AML Watcher

Ending the year with a spice? Yes, we sure are—the wait is over! AML Watcher’s PEP Talk is here! How far would you go if you had to launder money on your own? Call in reinforcements, or set up a "washing station"? Our speakers bring some fun perspectives to the table. Join our casual office conversation, streaming live at 8 AM (US Washington), December 27. #AML #Compliance #AMLWatcher #PEPTalk #MoneyLaundering #Regulations

Compliance is no longer a mere obligation—it is a strategic imperative. The Office of the Comptroller of the Currency’s cease-and-desist order against Bank of America highlights systemic failures, including inadequate customer due diligence, delayed suspicious activity reporting, and non-compliance with critical BSA and sanctions rules. This move serves as a clear warning to financial institutions that, in the rapidly changing regulatory environment, strong AML frameworks and proactive risk management are crucial. Institutions must embrace advanced technology to detect and mitigate financial crimes, strengthen CDD and EDD processes for deeper insights into customer risks, and conduct regular risk assessments to stay ahead of emerging threats. Accountability must start at the leadership level, with boards and senior management driving a culture of compliance. This case is more than a headline—it’s a call to action. The question remains: will enforcement actions alone drive change, or is greater regulatory support needed to build resilient compliance systems? Share your insights. #AML #Compliance #AMLWatcher #BankOfAmerica #OCC #MoneyLaundering #Regulations

New Year, New Us? Stay Tuned!

What if your favorite nail salon or flower shop wasn’t as innocent as it seemed? Behind the polished storefronts and vibrant displays, some everyday businesses may be concealing a darker reality. From laundering millions through fake transactions to exploiting trafficked workers, these seemingly ordinary establishments can serve as unexpected hubs for illegal activity. In London alone, one shop was found to have laundered £41 million, while others mask the harsh realities of modern slavery. Next time you visit for a manicure or a bouquet, consider: what’s really being exchanged here? Sometimes, it’s not just money but lives at stake. It’s a reminder to look beyond the surface—because what you uncover might surprise you. #AML #Compliance #AMLWatcher #MoneyLaundering #Regulations #Sanctions

The latest SARs in Action report by the UK Financial Intelligence Unit (UKFIU) reveals the constantly evolving tactics of illicit actors—from human trafficking networks to shell companies and hydroponics firms. These schemes exploit financial systems globally, raising the stakes for robust AML compliance. The SARs in Action Issue 29 highlights a reality: watchlist screening is no longer a regulatory checkbox—it’s your frontline defense against sophisticated risks. What’s at Stake? Criminals are laundering billions annually through fake entity formation and legal businesses. Human trafficking thrives as money flows seamlessly through unmonitored systems. Hydroponics firms—designed for agriculture—are being turned into cash-laundering machines. Insights that Compliance Officers Can’t Ignore - Build your compliance framework on real-time checks against global watchlist lists to identify hidden risks. - Adopt a Risk-Based Approach to tailor your monitoring efforts to focus on high-risk clients, transactions, and jurisdictions. - Actionable strategies to enhance transaction monitoring and SAR quality to detect and disrupt trafficking-related activities. - The Amber Alert proved instrumental in exposing high-risk behaviors and securing asset seizures. - Align with global regulators and other industries to close Collaboration gaps exploited by financial criminals. Financial crime thrives in the shadows. Is your watchlist screening bright enough to illuminate the risks? Share your insights. #AML #Compliance #AMLWatcher #UKFIU #MoneyLaundering #Regulations

What happens when a Bitcoin heist leaves an entire ecosystem in turmoil? Netflix’s The Biggest Heist Ever reveals the story behind the infamous Bitfinex hack. Discover how Ari Redbord and Chris Janczewski cracked the “most complicated investigation” ever—and why Chris's laptop now resides in the Smithsonian National Museum of American History. As Brett Johnson points out, people still reaching out to him claiming they know more about the story. This isn’t just a case about stolen crypto—it’s a wake-up call. How do we balance innovation with security? Find out. I think this would go well, feel free to make any necessary changes. #AML #Compliance #AMLWatcher #MoneyLaundering #Regulations #Sanctions

