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The AML Challenges of New Cyber Technologies: Understanding and Mitigating the Money Laundering Threats they Pose (CD-ROM)

New and unregulated cyber technologies pose complex AML challenges and risks for compliance professionals and law enforcement agents. Nowadays, it seems easier to cleanse funds through virtual worlds than banks and the possibility exists that this could become a viable money laundering method. Yet, there is often little that financial institutions and law enforcement agencies can do to trace the origins of real dollars used to buy virtual goods online. According to a State Department Report, the use of other electronic payment systems like stored value cards and mobile remittances also pose a huge money laundering threat. The easy global access, lack of customer contact, speed of settlement, and the ease of changing transaction methods associated with electronic payments make them attractive to money launderers. In this panel, learn from top industry and government experts about the new cyber technology on the rise and the money laundering risks associated with them, how they work and what AML measures financial institutions can employ to guard against illegal activity.

Speakers
Kevin Sullivan, CAMS
Money laundering investigator, New York State Police, New York, assigned to the High Intensity Financial Crimes Area (HIFCA) El Dorado Federal Task Force. He has participated in many money laundering investigations at the multi-agency investigative task force, which provides intelligence support to law enforcement and regulatory agencies in money laundering and other financial crime matters. He’s presently the co-chair of the New York Chapter of ACAMS and also an instructor. Inv. Sullivan frequently lectures to financial institutions, regulators and law enforcement agencies on various financial crime and training related topics.

Partner in the Washington, D.C. office of Patton Boggs LLP, Van Cleef advises U.S. and foreign banking institutions, credit unions, payment processors and other financial services companies on Bank Secrecy Act, AML and OFAC compliance strategies. She works extensively with bill payment service providers, money transmitters and stored value/prepaid cards program participants, including card issuing banks, program managers, processors and distributors in the development, implementation and evaluation of their AML compliance programs. As a member of NACHA 's Council for Electronic Billing and Payment, she authored the legal /regulatory section of NACHA’s white paper on Walk-in Bill Payments..

Recorded
November 7, 2008

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