KnowledgeLeader provides best practice articles, tools, guides and other resources on anti-money laundering (AML). This page contains an alphabetized list of all of the resources and tools on anti-money laundering that are available for download on KnowledgeLeader. The tools are provided in downloadable versions, so they can be customized for use in your organization.
AML and Data Governance: How Well Do You KYD?
Do you know your data? Read this article to learn more about the five steps that lead to an effective data governance function.
AML Audit Checklist
The USA PATRIOT Act requires that all financial institutions maintain an anti-money laundering (AML) program that is tested by independent auditors. This audit checklist is intended to assist financial institutions in preparing for the independent tests of their AML programs. It identifies areas that are generally within the audit scope, and lists the types of information that the auditors will likely request.
Compliance Insights: August 2016
This newsletter highlights several compliance protocols, such as updates to the CRA Q&A, provisions related to the FDCPA, card clubs regulations, Bitcoins, and revisions to MLA requirements.
Conducting Whistleblower Investigations, Part 2: Triage and Gathering of Evidence
Part of the investigative planning process includes breaking down the investigation into component parts and developing a list of investigative steps designed to gather information on each part in an effort to prove or disprove what has been alleged.
Factors to Consider When Selecting an AML Transaction Monitoring System
A well-designed transaction monitoring system is an important component of an effective anti-money laundering compliance program.
FCPA Pilot Program Sees Results
This article outlines the first cases to reap credits from the DoJ’s pilot program for enforcing the FCPA.
Guide to the U.S. Anti-Money Laundering Requirements
What is the Financial Crimes Enforcement Network (FinCEN), and what is its role in anti-money laundering (AML) and combating the financing of terrorism (CFT) regulation? In this booklet we answer this and other questions that have surfaced in our discussions with clients, attorneys and regulators regarding considerations for nonbank financial institutions and nonfinancial businesses and the convergence of AML/CFT with fraud and other regulatory requirements.
Implementing AML Transaction Monitoring Systems: Critical Considerations
Significant effort is needed to achieve an effective AML transaction monitoring system implementation. This white paper identifies some of the most important considerations that should be addressed to successfully implement a technology-driven transaction monitoring system. Taking steps now can help prevent down the road a high number of false positives, increased operational costs, missed reporting deadlines, and, most importantly, undetected suspicious activity and regulatory criticism.
Inaugural White Collar Crime and Fraud Risk Survey Podcast
In this podcast, Utica College’s Donald Rebovich and Protiviti’s Scott Moritz share their thoughts on key findings from the inaugural White Collar Crime and Fraud Risk Survey.
Internal Audit’s Expanded Role in Assessing AML Technology
The increasing complexity and integration of AML technologies require internal audit to transform the way it assesses AML systems in order to help protect the institution.
Managing Regulatory Compliance and AML Risk in a Virtual Currency World
In this article, we provide key questions that virtual currency Money Services Businesses (MSBs) should ensure are addressed in order to meet regulatory requirements.
Measuring the Right Metrics and Leveraging Key Risk and Performance Indicators to Enhance the End-To-End Transaction Monitoring Program
Financial institutions ask themselves "How do we know whether our transaction monitoring (TM) systems and/or processes are optimized or not?" This article answers that question.
Role of the Compliance Function
This 19-page guide highlights the importance of a compliance function within an effective risk management governance structure.
Sanctions Screening Systems: “Plug-and-Play” Solutions No Longer Effective
Institutions with deficiencies in their Office of Foreign Assets Control (OFAC) compliance programs and/or violations of the OFAC requirements and other global sanctions programs are increasingly in the crosshairs of regulatory enforcement actions. While poorly chosen or configured sanctions-screening technology has not been the root cause of all the financial services industry’s sanctions problems, it is certainly a contributing factor.
Servicing Legalized Marijuana Businesses: Weighing the Risks in Light of the FinCEN Guidance
The movement to legalize certain marijuana-related activities across nearly half the states in the nation has rapidly advanced a current stalemate between the marijuana industry and the financial services industry.
Take It From the Top: How Effective AML Messaging Impacts Front-Line Personnel
Executive leadership can impact the success of a company’s AML compliance program by communicating a strong, consistent “tone at the top” that motivates front-line employees not only to fulfill their AML-related responsibilities, but possibly change the way they view their roles.
Taking the Best Route to Managing Fraud and Corruption Risks
Given the dynamic nature of white-collar crime and fraud, it isn’t surprising that the Yates Memo is only the latest in a series of catalysts that prompted Protiviti and the Economic Crime and Justice Studies Department at Utica College to conduct a comprehensive survey of white-collar crime and the fraud risk management frameworks used to combat them. In this report, we detail notable findings that emerged from our survey.
The Challenges of Managing a Global AML Program
This article discusses the number of nuances that exist in the way AML requirements apply across the United States, the United Kingdom and Hong Kong.
To KYD or Not to KYD: It Is Hardly a Question
As electronic medical records continue to evolve into the de facto standard, healthcare organizations are reaping the cost reduction and business and economic benefits. But this progress has its downside, in the form of heightened attention from cyber criminals.
Tuning Suspicious Transaction Monitoring Scenarios: Combining AML Expertise and Data Analytics
This article identifies key considerations that financial institutions should address to implement an effective suspicious transaction monitoring tuning methodology.
UK Outlines New Action Plan for Anti-Money Laundering and Counter-Terrorist Finance
The UK calls for the government and the private sector to work together to build a regime to combat money laundering and terrorist financing threats.
Validating Real-Time Sanctions Screening Systems: Critical Considerations
The majority of financial institutions today rely on third-party screening systems to perform sanctions screening. The challenge for financial institutions is finding the right balance between being able to detect sanctions violations and processing payments for customers without unnecessary delay.
Views on AML Technology, Volume I
This Protiviti publication includes specific guidance regarding various aspects of deploying and leveraging AML transaction monitoring systems, and also highlights key institutional challenges and opportunities that come with an AML system deployment.
Views on AML Technology, Volume II
This Protiviti publication includes specific guidance regarding various aspects of deploying and leveraging AML transaction monitoring systems.
Views on AML Transaction Monitoring Systems
This publication is a compilation of six AML papers, and includes not only specific guidance regarding various aspects of deploying and leveraging AML transaction monitoring systems, but also highlights key institutional challenges and opportunities that come with an AML system deployment.