Compliance Careerist : Recent Episodes
Compliance Careerist
Welcome to Compliance Careerist! This podcast is for anyone that’s interested in or exploring to learn more about Anti Money Laundering, Countering Terrorism Financing, and FinCrime. I hope those episodes give you the wisdom, knowledge, skill and competitive advantage that will help you start a career in Compliance, or advanced in your current Compliance role.
Anything I share here is purely for educational purposes, for any Regulatory and Compliance advice, please seek help and support from your Compliance function or Legal counsel of your company.
Enjoy Listening. ♥️
In this podcast, I am sharing some insights into some of the job interview outcomes I have had the last few weeks. The exciting crossover opportunity with a fellow Compliance Podcaster and being a guest in their Podcast Show. And also sharing a flavor of how do I want my podcast to serve my listeners and the rest of the world by extension. And where my podcast is heading in terms of content creation, and what am I gonna be sharing on my channel over the next few weeks and months. And if you are a seasoned compliance professional and you’d like to be a guest on my show, please find me on LinkedIn and send me a DM and let’s connect. My name is Lahcen Benkerkiche. Thank you for listening. 🙏
Welcome to another episode of the Compliance Careerist Podcast! I'm your host Lahcen, and today, we're taking a special trip down memory lane as we celebrate the anniversary of this podcast. It's hard to believe it's been a year since I started this journey.
Last Christmas, the Compliance Careerist Podcast was born, and little did I know what an incredible ride it would be!
So, why did we start the Compliance Careerist Podcast? Well, it all began with a simple yet profound idea - the desire to give back to the community and share knowledge and wisdom.
Find me on LinkedIn: https://www.linkedin.com/in/lahcenbenkerkiche/
A 38 year old Albanian Woman is the brain behind famous AI technology ChatGPT. With such AI, Banks and Financial Institutions can use ChatGPT to transform their customer service, improve fraud detection, spot suspicious behaviors and even perform sanctions screening and negative news checks. However Cybersecurity experts warn against Compliance caveats.
The Financial Conduct Authority (FCA) has issued a new “Dear CEO” letter to payment firms in the UK. The FCA “remain[s] concerned” that many payment firms do not have sufficiently robust controls and therefore “present an unacceptable risk of harm to their customers and to financial system integrity”. Key actions for payment firmsIn the letter, the FCA highlighted the three key outcomes they have set for payments firms, which are:Firms should ensure that their customers’ money is safe through safeguarding controls, prudential risk management and wind-down planning.Firms need to ensure they are not compromising financial system integrity, covering areas such as money laundering and sanctions as well as fraud.Ensuring customers’ needs are met through high quality products and services, in accordance with the requirements under the Consumer Duty.
The Dutch Foreign Minister Proposed in his Speech titled « Building a Secure European Future » to establish an OFAC equivalent agency that will Name, Shame, Sanction and Prosecute any Russian Sanctions evader.
You might want to consider changing career after hearing this Podcast. FinCEN’s AML program allows whistleblowers who report violations of the Bank Secrecy Act to receive up to 30% of any resulting monetary sanctions in excess of $1 million. The BSA requires financial institutions to maintain an effective anti-money laundering program and report different types of transactions, including those suspected of relating to criminal activity.
The US and EU have imposed new and unprecedented sanctions against Russia in response to the unprovoked and unjustified invasion of Ukraine on War anniversary.
In financial regulation, a politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. The HIO is the primary person who leads the organization. For example, the HIO could be a president or CEO. By Compliance Careerist
The OFAC sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. OFAC manages the United States government's sanctions and embargo programs, as well as the Specially Designated Nationals (SDNs) and Blocked Persons Lists. Compliance Careerist.
Snow washing refers to hiding illegitimate financial transactions often for purposes of tax evasion in Canada. Canada may have a reputation as a law-abiding and democratic nation, but it is also notorious as a place where it is easy to engage in money laundering. This has become so egregious that a special term has been coined to describe it: “snow-washing” – and Transparency International has issued numerous statements about the problem.
So sad to see the horrible earthquake destruction that has befallen Turkey and Syria. The regions were already full of refugees and now there are more and more victims. May God bestow them with Mercy. I know you are all generous but please be careful of disaster relief scammers. Be careful of who you donate to and dont become a victim of fraud.
(FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The rule will require most corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners—the persons who ultimately own or control the company, to FinCEN
The CDD Rule has four core requirements. It requires covered financial institutions to establish and maintain written policies and procedures that are reasonably designed to: identify and verify the identity of customers. identify and verify the identity of the beneficial owners of companies opening accounts.
Know Your Customer (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship.
The impact of The Vancouver Model has been staggering; an unquantifiable amount of lives have been rendered unable to buy or even rent in Vancouver. Despite the impact of the past on the present, we are looking towards a better, fairer and more successful society, through a comprehensive tackling of the issues that has come from not only financial institutions, but from the casinos themselves, leading to a monumental decrease in this crime.
