The FinCrime Files – Q&A with Rebecca Schauer Robertson, Atlantic Union Bank
In our first interview of 2021, we caught up with Rebecca “Becky” Schauer Robertson, Senior Vice President, Director Financial Investigations Unit at Atlantic Union Bank. Hi Becky, could you tell us a little about yourself and your current role at
The continued shortfall in combatting trade based money laundering
Some 15 years after the Financial Action Task Force (FATF) published its first landmark report on trade-based money laundering (TBML), new research from the independent inter-governmental body makes sobering reading. Organised crime groups continue to exploit the complexities of
The Fault In Our SARs: The importance of realignment towards actionable intelligence
The principle of a Suspicious Activity Report (SAR) is very simple - the transmission of information, typically from regulated firms, which alerts law enforcement that a certain client or activity is in some way suspicious and may indicate money
How can banks achieve perpetual KYC?
How close is the financial world to achieving perpetual KYC? Recent industry research has emphasised the drastic importance of improving KYC and compliance processes as financial institutions drive towards reducing the cost of a lot of the laborious, repeated,
Webinar: Identifying human trafficking through AML and alternative data
In the latest Arachnys webinar, we welcomed Steve Farrer to join our CEO and co-founder David Buxton to discuss the prevalent issue of human trafficking and how banks can identify this criminal activity using alternative data in AML. As one
Interview with Greg Watson: KYC challenges for corporate banks
Corporate banks face a number of hurdles in conducting KYC. Complex processes that involve many parties, causing inefficiencies in operations, are often handled manually and only add to significant costs. When both the onboarding process and periodic review cycles
FinCEN leak fallout shows size of KYC challenge for banks
Radical reforms of know your customer laws are looming after the FinCEN leaks exposed painful flaws in banks’ anti-money laundering (AML) systems. Shockwaves are still reverberating around the sector after leaks of Financial Crimes Enforcement Network (FinCEN) files showed top
Kicking off the AML collaboration between sports clubs, banks and regulators
In the past decade, the monumental incline of revenue within sport has brought with it more spectacle, more worldwide fandom and, inevitably, a larger threat of financial crime. Where there are huge sums of money, criminals will look for
Why AML partnerships need a broader base
In the battle against financial crime, the partnership model makes sense. The world’s law enforcement agencies are charged with investigating and prosecuting crimes such as money laundering. But banks are responsible for operating the systems and processes through which
2020’s largest AML fines show a troubling common thread
Compliance is the bulwark against money laundering and other financial crimes across the world. But as recent experiences reveal, increased compliance requirements put a heavy toll on banks and other financial institutions. According to Fenergo’s mid-year report, global financial crime-related
Alternative data in AML: achieving proactive warning on risk
In the coming years binary list services, the port of call for entity screening in AML processes, may become more obsolete as alternative data sets will start to augment, or even replace, these traditional methods. Alternative data can come in
Know Your Donors: the improving KYC picture for charities and banks
Having to perform due diligence on customers is a priority for all businesses to make sure that risks are averted. When your organization not only operates in multiple jurisdictions, but has to justify their business decisions to multiple stakeholders