In today’s world of cybersecurity threats, fraudsters use social media to gather personal information and target vulnerable places within your organization. The criminals have no boundaries when securing illicit funds and then funneling them through financial institutions disguised as legitimate financial transactions and eventually sending wires to offshore accounts.
The front line of the war against global financial crimes includes members of financial intelligence units in banks and other financial institutions, as well as national law enforcement agencies. Read this review of recent discussions on the state of global money laundering and terrorism financing.
John Cassara, Former Senior Special Agent, US Department of the Treasury, and Dennis M. Lormel, President and CEO, DML Associates LLC and former Special Agent of the FBI, give two ideas that law enforcement, government and banks could use to come together to disrupt and prevent the flow of terrorist funding.
On March 5, 2012, FinCEN issued an ANPRM to solicit public comment on strengthening and clarifying customer due diligence (CDD) requirements. In particular, FinCEN is considering an explicit CDD that requires financial institutions to identify beneficial ownership of their accounts. Read what experts are saying about the benefits and draw backs are to this new requirement.
New payment methods (NPMs) are fueling a rush of cyber-attacks across the world, so collaboration between law enforcement and financial institutions is critical to protecting consumers’ money. Ellen Joyner discusses the latest research from Javelin Strategy & Research and Juniper Research, and provides best practices for arming your organization while protecting your customer relationships.
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