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At the ABA Money Laundering Enforcement Conference this week in Washington, D.C., I attended a session entitled “The Next Generation of AML Risk Assessment”, where presenters Erin McAvoy, Principal, Financial Services, Ernst & Young LLP and Pete Richards, Senior Vice President, FIU Analytics Director, Santander Bank N.A., explained that a yearly risk assessment is just not adequate in today’s regulatory environment. According to Ms. McAvoy,…

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It seems the hottest topic at almost any payments conference is speeding up payments — whether it is Same Day ACH, Real-time Payments or Faster Payments. This held true at the EPCOR Payments Conference in Overland Park, KS at the end of October.

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Today’s regulatory environment is uncertain and difficult to navigate. The risk factors for ACH/Check Processing are unique compared to those for credit card processing. As such, it is important to understand those differences and how to best manage your portfolio risk with thorough due diligence and ongoing monitoring. Additionally, banks are facing…

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We all know the fraudsters are getting more aggressive, bold and craftier. Who would have thought they would actually be marketing their services? Just check out some of the videos they post on YouTube and you’ll see that they give instructions on how to…

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Both banks and their regulators have been focusing on the issue of higher risk customers with differing points of view as to how to deal with them. There is no standard definition of what is “higher risk” but some business categories which typically fall into that classification are online gambling, tobacco products, casinos, etc. There seems to be guidance from some regulatory agencies that…

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In simpler times, most high risk websites could be detected by crawling and classifying the public web.

But as acquirers, processors and ISOs become more effective at stopping online fraud and prohibited activity, bad actors have gone underground. There are various means to do this. An increasingly attractive ploy is transaction laundering (TL).

 

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