ACAMStoday ®
The Magazine for Career-Minded Professionals in the Anti-Money Laundering Field
Suspicious Transactions: Inspect All Lines of Business p.18
Hedge Funds:
The New Frontier p.26
may/june 2007 Vol. 6 no. 3 A publication of the Association of Certified Anti-Money Laundering Specialists (ACAMS) Miami, FL USA
www.acams.org
Focus Your AML Training with Targeted Delivery p.8
www.acams.org/espanol
Be a part of the most highly-anticipated conferences in the Anti-Money Laundering (AML) field. Network with colleagues, listen to regulators, learn from the best.
Join your fellow anti-money laundering (AML) professionals for the latest insights, tips & tools to meet tomorrow’s money laundering challenges
Choose from four ACAMS’ conferences around the world!
Conferencia y Exhibición Latinoamericana sobre Lavado de Dinero de ACAMS en conjunto con lavadodinero.com June 27-29, 2007 Hotel Camino Real, México DF (Conference conducted in Spanish)
Participate in interactive sessions, workshops and roundtables covering cutting-edge AML topics
ACAMS 6th Annual International Money Laundering Conference & Exhibition September 24-26, 2007 Caesars Palace, Las Vegas
Protect your organization with best practices for combating money laundering
ACAMS European Money Laundering Conference & Exhibition
in conjunction with moneylaundering.com November 7-9, 2007 NH Grand Hotel Krasnapolsky, Amsterdam
Middle East-North Africa International Money Laundering/Terrorist Financing Conference & Exhibition
December 3-5, 2007 Dubai
Network with AML professionals from around the world Learn from expert speakers from key industries
Earn continuing education credits: CAMS, CLE, CPE, CRCM, CFSSP
Register Today! Call 1.866.459.CAMS or +1.305.373.0020 Online www.ACAMS.org/conferences Email
[email protected] Use Code 7DAY01 at registration ACAMS, Brickell Bayview Center, 80 Southwest 8th Street, Suite 2350, Miami, FL 33130 USA
In this issue ACAMS
Executive Director: Gregory J. Calpakis, CAMS Senior Vice President of Business Development: Geoffrey Chunowitz, CAMS Communications Manager: Karla Monterrosa-Yancey Director of Communications for Latin America: Gonzalo Vila Director of Marketing: Patrick Dolan Education and Training: Rebecca Lentz-Fernandes, CAMS and Gabrielle Hartmann, CAMS Member Services Manager: Briseida Nunez Member Services Representatives: Saida Aliyy, Gabriel Cruz, Lucia Morales, Giovanna Oquendo, Adriana Real and Trenice Simpson Certification Coordinator: Tamara Ofner, CAMS Website Design and Development: Diego Sanz, Victor Pena, and Michael Reyeros Graphic Designer: Aimee N. Youngs Membership and Certification Account Executives: Jeffrey Aronofsky, CAMS, Camila Levy, Sonia Leon. Advertising Opportunities: Andrea Winter and Ryan Lucia Events Administration: Barbara Schpilberg-Sanz, Zulema Moreno, and Michael Rodriguez
From the editor ACAMS news and member spotlight James Richards, CAMS: There’s no substitute for thinking creatively
Anti-money laundering monitoring in the securities markets
8 10 12 14
Suspicious transactions: Inspect all lines of business
16
Why money launderers find life insurance appealing
18
BSA/AML scrutiny: Getting it right How to provide services to money services businesses-safely
20 22
Fighting financial fraud requires enterprise-wide analysis and controls
24
Smooth sailing or uncertain waters? -The proposed US anti-money laundering regulations for hedge funds
26
Expertise: A chall