Posts from Lee Phillips

ACAMS Wrap-up

In some cases, what happens in Vegas is just too good to keep in Vegas. Here are some highlights from ACAMS 15th Annual AML and Financial Crime Conference.

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When It’s Business…and Personal

The Case of Raymond James 

In the month since FINRA announced total of $17 million in fines against financial adviser Raymond James and its financial services affiliate, two threads have circulated through social media.  The first took note that broker-dealers were now squarely in the enforcement sights of regulators.  The second focused on the piercing of the corporate veil and the penalties administered to James’ former AML Compliance officer.

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How to Triple Your AML Bet … and Win

What Casinos Can Learn From Banks

According to the latest evidence, The US Treasury estimates that over $300 billion in money laundering flows through casinos annually.  The two leading sources of funds, fraud or drug trafficking, account for just over $64 billion alone.    Recently, officials at the federal Financial Crimes Enforcement Network (FinCEN) – the agency responsible for monitoring casino operator compliance with the Bank Secrecy Act of 1970- have stepped up their AML compliance rhetoric and activity.   And they’re not alone.

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AML Failures Up Enforcement Ante

Addressing the Problem: Investigator Productivity

Occasioned by the announcement of a consent order with Florida bank Gibraltar Private Bank and Trust, the Office of the Comptroller of the Currency (or, OCC) announced two significant updates to its policies and procedures for calculating civil money penalties for non-compliance or persistent, uncorrected BSA/AML compliance.  The OCC took the opportunity to call-out failures in the Gibraltar response  to earlier orders - setting clearly tougher expectations for under-performing or unresponsive compliance programs.  

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Consider the Alternatives to GSA Migration

Search Is Not at a Crossroads

Google’s recent announcement that it would discontinue support for the Google Search Appliance (GSA), in favor of a cloud-based implementation for its Google Search for Work offering seems to suggest a dilemma for enterprise architects.  But the dilemma is false and enterprise application developers don’t have to make a choice between a migration to the cloud or a future spent managing open source solutions (OSS) ...

 

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Risk and Compliance SCREAM HOLISTIC

The Impossible Isn’t Your Fault

The challenges you face as a risk and compliance professional reflect forces beyond your control.  You’re between an accelerating expansion in technology – which offers new avenues for misbehavior  - and a rising tide of regulatory expectations.  It’s a classic problem of supply and demand.

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The Holiday List

What to Get for A Person Who Calculates Everything

Talking with colleagues and friends in business lately, I’ve taken a new tack.  After all, it’s the season that celebrates gifts - large and small.  After greetings, I’m asking, “What’s on your list this year?”  I get all sorts of answers - from the sublime (typically, peace) to the ridiculous (mostly, political) – but it’s the answers of a friend – call him Jerry for convenience, that I thought I’d share today.

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Enhanced Views Are A Winning Play

Competing on Innovation and Insight

“The only thing better than certain insight is certain insight you don’t have to work hard to find.”

Our view of any business situation is enhanced when every relevant insight is available for consideration.  In the early days of search, our queries determined precisely what we found.  We were limited by the data that was indexed and the terms we searched.

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AN ENHANCED VIEW OF EVERYTHING

Data Virtualization Unleashes Application Agility

The single, most-important determinant of the lifetime value of a modern, enterprise-wide application is its dexterity in adding or changing the data sources that drive the application. ‘Rock stars’ deliver solutions that provide value and benefits for years, adapting to new or evolving data sources quickly and easily.  And, now, there’s no excuse for not being a ‘rock star’.

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From Virtual Data Marts to Data Dexterity

How Data Virtualization Drives Secure, Agile, Enterprise BI

If you believe that the convergence of Big Data and Big Analysis is a ‘half full’ opportunity, chances are you’re familiar with and engaged in the implementation of data virtualization to accelerate the move to data democracy in your organization.  New tools extend the franchise for secure, well-governed data provisioning – offering the ease of self-service and/or dramatic gains in IT productivity.  By eliminating many of the costs and risks associated with traditional data integration methods, virtual data marts b

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