Currency threshold transactions have long been a cornerstone of anti-money laundering (AML) regulations worldwide. The requirement for financial institutions to report large cash transactions above a specified threshold aims to detect illicit financial activity and promote transparency. However, in an increasingly digital economy, where electronic payments dominate, the effectiveness and necessity of such reporting mechanisms are being questioned.

In this episode of AML Connections we consider the global standards for currency transaction reporting (CTR) under the Financial Action Task Force (FATF) framework, compares jurisdictions with and without currency reporting thresholds, and examines recent regulatory shifts, such as the Financial Crimes Enforcement Network’s (FinCEN) move to lower record-keeping thresholds along certain U.S. geographic corridors. Additionally, this paper evaluates the argument for increasing the CTR threshold in the U.S. and critically assesses whether threshold-based reporting remains an effective tool for detecting suspicious activity in an economy where cash usage is diminishing. Finally, we explore recommendations on adapting AML strategies to align with evolving financial realities.

CTRs, Yae or Nae?

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On this episode of AML Connections we are joined by Chukwuemeka Cameron of Design Privacy. Chuk is a seasoned data protection practioner and campaigner, in Jamaica and the Caribbean. He joins us as we explore data protection trends for 2024, and Jamaica's nascent journey in this area.

Take a listen as we hear about Chuk's journey into data protection, registration of data controllers within the 6-month registration window which expires May 2024, trends such as the global patchwork of data protection regulation, and the impact of Artificial Intelligence on data protection requirements. Chukwuemeka also shares his views on outsourcing data protection compliance and if there should be carved out provisions under the data protection act for small and medium enterprises.

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Let's talk Fraud!

As we enter the festive season, it is timely that we turn our attention to fraud, as it presents itself as a predicate offence for money laundering and more importantly, how as consumers we can protect ourselves against being defrauded.

In this episode, we speak to credit card fraud, Bank Information Number (BIN) fraud, SIM Swap fraud, Cyber fraud, Identity theft, Synthetic identities and the emergence of Artificial Intelligence and its impact on fraud.

Take a listen, as Dwayne Tabannah, a governance, risk, compliance and audit professional who is the Head of Risk and Fraud Management with Digicel, guides us through these types of fraud and how we might protect ourselves as we engage in commerce, this festive season and beyond.

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On this episode of AML Connection we talk Cybersecurity with Dwayne Brown, Executive with responsibility for Cyber Security at the Jamaica National Group. Take a listen as Dwayne shares his expert knowledge, breaking down the subject for the average person to understand, while sharing the various types of attacks which computer systems are exposed to, and how to mitigate them. In this episode, pertinent information is shared that is applicable to both entities and individuals for the protection of personal data, as Jamaica journeys towards full implementation of the Data Protection Act, on December 1, 2023.

In this age of the fourth industrial revolution where data is increasingly valuable, and is equally increasingly susceptible to cyber attacks where data is stolen for ransom, both corporations and individuals must take the measures necessary to protect their data. With data protection legislation being promulgated by governments across the world, the greater burden resides with business who control and process customers personal data, to protect their systems against the likelihood of data incidences and or breaches.

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Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.