AML Connections: People, Finance and Economics, a Caribbean Perspective

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?

On this informative episode of AML Connections we explore emerging compliance issues for 2024, informed by digital secondary research. Talk a listen as your host walks you through these areas, leveraging his experience with examples and food for thought on how these areas might be employed.

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.

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.

On this episode of AML Connections, we are joined by the Office of the Information Commissioner, Jamaica, represented by Ms. Shantole Thompson, Communication and International Relations Manager. In our conversation, we explore issues surrounding data protection, as the full implementation of Jamaica's Data Protection comes into effect on December 1, 2023.

On episode 3 of AML Connections we continue our discussion on the Data Protection Act, 2020 with Attorney-at-Law Daryl Palmer. Our conversation explores the responsibilities under the Act for the compliance professional, designated as Data Protection Officer (DPO) under the legislation. What does the Act require of the DPO? What bases must the DOP cover in assisting their entity to be compliant with the provisions of the law where personal data is concerned? Is the DPO exposed to any sanctions under the Act? These and other important questions are explored as we deep dive into this aspect of legislation.

On this episode of AML Connections, we explore Jamaica's Data Protection Act and the rights that are available under the Act to citizens in relation to their data, in conversation with Attorney-at-Law, Daryl Palmer.

AML Connections: People, Finance and Economics, a Caribbean perspective. This podcast will cover the areas of anti-money laundering, the counter financing of terrorism, and data protection, alongside other complementary areas of regulatory compliance risks. The aim of AML Connections: People, Finance and Economics, a Caribbean perspective, is to explore the implications of topics connected with the areas of anti-money laundering, the counter financing of terrorism, and data protection, alongside other complementary areas of regulatory compliance risks, making them relatable, demonstrating how they trickle down to affect Caribbean people, our finances, and economies. Through this podcast we strive to reach the average Caribbean citizen who knows nothing about these matters, with a view in simple terms to enlighten and give an appreciation of how these matters likely impact their lives. We also hope to reach professional practitioners in the space, to build capacity through the content that will be produce. Thirdly, we aim to be impactful. Influencing law and policy within the region through this podcast.