The Vancouver Model is a tactic developed by money launderers to avoid suspicion of drug trafficking and organized crime. Money launderers need to hide the illegal source of funds in order to carry out their activities, so they always need to turn those funds into a less suspicious asset.
The Financial Action Task Force (FATF) leads global action to tackle money laundering, terrorist and proliferation financing. The FATF researches how money is laundered and terrorism is funded, promotes global standards to mitigate the risks, and assesses whether countries are taking effective action.
Terrorist Financing may involve funds raised from legitimate sources such as personal donations and profits from businesses and charitable organisations, as well as from from criminal sources such as drug trafficking, fraud, smuggling… etc.
An anti-money laundering (AML) compliance program helps businesses, including traditional financial institutions—as well as those entities identified in government regulations, such as money-service businesses and insurance companies—uncover suspicious activity associated with criminal acts, including money laundering and terrorism financing.
Using advanced technology and a variety of data sources, FinCEN links together various financial elements of the crime, helping federal, state and local law enforcement find the missing pieces to the criminal puzzle. Addressing money laundering is a nationwide problem and FinCEN treats it that way.
A money laundering reporting officer (MLRO) is an employee appointed to oversee a firm's compliance with anti-money laundering (AML) regulations. An MLRO's responsibilities include receiving the appropriate access to the company's business records to make fully-informed decisions to ensure compliance with relevant money laundering laws and regulations.
An FIU is an investigative unit established by individual countries to centralize the gathering of suspicious activity reports related to criminal financial activity, including money laundering and terrorism. An FIU also shares the results of its analysis with relevant government agencies.
A suspicious activity report (SAR) is filed by a financial institution and other professionals that alert law enforcement to suspicious transactions with possible links to money laundering or terrorism financing. filing SARs or their equivalent provides governments with visibility into transactions that otherwise would go undetected. In the U.S., FinCEN receives electronic copies of SARs via the Bank Secrecy Act E-Filing System. Many institutions require the submission of SARs to the organization’s money laundering reporting officer (MLRO).
In this episode, you learn the categories of people who commit different types of financial crimes. There those who dishonestly generate wealth to secure a material benefit and those that try to protect their “already obtained” benefits by conducting financial crime.
Ep17: This episode is my little rant about how I sort of fell off the wagon and having not released any podcast episode during the past two weeks being around Family in my home country. I still decided to release this episode as a means to give the opportunity to YOU to get to know me a little more. This space isnt just about putting up professional content but also a space for being Raw, authentic and being Myself.
Understanding your organization’s threats and having countermeasures is fundamental to modern business success. Financial crime compliance is the strategies and tactics deployed by organizations to prevent, detect and report illegal financial activities. Financial crime includes actively trying to gain from criminal acts financially and actions trying to hide the proceeds of crimes. Ongoing vigilance is necessary as financial crime, the legal requirements to fight it, and the most appropriate solutions constantly change.
Coinbase will pay a $50 million fine and invest a further $50 million into strengthening internal compliance programs after regulators found that Coinbase had failed to thoroughly vet new customers.Coinbase settled a case with New York's state financial regulator, the parties announced Wednesday, and will pay a $50 million fine and invest a further $50 million in compliance efforts. Regulators from the New York Department of Financial Services said the company had longstanding failures in its anti-money laundering program.This agreement includes a $50 million penalty and a separate commitment from Coinbase to invest $50 million in our compliance program over two years
12 Money Laundering Techniques Money Launderers use to commit their laundering operations and hide the source of their illicit assets using different sophisticated methods.
I am going to explain money laundering and particularly its regulation in the United States. There are many U.S. laws that prohibit activities connected to money laundering.
Couldnt hold it but share my excitement after buying a Microphone 🎙 for my future podcasts. Such a Kid 👦
If you would like to know how to Commit Money Laundering? Follow the steps I am preaching in this episode! You ll most likely end up behind bars, so don’t go about doing everything I just said! It is for educational purposes only to demonstrate how criminals attempt a money laundering operation to clean their dirty money. Consider subscribing if you want to learn more about Anti Money Laundering and how to become a Sherlock person who’s investigating such Financial Crimes. Are you feeling the pull to make contact with your Dreams and True Self and define your highest vision for your career? My invitation to you is to move beyond curiosity and into intentional action. Send me an email if consider signing up to my mailing list to receive conscious career love notes, invitations to learn with me, and more. ———————————————————————Send us an E-mail: https://docs.google.com/forms/d/e/1FAIpQLSfuE-p6Ft6c_IK6kdQh1Zxnl-zSllUeSgk2A7f74HhbsGxwag/viewform ————————————
2023 is going to be Your Year. A year that you let go of things that dont serve you with Grace. A Year you receive unexpected blessings with Ease. A year you take exponential Leaps and bounds toward your Dreams that you once thought were Impossible. 2023 is the year of epic Transformation and Growth. It is a year of Authenticity and Truth. It is a year of your Limitless Potential. Are you feeling the pull to make contact with your Dreams and True Self and define your highest vision for your career? My invitation to you is to move beyond curiosity and into intentional action. Send me an email if consider signing up to my mailing list to receive conscious career love notes, invitations to learn with me, and more. * Send us an E-mail: Https://shorturl.at/bCQ45 I am also in the process of Building our beloved VIP community on Facebook. Consider joining so we collectively share insights, hold each other accountable for our growth and help one another achieve our career milestones. We would be fat better together than apart ♥️
In this episode, you ll learn more about the key fundamentals of an AML Compliance Program to be establish In order to combat financial crime by banks, credit unions, and a variety of other financial institutions across the world, which are all required to develop and put in place Anti-Money Laundering (AML) Compliance Programs.
