Recommended Prerequisites: A basic understanding of money laundering and/or fraud investigations
Field of Study: Specialized Knowledge
Fraud schemes often generate large sums of money that need to be laundered to be used in the marketplace. Anti-fraud professionals are encountering the interconnected nature of fraud and money laundering and need the skills to identity and investigate both matters. You must know the red flags of both money laundering and fraud schemes, be able to coordinate with AML teams, update controls for both AML and fraud, and design the best program for fraud and AML teams. This case study will review a common interconnected AML/fraud scheme that financial institutions face. Using the case study, the session will address best practices for AML and anti-fraud teams, the pros and cons of fully integrating teams, and strategies for updating controls when issues cross both functional areas.
You Will Learn How To:
BSA Officer, Credit Union 1
Joseph Martin is an experienced AML professional who leads the BSA/AML/OFAC compliance and fraud investigations teams at one of Alaska’s largest financial institutions. Previous to his current role, Martin held AML positions at Caesars Entertainment, Kharon, Exiger, and Kroll and served in the U.S. Marine Corps from 2001 to 2009.
In conjunction with multiple technology partners, Martin designed one of the most technologically advanced, transparent and efficient marijuana banking programs in the country with the goal of having Alaska’s cannabis market completely banked and cashless by 2020.
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