Confessions of an AML Technology Provider
Douglas Wood, Infoglide Senior VP
I confess. I have ‘borrowed’ some product and sales messages from people outside of the company from time to time. But, in fairness, these people are usually recognized industry experts. Take Ken Rijock, for example. Mr. Rijock is a former banking attorney at an international law firm. He’s also a former money launderer. He spent the 1980s as a money launderer and adviser to drug traffickers until he was arrested and served a U.S. federal prison sentence for racketeering and money laundering. I recently re-read several installments of his Confessions of a Money Launderer series, which outlines a serialized account of his escapades while on the other side of the law.
We previously posted about Mr. Rijock’s writings back in October of 2007, but the information seems just as relevant today as it did back then. The issue of Anti-Money Laundering (AML) continues to be front and center for the global financial services industry, and as a group we continue to learn new and innovative ways to solve the problem.
To that end, the American Bankers Association (ABA) holds its annual Anti Money Laundering Conference in Washington, DC, next week. Beginning Sunday, November 13th, the conference runs through Tuesday the 15th and looks to be very well attended once again. The conference is a great venue for BSA/AML compliance officers, in-house and outside counsel, fraud officers and investigators, bank auditors, regulatory officials and consultants. According to the ABA, this conference reflects “must have” content for BSA/AML compliance professionals. It’s hard to argue that statement, given the robust agenda that has been put together.
The lineup of speakers this year includes the ABA president Mr. Frank Keating and the director of Financial Crimes Enforcement Network (FinCEN), Mr. James Freis. Additionally, a solid lineup of key industry players are involved in the sponsorship of this year’s event, including Infoglide Software Corp., LexisNexis, NICE Actimize, Palantir Technologies, and World-Check (home of the Confessions of a Money Launderer series). Infoglide, who hosts this industry blog site, will be at Booth 407 exhibiting their industry-leading Identity Resolution Engine (IRE) product for Fraud and AML detection/investigation. Please come by and visit us, because I truly believe that we have ‘borrowed’ all of the right pieces from industry experts to make our technology a viable solution for the banking and financial services industry.
There. I’m glad I got that off my chest.