Who Knew Anti-Money Laundering Could Be So Interesting?
The Philadelphia Chapter of ACAMS (the Association of Certified Anti-Money Laundering Specialists, of course) held an all-day session this month which our president, John Foster, was fortunate to attend. The session naturally focused on various topics related to Anti-Money Laundering. As expected, there was a heavy emphasis on the new FinCEN regulations related to beneficial ownership, which affects all broker-dealers. But what was not expected, and honestly made the day quite interesting, were the discussions on other associated areas of money laundering activity.
The chapter hosted some excellent presentations explaining the workings of the “Deep Web” and the “Dark Web” that almost sounded like a TV script. Add on top of this, sessions on cryptocurrencies and the Bitcoin machines popping up in your local convenience stores, with their links to crime and potentially terrorism. Additional topics were as diverse as the troubling realities of human trafficking, to the high-tech use of artificial intelligence in modern AML efforts.
All in all, it proved to be one of those days where you gain a lot of both useful and interesting knowledge. Hats off to the Philadelphia ACAMS chapter for a great day!