Archive for September, 2011

Leading AML Association breaks record numbers at its conference

Thursday, September 22nd, 2011

In the end of September, the Association of Certified Anti-Money Laundering Specialists (ACAMS) hosts its 10th Annual Conference at the ARIA Resort & Casino in Las Vegas. It should be noted that this is its largest gathering of anti-money laundering professionals in both the private and government sector since the association’s inception.

John Byrne, CAMS, ACAMS’ executive vice president, said: “Going into our 10th year, it’s amazing that not only has our association grown to well over 11,000 members worldwide, but that the membership has expanded so well into other industries. This conference highlights our mission that we are comprised of diverse representation from law enforcement, government regulators, bankers, securities broker dealers and money services businesses. The immense turnout only solidifies our mission of providing the best forum to bring together AML professionals for top-notch education, training and networking.”

“Additionally, the audience will hear from and have access to representatives from all of the regulatory bodies including FinCEN, the Federal Reserve, the OCC, FBI and FINRA. Meeting these speakers is essential to better understand your day-to-day challenges.”

On October 1-3, 2012, ACAMS will host its 11th Annual Conference once again at the ARIA Resort & Casino.

Western Union hosts 6th Annual Anti-Money Laundering, Anti-Fraud Event

Monday, September 19th, 2011

The Western Union Company will host the 6th annual Anti-Money Laundering & Anti-Fraud & Compliance Conference in Denver. The event will be held on September 19-22, 2011.

The event that will include more than 200 attendees is held each year for compliance and fraud professionals from across the US and Canada to provide an interactive experience in preventing fraud and money laundering.

More than 40 experts from a variety of government organizations will speak, including the Federal Trade Commission, the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department, the Financial Transactions and Reports Analysis Centre (FINTRAC) of Canada’s Ministry of Finance, the Internal Revenue Service (IRS) and law enforcement from across the US.

Joe Cachey, Western Union’s Acting General Counsel and Chief Compliance Officer said:. “This event is a unique learning experience, allowing professionals from a wide variety of financial services firms to better identify and protect their organizations against fraud.”

The conference was introduced in 2006 with a view to provide continuing education to Western Union Agents on anti-money laundering best practices, regulations and law-enforcement trends. Since then, the event has grown into one of North America’s largest anti-money laundering/anti-fraud conferences for professionals from various industries.

Deutsche Bank faces Money Laundering as regards Taib ties

Monday, September 12th, 2011

The German Federal Financial Supervisory Authority (BaFin), the supervisory authority for financial institutions in respect of money laundering legislation, is investigating Deutsche Bank’s business relations with the family of Malaysian potentate Abdul Taib Mahmud.

BaFin has launched investigations into the Deutsche Bank as regards its business relations with the Malaysian Taib family, which has been confirmed by the German Federal Ministry of Finance.

Finance Minister Wolfgang Schäuble, the Federal Ministry of Finance representative, stated that the Ministry requested BaFin to explain and check the situation and, if the Financial Supervisory Authority considers it appropriate, to instigate supervisory measures. The Authority has already started clarifying the situation.

The Bruno Manser Fonds, the Hamburg “Rettet den Regenwald”(Rainforest-Rescue) Association and the Society for Threatened Peoples drew the attention of the government of Germany to the Deutsche Bank’s close business ties with Abdul Taib Mahmud and demanded to freeze all Taib assets in Germany.

Since 2004, Deutsche Bank has processed transactions worth hundreds million EUR for the Sarawak government and is engaged in a joint venture in Malaysia with the Cahya Mata Sarawak company (CMS). CMS is controlled by the Taib family. CMS and Deutsche Bank are the principal shareholders of the finance company K & N Kenanga Holdings, domiciled in Kuala Lumpur, with its subsidiary Kenanga Deutsche Futures, an accredited broker at the Malaysian stock exchange.