The Office of the Comptroller of the Currency (OCC) has issued a powerful cease-and-desist order against Bank of America, exposing glaring weaknesses in its AML defenses across nearly every category. OCC highlighted multiple Key failures including: - Inadequate Customer Due Diligence (CDD): Highlighting gaps in understanding customer profiles and risks. - Delayed Suspicious Activity Reports (SARs): A critical lapse in timely reporting of potential financial crimes. - Non-Compliance with BSA and Sanctions Rules: Unsafe practices undermining compliance with the Bank Secrecy Act (BSA) and sanctions regulations. To address these shortcomings, the OCC has mandated Bank of America to: - Engage an independent consultant to review its BSA/AML and sanctions compliance programs. - Conduct lookback reviews to ensure all suspicious activity is appropriately flagged and reported. - Enhance governance, controls, and training to ensure ongoing compliance. This action isn’t the first; Bank of America has previously been flagged for BSA compliance issues and is now mandated to submit a comprehensive remediation plan within 90 days. For financial institutions, this is more than a headline—it’s a warning. Compliance is not optional. Institutions must prioritize robust AML frameworks, timely reporting, and customer due diligence to stay ahead of regulatory scrutiny. Key Takeaway for Financial Institutions - Invest in Advanced Technology: Legacy systems are inadequate against sophisticated financial crimes. Advanced solutions provide superior transaction monitoring and risk detection capabilities. - Strengthen CDD and EDD Processes: A deeper understanding of customer behavior and risk factors is critical for effective compliance. - Conduct Regular Risk Assessments: AML frameworks must evolve to match the rapidly changing financial landscape. - Foster Accountability: Boards and senior management must prioritize compliance efforts to minimize regulatory and reputational risks. Is the OCC’s approach a necessary step to ensure accountability, or should regulators focus more on supporting institutions in building robust compliance systems? Share your thoughts Read more: https://lnkd.in/dCYfDJmp #AML #Compliance #AMLWatcher #OCC #BankOfAmerica #MoneyLaundering #Regulations

Merry Christmas! 🎄 Have you made it to Santa’s naughty or nice list this year? If you’re on the nice list, great job! But if you’ve landed on the naughty list, don’t worry—there’s always next year to turn things around. While Santa is busy delivering presents to the nice ones, we’re keeping a close eye to ensure no naughty ones slip through the cracks. Because naughty or nice, AML Watcher always knows. 😉 Wishing you a joyous holiday season—celebrate to the fullest and spread the festive cheer! 🌟 #AML #Compliance #AMLWatcher #Christmas #Sanctions #Regulations

Money laundering isn’t confined to any one region—it’s a global phenomenon. Launderers use sophisticated tricks to move illicit money across borders, often in ways we can barely imagine. So, if money laundering operates worldwide, why should AML solutions be limited to specific jurisdictions? At AML Watcher, we’re proud to have a digital presence and coverage across the globe. And here’s the exciting news—we’ve now opened our office in the UAE! But wait, is the UAE just the beginning? Stay tuned to discover what’s next! #AML #Compliance #AMLWatcher #MoneyLaundering #Regulations #MENA #APAC

The Heist That Shook the World! What happens when aspiring rappers become crypto criminals? Netflix’s "Biggest Heist Ever" exposes one of the most surreal and audacious crimes in history: the $4.5 billion Bitfinex hack. To put it into perspective: if you spent $100,000 every single day for 100 years, you’d still have a billion dollars left! Featuring industry insiders like Chris Janczewski, the relentless Lead Investigator, Sheel Kohli, Head of Communications at Bitfinex, and Frankie Cavazos, a Hack Victim, alongside voices like Nick Bilton, Vanity Fair’s Special Correspondent, Brett Johnson, a Former Cyber Criminal, and Ari Redbord, Head of Legal at TRM Labs. We loved watching the documentary and covering this case, we’ve spotlighted key compliance and risk management lessons from this gripping story. From tracing illicit funds to understanding how crypto wallet screening can be hidden connections, this case is a wake-up call for the industry. Sometimes, truth really is stranger than fiction. #AML #Compliance #AMLWatcher #MoneyLaundering #Regulations #Sanctions