The Financial Crimes Enforcement Network, US Treasury (FinCEN) has released an alert on ‘Fraud Schemes Involving Deepfake Media Targeting Financial Institutions’. Here are some key highlights: 🔹 SARs reporting has identified a growth in the suspected use of deepfake media in fraud schemes, by criminals alerting or creating fraudulent ID to circumvent bank controls. 🔹 Deepfakes and the abuse of generative AI are being abused by criminals to create false documents, sometimes based on stolen PII, to get around customer verification and CDD in order to receive and launder the proceeds of fraud. 🔹 The alert highlights tactics for FIs to identify deepfakes such as reverse image searches or examining images’ metadata, as well as a series of indicators of suspicious activity. 🔹 GenAI tools are also being employed by criminals to engage in social engineering scams such as Business Email Compromise (BEC) and romance scams including pig butchering. 🔹 Earlier this year, ACAMS identified cyber-enabled fraud as the third most pressing threat to the financial crime community and the offensive use of technology by criminals as the ninth greatest threat based on polling and engagement with AFC professionals. Read the alert here: https://bit.ly/4eotZLi #deepfakes #genrativeAI #fraud #AML #financialcrime #threats

If you want to hear from world-leading experts about the latest developments in the global drug trafficking landscape – including the related sanctions implications - don’t miss next week’s ACAMS Masterclass! Join Sam Cousins, CGSS, Vanda Felbab-Brown, Celina Realuyo, and John Smith for a discussion which will include: 🔹 Setting out the evolving global drug trafficking threat landscape, including geographic risks and key actors 🔹Examining current and emerging trends, such as the synthetic drugs revolution and the growth of captagon 🔹Assessing the use of economic sanctions to counter drug trafficking, how this strategy may evolve in the coming years, and related sanctions compliance considerations for financial institutions Register now! https://bit.ly/4evG8hE

Looking to effectively navigate the evolving European regulatory landscape? Meet us for The Assembly Europe 2025 at the iconic CNIT Forest, in Paris' financial district, La Défense! We’re looking forward to preparing you for the future of anti-financial crime (AFC), as our first ever bilingual (English/French) program addresses the most pressing European issues: 🔸 The launch of the AMLA 🔸 The impact of MiCA on crypto regulation 🔸 Upcoming FATF evaluations 🔸 Information sharing concerns 🔸 Combating fraud and sanctions evasion In keeping with this year’s theme ‘FORWARD’ let’s move together towards a new era of compliance. Network with industry leaders and regulatory frontrunners, gain actionable insights from expert speakers, and explore innovative solutions to protect the EU’s economy from existing and emerging threats. Register today to ensure you save US$500 thanks to our highest early bird offer! https://bit.ly/3O4pqev #ACAMSAssembly

𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐓𝐚𝐤𝐞𝐬 𝐂𝐞𝐧𝐭𝐞𝐫 𝐒𝐭𝐚𝐠𝐞 𝐚𝐭 𝐀𝐬𝐬𝐞𝐦𝐛𝐥𝐲 𝐂𝐚𝐧𝐚𝐝𝐚! In this episode of ACAMS Live Craig Timm highlights the key takeaways from the recent Assembly: 🔴 𝐊𝐞𝐲 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐢𝐧 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐬𝐡𝐚𝐫𝐢𝐧𝐠. Canada's new law allowing financial institutions to share information, similar to 314(b) in the U.S. is a game-changer. 🔴 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐛𝐥𝐢𝐜-𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐩𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩𝐬 (𝐏𝐏𝐏) 𝐚𝐫𝐞 𝐠𝐫𝐨𝐰𝐢𝐧𝐠. FINTRAC Canada | CANAFE Canada Director Sarah Paquet and Financial Crimes Enforcement Network, US Treasury (FinCEN) Director Andrea Gacki shared that they have now joined several of Canada’s PPPs, plus a new Five Eyes Countries initiative to tackle child exploitation is on the horizon! 🔴 𝐒𝐡𝐚𝐫𝐢𝐧𝐠 𝐢𝐬 𝐜𝐚𝐫𝐢𝐧𝐠 Jessica Gunson, Canadian Anti-Fraud Centre provided an update on the Financial Crime Intelligence Sharing Group that analyzes and shares intel across public & private sectors. If you are based in Canada, see the comments to join the distribution list 👇 Were you at the Assembly? What were your takeaways? #Canada #Collaboration #AFC #PPP #Fraud

In conjunction with our #webinar on criminal profiling and fraud (https://bit.ly/4digD2F), we want to hear from our AFC community! Please let us know your thought below! 👇

If you want to hear AML legends talking about sanctions, you need to listen to the latest Sanctions Space Podcast – live now! At our ACAMS Vegas Assembly, Justine Walker sat down with Rick Small and William J. Fox for a discussion which includes: ✳️ The intersection and interlinkage between sanctions and AML; ✳️ Assessing sanctions risk in an increasingly complex environment; and ✳️ How the effectiveness of sanctions frameworks could be improved https://bit.ly/3Cn4DQu

