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
Fifth Third taking steps to protect clients from bank imposters
More cross-sectoral solutions need to be developed, shared, and implemented to stop scams which are emanating from spoof phone numbers and websites. For example, if a scammer is requesting a domain site which is almost identical to a legitimate bank URL such as Chase, are they being questioned and hopefully
Going to school on transaction monitoring
Putting some focus here on consumers, especially vulnerable seniors, who are frequently targets of scams (e.g., romance, grandparent and investment schemes etc.), makes it incumbent on those working on the frontlines to learn from sources such as the AML Academy. The post below on LinkedIn can be helpful too for
Governance of our banking system is required
This LinkedIn post is quite revealing in showing our young adults make up a large share of those involved in setting up mule accounts to use for illegal purposes. How are they being detected and policed by our financial institutions? If a large amount of money is coming into an
Transaction monitoring leads to good AML work
Upon detecting a transaction is not in keeping with a customer’s profile and one therefore which deserves your attention before sending the money, Anti-Money Laundering or AML obligations kick in and need to be followed up with in keeping with your obligations to be compliant with government AML regulations. The
One transaction is all it takes
It only takes one transaction to lose money so financial institutions need to be on the lookout for one that calls out to them that it may in fact be fraudulent and should be investigated before sending the money (e.g., wire). Where is it going, be it within the country
KYC and AML together prevent scams
The LinkedIn post below provides a good summary of why KYC and AML are a powerful one-two punch to combat fraud. Tacla Chain ReisKYC / AML | Compliance | Customer Due Diligence 🛡️ Why KYC & AML are the backbone of modern banking In today’s financial system, banks are no
All financial institutions should know these one-liners and be applying them
This LinkedIn post below by Muskan Rai is to the point and effective in conveying important fraud terminology. Moreover, it stresses how you need to connect the terms with the process and understand AML is about the flow: Detect>Review>Investigate>Report>Control Without coming out and saying it directly. but it is certainly
AML & KYC Insights
Risk analyst Muskan Rai in this LinkedIn post below shows an adeptness and skill in distilling down key elements of AML and KYC in a succinct point form format. However, it is one thing to know it, but to be effective in stopping fraud, action needs to be taken and
Be scam smart and safeguard your savings
The article below provides helpful steps you can take to protect yourself from being defrauded. Do not let some imposter take your hard-earned money. Fight to protect and preserve it for you and potentially future generations and causes you hold dear. Scammers Want to Steal Everyone’s Savings, Especially Seniors’ Savings.