In this episode of ACAMS Live, Craig Timm discusses the key takeaways from the recent Law Enforcement Seminar. 1️⃣ Whistleblowers are the number one source of new cases against financial institutions and their employees, according to Michael Grady, Chief, Bank Integrity Unit, U.S. Department of Justice, Criminal Division. This is attributed to Financial Crimes Enforcement Network, US Treasury's (FinCEN) whistleblower program, part of the AML Act 2020. 2️⃣ Threat of AI. The Federal Bureau of Investigation (FBI), IRS Criminal Investigation,U.S. Department of Justice (DOJ), and Brooklyn District Attorney's Office present concerning trends including account takeovers and deep fakes, where criminal use of AI is evolving and increasing in sophistication. 3️⃣ Effective engagement on subpoenas is critical for law enforcement. However, poor communication and lack of understanding waste resources. ACAMS Making Subpoena Process More Effective Toolkit addresses some of these challenges. (link in the comments). Did you attend the seminar? What were your takeaways? Have you had a positive experience where a public-private partnership made a difference? Let us know in the comments. #LawEnforcement #ACAMSLive #AML
These insights are incredibly valuable, especially the growing threat of AI in financial crimes. It's crucial to stay updated on these evolving tactics to effectively combat them. Kudos to ACAMS for addressing the communication gaps with their toolkit. I look forward to engaging more on this topic. #LawEnforcement #AML #ACAMSLive
Here's a link to the toolkit on Making the Subpoena Process more effective: learn.acams.org/learn/article/making-subpoena-process-more-effective-toolkit?client=acams
Great insights Craig Timm! The rise of AI-powered fraud is alarming, especially with the increasing sophistication of deepfakes and synthetic identities. What steps can businesses take to educate their employees and enhance their defenses against these new types of cyber attacks?
Making Subpoena Process More Effective Toolkit Summary: https://bit.ly/3Lc4PDt. Toolkit available to ACAMS Members.