It has been a great three days at the 20th annual ACAMS Money Laundering Conference in beautiful Hollywood FL, I've caught up with many old colleagues and met many more new ones!!
Here are some key highlights:
Marijuana banking isn't just having a risk program when you will bank them, bankers must also ACTIVELY make sure they are not!
MSB Banking is still lacking (we have some great partners for this!)
BlockChain is in version .010, an blockchain has lots more maturity & utility
Bitcoin type companies are offering equity for AML professionals
Funnel accounts are active, and technology is making it harder to identify... VELOCITY of cash is an indicator
Credit Union deposit sharing (allowed to deposit in any credit union) can be used to smurf fairly easily
De-Risking is real
Culture of Compliance
AML Talent is Lacking
3rd Party oversight
Coordinate & Communicate
Leveraging Data across the enterprise
Document Document Document