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Analytics comes to AML, what RAD wants to know!
There have been a lot of retrospectives marking the 10th anniversary of the USA PATRIOT Act, but I think what is most compelling is how dissatisfied the industry is with the status quo. KPMG’s ‘Global...
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Follow the money
Shortly after the September 11 terrorist attacks, I had a conversation with a Pakistani businessman involved with the underworld of crime. He was involved in the gray markets of South Asia and the...
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Mobile payments, smurfs and emerging threats
A remote Kenyan villager uses his cell phone as a “virtual wallet.” Why does this new technology potentially pose a global anti-money laundering threat? Answer: In my intelligence and law enforcement...
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Drowning in a sea of alerts
The Federal Financial Institutions Examinations Council (FFIEC) recently imposed an emphasis on a risk-based approach to AML compliance. KPMG’s ‘Global Anti-Money Laundering Survey 2011’ has...
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Our anti-money laundering efforts have failed
By conventional standards, President Richard Nixon’s “war on drugs” has failed. In fact, the Justice Department’s 2011 National Drug Threat Assessment found that “the overall availability of illicit...
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Combating blood money with big data
“Illicit proceeds from crime are blood money, and blood money should have no place in the U.S. financial system.” That was the conclusion of a report released in April by the Senate Caucus on...
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How m-payments might be the global money-laundering machine of criminals’ dreams
Earlier this month, US prosecutors took down the global currency exchange Liberty Reserve and charged it with being the largest online money laundering operation in history, the “bank of choice for the...
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Demons of Gadara: Terrorism financing
Over the last couple years, I’ve had the pleasure of getting to know John Cassara, a former covert intelligence officer and Treasury Special Agent, who now spends much of his time helping SAS...
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