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5 Pillars of a Successful Anti-Money Laundering Program

In Anti-Money Laundering Programby Kevin Sullivan

We are quite familiar with the four pillars of a quality anti-money laundering program. They have been established and should be part of every financial institutions compliance program. The Four Pillars of an Anti-Money Laundering Program: Designation of a Compliance Officer Written Internal Policies, Procedures and Controls Ongoing Training for Employees Independent Review What use to be known as the …

Bribe Backfires on S.A.R. Reporter

In Newsby Kevin Sullivan1 Comment

Bribe Backfires on S.A.R. Reporter, and everyone in the AML field should know this – the SAR is confidential. That is certainly nothing new.  Sometimes mistakes are made, people goof up, we’re all human, so be it.  However, a particular bank employee for Chase Bank knew very well about the confidentiality rules, but he viewed this as an opportunity.  He …

Vatican Scandal – And Then He Created the Moon and the SARS

In Newsby Kevin SullivanLeave a Comment

For a second time in 2010, the Vatican finds itself under the magnifying glass as it again is the subject of a money laundering probe. Is the bank or a bank employee dirty? I don’t know. If this had been any other bank on the planet, this would never have received so much press and attention.

Money Laundering & Financial Crime in Virtual Worlds Interview

In Newsby Kevin Sullivan1 Comment

Money Laundering & Financial Crime in Virtual Worlds Interview with Kevin Sullivan. The following interview with Kevin Sullivan was conducted by Heather Desguin of the Florida Department of Law Enforcement, departments of Office of Statewide Intelligence and the Financial Crime Analysis Center. Can you explain the process of money laundering in a virtual world? U.S. currency (dirty money) can be …

Examples of Bulk Cash Smuggling

In Newsby Kevin Sullivan1 Comment

Several of the readers have made inquires about the blog on Bulk Cash Smuggling. I have attached below several actual photographs of bulk cash smuggling incidents.  Obviously, I have an obligation to not write about or show anything that could be considered an impediment to law enforcement’s efforts.  Enjoy, be amazed, but don’t try this at home…. Hidden compartment located …

How to Spot Bulk Cash Smuggling

In Newsby Kevin SullivanLeave a Comment

I was recently invited to do a podcast interview with BankInfoSecurity.com where we discussed the latest AML trends – including bulk cash smuggling. I also wrote a guest blog for BankInfoSecurity.com’s series “The Expert’s View” entitled How to Spot Bulk Cash Smuggling.

Black Market Peso Exchange

In Newsby Kevin SullivanLeave a Comment

A very recent attempt at the very slick Black Market Peso Exchange method of laundering shows just how a company can be used to launder drug proceeds.