Compliance professionals provide a valuable service to companies by helping them avoid costly fees and legal problems. Regulatory agencies may levy fees and other penalties for violations of non-compliance. Demand for compliance professionals appears to be growing, following increased regulation in key industries to protect the public from fraud.
The Intelligence Reform and Terrorism Prevention Act of 2004 Amended the BSA to require the Secretary of the Treasury to prescribe regulations requiring certain financial institutions to report cross-border electronic transfers, if the Secretary determines that such reporting is "reasonably necessary" to aid in the fight against money laundering and terrorist financing.
It is an emotional episode for me, or at least I think it was. I’d like to pay tribute to the victims and survivors of the terrible attacks that occurred just over twenty years ago on September 11, 2001. for many, the Memorial is seen as the place where the 21st century began. The attacks of September 11, 2001 may have happened here in the United States, but in truth, 9/11 was a global moment. Fast forward, in this episode I have addressed the USA Patriot Act provisions going through the highlights of the relevant provisions of the Act. Thank you all for listening ♥️
This episode provide a high level overview of the provision of both Money Laundering Suppression Act and Money Laundering and Financial Crimes Strategy Act. The Money Laundering Suppression Act Required banking agencies to review and enhance training, and develop anti-money laundering examination proceduresRequired banking agencies to review and enhance procedures for referring cases to appropriate law enforcement agenciesStreamlined CTR exemption processRequired each Money Services Business (MSB) to be registered by an owner or controlling person of the MSBRequired every MSB to maintain a list of businesses authorized to act as agents in connection with the financial services offered by the MSBMade operating an unregistered MSB a federal crimeRecommended that states adopt uniform laws applicable to MSBs. The second Act, Required banking agencies to develop anti-money laundering training for examinersRequired the Department of the Treasury and other agencies to develop a National Money Laundering StrategyCreated the High Intensity Money Laundering and Related Financial Crime Area (HIFCA) Task Forces to concentrate law enforcement efforts at the federal, state and local levels in zones where money laundering is prevalent. HIFCAs may be defined geographically or they can also be created to address money laundering in an industry sector, a financial institution, or group of financial institutions.
This Episode covers two other important AML Acts. The Anti-Drug Abuse Act of 1988 which Expanded the definition of financial institution to include businesses such as car dealers and real estate closing personnel and required them to file reports on large currency transactionsRequired the verification of identity of purchasers of monetary instruments over $3,000. The Annunzio-Wylie Anti-Money Laundering Act (1992) * Strengthened the sanctions for BSA violations Required Suspicious Activity Reports and eliminated previously used Criminal Referral Forms Required verification and recordkeeping for wire transfers* Established the Bank Secrecy Act Advisory Group (BSAAGThe Act increased penalties for financial entities found guilty of money laundering and encouraged oversight agencies to consider revoking the charters of any financial institution involved in money laundering.
A new year is upon us, which means it's officially goal-setting season. I hope 2023 become a successful year for many of us. It is that time of the year when most of us sit and think about where we would like to be, and who do we want to become. Not having clear goals wont help us achieve anything. If you are interested in learning more about Financial Crime Compliance, AML, KYC, and Regulatory Compliance, take this as an invitation to follow me and join me as One of my 2023 goals is to share my knowledge and experience over here in this Channel. Together we will both achieve the desired milestones in 2023.
In its mission to "safeguard the financial system from the abuses of financial crime, including terrorist financing, money laundering and other illicit activity," the Financial Crimes Enforcement Network acts as the designated administrator of the Bank Secrecy Act (BSA). The BSA was established in 1970 and has become one of the most important tools in the fight against money laundering. Since then, numerous other laws have enhanced and amended the BSA to provide law enforcement and regulatory agencies with the most effective tools to combat money laundering.
Money laundering as a crime only attracted interest in the 1980s, essentially within a drug trafficking context. It was from an increasing awareness of the huge profits generated from this criminal activity and a concern at the massive drug abuse problem in western society .Governments also recognised that criminal organisations, through the huge profits they earned from drugs, could contaminate and corrupt the structures of the state at all levels.Money laundering is a truly global phenomenon, helped by the International financial community which is a 24hrs a day business. When one financial centre closes business for the day, another one is opening or open for business.