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Personal Communications of Financial Transaction Data

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When banks harness the value of this data, they are able to set up big data analytics to help drive the discovery of money laundering. As banks are actively adopting big data platforms, including Hadoop and supporting analytical tools, they can be applied to help solve this problem. A platform that enables the ingestion, enrichment, analysis, and visualization of these diverse, large, and constantly changing data sets can be the bank’s best asset.
I recently had the opportunity to speak with a former investigator with Homeland Security Investigations (HSI) who runs a consultancy focused on using big data analytical tools to assist banks in achieving better AML compliance. He describes a situation where financial institutions are experiencing an exponential growth in AML compliance requirements and reporting burdens. “By far, the best solution to fulfill rapidly growing compliance requirements is provided by big data analytical tools which drastically lower compliance costs and satisf…

More Money Spent on Less Money Laundered

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For some of you, AML/KYC/CTF/FCPA looks and sounds like a foreign alphabet soup of acronyms introduced to distract you from the main purpose of this article. For others who work for regulated banks, these acronyms are so familiar that you’ve likely memorized the answers to your company’s annually mandated Anti-Money Laundering (AML)/Know Your Customer (KYC) certification quiz and you’re already familiar with the increased measures being taken against Counter Terrorism Financing (CTF), and the Foreign Corrupt Practices Act (FCPA).
The bankers also DON’T need to hear another glaringly obvious anecdote about an analyst who has just joined the company and has a great opportunity to work with King/Prince/Senator X from non-cooperative African/Middle Eastern jurisdiction Y – and most importantly – you know that when in doubt, ALWAYS call the company AML/Compliance hotline.
BUT…for a bank facing large fines, what happens when the scenario isn’t so clear and the answers aren’t multiple-choic…

She Laughed at how Absurd it Seemed

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“Six of us against what was supposed to be more than 100 Daesh, but nonetheless, we jumped into a tank and off we went,” she said.
As they closed in on the battle, her unit met up with 12 Kurds who were already in position near a bridge leading into the city.
The Kurds would have to take that bridge in order to take the city.
“We spent the rest of the day fighting for that bridge, which was also the last time a sniper would take a shot at me, the bullet passing so close over my head I felt it,” she said. “We held the bridge over night while reinforcements arrived, and the next day they took the city, which by now had mostly been abandoned by Daesh.”
She briefly returned to Canada after the battle, stricken by malnutrition after having lost almost 30 pounds since joining the YPJ. But almost as soon as she returned to Vancouver, she was itching to get back to the fight in Rojava, the name given to what is considered Western Kurdistan. She went back in early September and remains with t…