BREAKING: FinCEN warned Wednesday that attempts to open accounts with fraudulent, AI-generated driver’s licenses and other records have spiked in 2024. Read in front of the paywall on ACAMS moneylaundering.com, here: https://lnkd.in/gzJv7xVv #fraud #AML #FinCEN #AI #artificialintelligence #moneylaundering

Reflecting on The Assembly MENA 2024! 🌍 As the event comes to a close, we're proud to look back on two days of invaluable discussions and insights shared among AFC leaders from across the region. Here were some of today’s takeaways: 🔑 Keynote by Nicholas McNicholas, VARA Nicholas McNicholas from Dubai’s Virtual Assets Regulatory Authority (VARA) delivered a powerful keynote on the UAE’s pioneering role in virtual asset regulation. As the first independent virtual assets regulator, VARA’s work balances the exponential growth of digital finance with robust compliance—a key priority for the MENA region’s future. 🏦 The ACAMS Great Debate: De-Risking in Banking Moderated by Dmitry Artemiev, with insights from Osama Al Rahma and Waheed Rathore, the ACAMS Great Debate tackled de-risking’s role in the banking sector. The discussion balanced the necessity of mitigating risks while maintaining financial inclusion, shedding light on this pressing issue for the MENA region. Waheed introduced the “4 Ts” of de-risking: Treat, Transfer, Tolerate, Terminate—a balanced framework for managing risk in modern banking. Osama countered, noting that excessive de-risking can hinder access, particularly in emerging markets. Their lively exchange underscored the need for nuanced strategies that balance risk with financial inclusion. 🔎 Combating Terrorist Financing A critical session led by George Voloshin, ACAMS Global Expert in Anti-Financial Crime, addressed the heightened focus on terrorist financing. Participants explored identifying sources of illicit funding, analyzing patterns within established systems like HS codes, and tackling proliferation financing risks. This session emphasized the crucial role financial institutions play in intercepting funds tied to organized crime and terrorism. 🌍 Human Trafficking: Financial Institutions’ Role in Detection In one of the event’s most impactful discussions, panelists provided practical strategies for financial institutions to detect trafficking-related flows and identify common typologies associated with this crime. They also shared global approaches to combating human trafficking, equipping AFC professionals with tools to help stop this devastating issue. To our exceptional speakers, engaged participants, and dedicated sponsors, thank you for making The Assembly MENA 2024 a remarkable success. We’re inspired by the knowledge shared, the meaningful conversations had, and our united goal to advance AFC in MENA. Looking forward to seeing you at the next Assembly! #ACAMSAssembly

Unpack the complexities of control in AML versus sanctions with the third infographic in our four part series! And uncover more insights in our AFC Toolkit. Notable highlights include: - Control criteria for beneficial ownership in AML - Control criteria for sanctions compliance - The differences in control definitions between the EU/UK and the US Access this and other premium resources with an ACAMS Enterprise membership: https://bit.ly/3NwFepK

Just in: The Assembly MENA 2024 has officially kicked off in Dubai! What an incredible start to the day, the energy in the room is palpable, as financial crime prevention leaders from across the Middle East and North Africa are coming together. 🌍 Setting the Stage: In this morning’s opening remarks, Justine Walker highlighted how regulatory changes are top of mind at every edition of The Assembly. Another topic which is a leading concern for AFC leaders is fraud. Our Keynote speaker, Ali Ba'Alawi, Chief of the UAE Financial Intelligence Unit, shared some insight on how he approaches his work, and quoted the late Sheikh Zayed bin Sultan Al Nahyan, founder of the UAE: “He who does not know his past cannot make the best of his present and future, for it is from the past that we learn.” He highlighted how we often forget to take a step back and think about why we do what we do, as well as the need to be more proactive instead of reactive. The silos between the private and public sectors must be broken to move forward with more efficiency. 💡 Key takeaways? We must do more than adapting to change—it's about getting ahead of the curve to outsmart and outpace criminal tactics. To achieve this, we must: ➡️ Share intelligence ➡️ Leverage our networks ➡️ Invest in training ➡️ Remain alert and flexible ➡️ Fight for global standards 🔎 Top Upcoming Sessions Today: The program lineup is packed, and the opening remarks have set the stage for some truly eye-opening discussions: ➡️ Regulator Roundtable: What’s Next in the Regulator Inbox? ➡️ Combatting Cyber-Enabled Fraud in Cross-Border Contexts ➡️ Harnessing AI to Detect Suspicious Activity If you’re not here, you’re missing out on exclusive insights, rich networking, and the chance to learn first-hand from the region’s top experts in AML, sanctions, and AFC. This is an event that’s not just discussing best practices but is defining what’s next in financial crime prevention across MENA. Stay tuned for more updates and key takeaways. And if you didn’t make it this year, start planning for 2025, you won’t want to miss out again! #ACAMSAssembly #UAEFIU #AFC