Fincrime Virtual Week Takeaways Day One: The Power of Data, Public-Private Partnerships, Sanctions Enforcement Challenges, Key Updates Under US AMLA – CFCS


By Brian Monroe
[email protected].org
August 2, 2021

Nearly 6,000 financial crime compliance professionals – current and former anti-money laundering officers and fraud fighters, regulators, investigators and watch groups – have registered for the second annual Virtual Week of ACFCS on financial crime, which began on Monday with the general theme of empowering the community to be “agents of innovation”.

The day started with a rousing dance, acrobatics and art show, with a talented troupe spinning, twirling and an artist creating a live image of a secret image – which when he turned it over, was the legendary James Bond of Sean Connery.

The multi-talented painter, after his great revelation, then embarked on break dance.

The intro also saw ACFCS President Joseph Yerant soar on the silks, as other dancers climbed and fell on the shimmering sheets, only their skills, strength and training controlling gravity.

But while the start of the day was devoted to show and style, the sessions grabbed attention with their weight and substance.

Some important themes, relevant and lasting for the first day of the event and over the course of the different sessions, included better capture, taming and use of big data, the importance of combining technology with more solid training to refine the grip decision-making and courting the overlords of the budget for a better balance, risks, resources, regulators – and above all, results.

These ever-Herculean challenges have escalated in recent months in terms of complexity and scrutiny, federal law enforcement and examiners to examine the results and cumulative private sector efforts with the updated focus on l efficiency and results.

It is the foundation of the United States Money Laundering Act (AMLA) and has just released the National Anti-Money Laundering (AML) Priorities of the Financial Crimes Enforcement Network (FinCEN) of the United States Treasury, the changes tectonic and historical disturbances like the biggest update since the 2001 USA Patriot Act seminal.

Another theme is the broader and more aggressive creation and use of public-private partnerships (PPP).

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