to conduct unauthorized transfers of funds. Between December 2022 and December 2023, there was a 9% increase in identified global losses. 2023 saw a growth in BEC reporting where funds were sent directly to financial institutions housing custodial accounts held by third-party payment processors, peer-to-peer payment processors and crypto exchanges. Victims of BEC fraud should contact their bank and law enforcement immediately as funds may be recoverable. The FBI alert also shared prevention tips which businesses can put in place. https://bit.ly/3XrsENm

BREAKING: Wells Fargo signed a formal agreement with the OCC on Thursday that cites flaws in the bank’s AML program. Read in front of they paywall on ACAMS moneylaundering.com, here: https://lnkd.in/g-8GwsfT #AML #compliance #enforcement #regulation #banking #financialcrime (Photo: Mike Mozart)

??"Effectiveness" is a key concept in fighting financial crime, but what does it truly mean? In this episode of ACAMS Live, Craig Timm delves into this topic, which is laid out in ACAMS' whitepaper: "Incentivizing Effectiveness: Strategies to Achieve Better Financial Crime Results," based on insights gathered from discussions globally. The paper outlines 5 strategies for jurisdictions to consider: 1?? Define the desired outcomes of the AFC regime and use them to evaluate stakeholders 2?? Ensure the defined outcomes include results, not just technical compliance 3?? Establish a strategic public-private partnership focused on effectiveness 4?? Evolve AFC programs from a coverage approach to an intelligence-led approach 5?? Creative supervisory incentives to drive a risk-based approach that leads to more effective outcomes Read the full paper here?? https://bit.ly/4dY0cK5 Have you read the paper? Do you have any feedback? We’d love to hear from you!

??????????????, ??????????????????????, ??????????????: ???????? ?????? ????????-?????????????????? ?????????? ?????????????????? ???? ?????????????????? Singapore's AFC professionals are facing unprecedented challenges. It's time to come together to find solutions. Join Caryn Leong, ACAMS Regional AML Director for APAC, and ????+ ?????????? ?????????????? at the ?????????? ?????? ?????????????????? ?????????????????? to: ????????? ???????? into cyber-enabled crimes, geopolitical risks, and the latest tech. ??????????????? AML regulatory developments and their impact on your work. ??????????????? with peers, share insights, and build lasting connections. This is your chance to be part of the solution. Don't miss it. ??? Singapore Symposium, September 30, 2024! Register today!?? https://bit.ly/4fUIyZ4 #ACAMS #AML #Singapore #Networking #Collaboration #Cybercrime #Geopolitics #Compliance #FinCrimeProfessionals

With billions of dollars in losses globally, fraud scams are quickly gaining momentum. Discover key stats and facts on cyber-enabled fraud and illicit money flows in our latest infographic!?? Head to the ACAMS Fraud Hub for a comprehensive ecosystem of resources and connect with our specialists to build your anti-fraud training program: https://bit.ly/3XvXoOP #FraudPrevention #CyberFraud #ACAMSFraudHub

In conjunction with our webinar on reimbursement for?fraud, we wanted to ask the AFC community the below polling question. Let us know your thoughts! ?? To learn about our webinar, click here: https://bit.ly/4dwE0WV

?? New Whitepaper - Incentivizing Effectiveness: Strategies to Achieve Better Anti-Financial Crime Results Effectiveness has become a key theme in global anti-financial crime (AFC) discussions. The Financial Action Task Force and other experts believe we could be making a bigger impact in the fight against financial crime. ACAMS' latest whitepaper examines why and identifies five key strategies to improve the effectiveness of AFC regimes. ?? Read it here: https://bit.ly/3XtHYKy Explore other AFC resources at ACAMS Insights Hub: https://bit.ly/3PJjSrM

What an incredible two days at The Assembly Japan in Tokyo! Thank you to all participants, speakers, and panelists for their invaluable insights on anti-financial crime strategies, compliance, and emerging threats. The sessions on fraud prevention, AML, and sanctions compliance highlighted the importance of collaboration in navigating today’s complex AFC landscape. See you again next year at #ACAMSAssembly Japan! ????

BREAKING: Thieves most frequently alter the checks they steal instead of counterfeiting them or simply signing them to pass them off as their own. Read in front of the paywall, on ACAMS moneylaundering.com, here: https://lnkd.in/gJSSSKJX #fraud #compliance #fincen #AML #regulation #banking