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The End of Marijuana Prohibition: A Joint Effort
Marijuana taboos are loosening worldwide. The breakdown of state cannabis restrictions in the US yields differing legal gray areas requiring financial institutions to use KYC risk-screening. There are many lessons to be learned as this emerging industry develops its best practices.
Our Mission in Double Time
While many current social media memes humorously spotlight just how long a month of quarantine can feel, a very serious observation is how rapidly things are changing in ways never imagined and how differently the world is operating. Even as we have settled into Zoom workdays while managing familial needs…
BSA AML Compliance: What is it and why does it matter?
Congress passed the Bank Secrecy Act (BSA), also known as the Anti-Money Laundering (AML) law, in 1970 to combat money laundering in the United States. Since then, the BSA has required financial institutions to work with government agencies to protect their clients, communities, and country. Financial institutions must keep detailed…
Organised Crime vs. Disorganised Compliance
An estimate by the International Monetary Fund places the aggregate size of money laundering in the world at between two and five percent of global GDP. While the illicit nature of money laundering means no precise statistics are available, it is fair to say that bad actors have traditionally had…
COVID-19: Opportunity for Some, Financial Crime Risk for Others
The world has officially declared war on coronavirus (COVID-19). In this blog, I will draw information from a variety of sources and look at ways that opportunistic criminals have attempted to exploit the pandemic as well as some of the wider impacts and regulatory response – adding my own thoughts…
Technology, Cybercrime, and Recessions: An Untimely Trio
Financial institutions and other corporate entities need to be on high alert for criminal activity; timely and comprehensive customer screening is an accurate and efficient way to stay protected, especially during an economic crisis.
The Human Side of Business
Think back to January 1, a mere 84 days ago. New annual plans were in place and ready to action, a market that was poised to continue to expand, and a sports event of your choice to watch. An interconnected business globe with cross-border supply chains flows and daily interactions….
Tracing the COVID-19 Supply Chain: Wildlife Trafficking
FATF’s decision to make wildlife trafficking a priority for 2020 is proving to be even more imperative considering the coronavirus pandemic
Adverse Media and Elder Fraud
Elder fraud and abuse are currently trending in the media as more and more individuals above the age of 60 are exploited by scammers and abusers motivated by financial gain. Comprehensive customer screening programs can help keep these criminals out of the financial system.
Reputational Risk: Guilt by Association?
Strong brands are built over time and, once established, have real value that is worth promoting and protecting. Reputational risk is everywhere, based not only on your direct actions, but also the behaviour of those around you, including your associations with employees and agents, third party business partners, suppliers and…