Featured Posts
Call To Action
Draft write-up to initiate action in the House of Commons to bring in legislation that will do much more to protect our vulnerable and targeted seniors from being defrauded A petition to the House of Commons in April 2023 to protect seniors in particular from losing their lifetime savings and
Humans are behind a financial transaction you need to protect
A short and sweet post but impactful in the message that behind every transaction is a human who may well be under duress and pressures that need to be understood to realize it is not a normal everyday bank deposit or withdrawal There is more behind it and it requires
Be alert and ready to investigate (i.e., ask questions)
This post, with its sharp and informative graphic on the anatomy of a suspicious transaction, does a good job in brief fashion to highlight the importance of what you need to do as a financial institution to detect and prevent fraud. Many good points made here with the one bolded
Are you monitoring out of the norm transactions? If not, why?
As the title says on this post all financial institutions whether through AML requirements which obligated them to follow and comply with, or just responsible banking practice to protect the client who has entrusted them with their money and wealth management, it should be both in terms of preventing fraud.
Transaction monitoring is ongoing and key to detecting fraud
These two LinkedIn posts below focus on transaction monitoring. They are a reminder that transaction monitoring is a critical activity in helping financial institutions detect and prevent fraud. All of them should be doing it effectively and thoroughly by setting up their own robust ant-money laundering framework. It must include
Risk review should be comprehensive as laid out here by FinCrime Institute
A number of areas of customer profile depictions and activities are covered here by the FinCrime Institute. There are some that may not be as obvious as an unusual transaction and/or a very high value one. Of course, these two can be combined in a transaction that deserves scrutiny. A
FinCrime Institute offers cogent advice on AML
As evident from this FinCrime post, the responder Louisa Bowman gives credence to remaining objective and not jumping to any conclusion at the outset of an investigation. Look at all the evidence and take it from there. This goes for ones which appear legitimate or suspicious. Ms. Bowman says,” The
Risk reviews are necessary and should be ongoing
An obvious place to start on this LinkedIn post is financial institutions need to assess their clients/members profile first if they are going to evaluate their potential risk to be targets of fraud and/or be an accomplice in one through the account they have set up. It also cannot be
Sharing AML compliance expertise on LinkedIn
A good reminder here on how anti-money laundering professionals should be willing to share on platforms such as LinkedIn, as many do already, because others will without doubt benefit from their insights, knowledge and field experience. Sharing expertise and knowledge on the fundamentals of AML and strong compliance can only
Pausing a transaction request can stop a fraud and major financial loss to customer
Employee training does not get mentioned enough in terms of how these frontline staff at a financial institution can save a client/member from losing their money to a fraudster. Frontline employees should at minimum have an innate curiosity and ability through training to recognize a red flag signal that may