The Foreign Account Tax Compliance Act (FATCA) aims to target and tax non-compliant U.S. taxpayers holding certain foreign financial accounts and offshore assets. On Thursday, February 6, 2014 at the Association of Certified Financial Crimes Specialists Conference, held in New York City, experts Kelvin Dickenson, Ron King, Allen Love, and Ed Sander came together to … Continue reading »
Category Archives: In the Field
Making “Big Data” Your Ally by Will Heilbut
This panel focused on the challenges and advantages that the trend known as Big Data poses to compliance efforts in the financial industry. The first point of order is to demystify the term before talking about how to exploit it for the prevention of financial crime. Big Data refers to the mass amounts of raw … Continue reading »
A Bit on Bitcoins by Chris Puder
The ACFCS International Financial Crimes Conference and Exhibition this past week focused on an array of issues related to Bitcoins and other digital currencies that are presenting serious challenges for financial crime enforcers. As ACFCS notes on its website, digital currencies have plenty of legitimate uses. However, there are a number of features that make … Continue reading »
Interested in learning more about Elderly Fraud?
Check out this ACAMS webinar on December 17! Even sooner, stay tuned for our very own Bonnie Hoops’ article on the subject, which will be posted to our site later this month. Continue reading »
Trade-Based Money Laundering
One method of laundering illicit proceeds is trade-based money laundering (TBML). TBML often involves multiple currencies, over- or under-invoicing, and purchase of goods. The basic premise of a TBML system includes the purchase of a high-value commodity (such as Ford Explorers) with illicit proceeds, and the export of that commodity which will then be sold … Continue reading »
