The United Nations estimates that the amount of money laundered each year constitutes around 2-5% of the global GDP, an estimated $800 billion – $2 trillion in USD. As technology evolves, and our financial world adapts to the realities of the digital world, money laundering is making the digital shift.
To keep track of the latest developments in the world of Anti-Money Laundering (AML), regulations and related technologies, it is essential to keep your fingers on the pulse of the AML community.
A number of AML experts are generous enough to share their expertise on LinkedIn and Twitter, making both platforms great sources of industry news and updates. Here are 12 of the most prominent players in the AML space for you to follow.
Ron is the Founder & CEO at EverCompliant, a pioneer in Transaction Laundering detection and prevention solutions. He publishes regular updates on the digital evolution of money Laundering and its migration into payments. Electronic Money Laundering, known as Transaction Laundering, occurs when an unknown business uses an approved merchant’s payment credentials to process payments for another undisclosed store selling unknown products and services.
“Transaction launderers essentially tap into the payment ecosystem by using an e-commerce storefront merchant account to process transactions originating elsewhere. This way, the fraudulent merchants can funnel unauthorized transactions through legitimate payment networks, while avoiding detection.”
For more information, make sure to check out Ron’s blog.
Rob is an Executive Director of Europol and ex-intelligence analyst for the UK’s intelligence agency, MI5. Rob regularly appears on TV and in news articles to talk about financial cybercrime and money laundering. Most recently on ‘Peston on Sunday’, a news affair program, he talked about escalating cyber crime, stating:
“Online criminals have become so sophisticated that gangs have created “conglomerations” with company structures that specialize in different criminal activities to carry out the attacks…”
Graham has a long history of working in the global banking sector, and currently works in KYC for Deutsche Bank. He has a deep knowledge of the world of cyber crime, money laundering, and AML. Graham writes regular LinkedIn posts on hot topics in the AML space, including an interesting look at why the UK is a central point for money laundering.
According to Graham, UK regulators responsible for Limited Liability Partnerships (LLPs) should do more to “look for patterns, outliers and anomalies” in in order to properly identify money laundering activities.
Nadja is a legal consultant specializing in international payments and a co-founder of PaymentCounsel. In her recent article “The New Age of Money Laundering”, Nadja stated that: “Transaction laundering happens more than you think. In 2016 in the USA only, 155 billion USD of revenue was generated from online sales via transaction laundering. Add to that the ease nowadays for just about anyone to open an online shop and the impact of the instability of the economy has had to people starting their own business.”
Helen is a cybercrime and AML analyst and works as a facilitator/mentor at ACI Global Pty Ltd in Australia. She has worked with companies in Australia and across Asia Pac to improve payment processing. Helen is a contributing writer for News247WorldPress, where she investigates corruption and cyber crime. She recently carried out a long investigation into the CommonWealth Bank of Australia, where she states that:
“Australia is out of control from the top down.”
Henri is the FinTech and RegTech lead for PwC in China/HK. He is also a writer and lecturer with a focus on banking technology. Henri talks about how RegTech can help to address money laundering using AML technologies. In a recent article for Forbes “RegTech In Asia: 8 Things You Need To Know” – he tell us that: “A recent report stated that headcount costs represent around 80% of the AML budget for banks, as many of these tasks are still being done manually by large teams of human AML teams.”
You can see an interesting exploration of how banking is being changed by FinTech here.
Kieran is a veteran financial journalist and has been the editor in chief of moneylaundering.com for the last 11 years. In a recent “From the Editor” column, Kieran reports that AML professionals in Europe anticipate increased regulatory actions and fines in 2018. Recent updates to AML regulations in the EU means “ financial institutions operating in Europe are paying more for compliance than ever before and anticipate even larger costs and penalties in the years ahead.”
Charles is a veteran of the AML space and founded the Association of Certified Anti-Money Laundering Specialists ACAMS in 2001. Charles has written an excellent piece on the history of AML which is worth reading: “The term “infiltration of legitimate business” was a precursor of “money laundering”.”
Ran is a compliance analyst and lawyer working in the AML space. His current role is as a senior compliance analyst for PayPal. Ran has written a useful article looking at the fifth Anti Money Laundering Directive, where he outlines some of the key points of the latest update. In his post, Ran addresses the new definition and emphasis on virtual currencies, which gives wallet platforms and virtual currency providers: “The same responsibilities as banks and other financial institutions, which includes verifying customer’s identities and monitoring transactions”.
Adrian was originally a Chartered Accountant working in banking and investment and now acts as Business Development Director for Dynamic-GRC. Adrian recently wrote a post about how AML failure is caused by bad AML governance, with examples of recently applied money laundering fines. Adrian writes that one of the major issues damaging issues is the attitude of senior management: “When senior managers are told about the new AML requirements there is a tendency to ignore them, shoot the messenger and hope the world will carry on as before.”
Jed is a specialist in RegTech and FinTech focusing on the practical applications of technology in financial processes. He is the CEO at technology vendors, KYC3. Jed has recently penned an article about due diligence and ICO’s:
“Make sure that the project is “fit and proper” with adequate transparency and responsibility. And don’t forget to ask, “What is the Forking Policy?””
Joel is the Managing Director of Risk & Compliance at Dow Jones and specializes in, amongst other things, AML. Joel writes posts on LinkedIn about AML and related topics. In a post about “The Components of Great AML Data” he states that: “The lifeblood of a world class screening engine is high quality data, and the standards, structure, definition and delivery of that content has never been more important.”
Discussion and cooperation among AML thought leaders is crucial for the successful implementation of AML regulations and the development of solutions for new challenges.
Can you think of another AML expert that we missed? Let us know in the comments below.