AML Weekly Recap and Insights | Week 3rd - 7th February 2025

Feb 07, 2025

Dear AML Community,

Starting this week, I am introducing a new short section in this weekly newsletter titled "Weekly Thoughts." The purpose is to inspire professionals in the financial industry, hoping to help them develop their mindset and navigate their everyday challenges.

My only request: If you can, please share this publication with people who may be interested in its content.

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5 Lessons from My AML Compliance Journey

Reaching 45,000 LinkedIn followers in a niche field like AML and Compliance tells me two things: interest in financial crime prevention is growing, and people value authenticity.

Looking back, my journey hasn’t always been easy, but it has been rewarding. Here are five key lessons I’ve learned over 20+ years.

Ethics Over Everything – Compliance isn’t just about rules - it’s mostly about integrity. If ethics aren’t the basis, compliance becomes a meaningless checklist.
Doing the Right Thing Is Hard – Compliance often meets resistance. But cutting corners leads to risk. Staying firm protects both the organization and its people.
Soft Skills Matter – Knowing the rules is one thing. Convincing others to follow them is another. Strong communication and relationship-building are key.
Never Stop Learning – Financial crime is evolving, and so must we. Staying ahead means continuous learning, certifications, and industry engagement.
Be Open, But Don’t Compromise – Embrace innovation, but never at the expense of compliance. The key is finding balance.

These lessons have guided my career, and I hope they offer value to you.

Have a great weekend!

British Virgin Islands Criticized for Proposed Beneficial Ownership Policy: The British Virgin Islands (BVI) is facing criticism for its draft policy on beneficial ownership registers, which limits access to ownership data to those with a "legitimate interest" such as those involved in legal or regulatory proceedings related to financial crimes. Additionally, the owner of the company “would be tipped off about any such requesthave five days to object to the information being shared”.
FinCEN Fines Brink's Global Services USA, Inc. $37 Million: The Financial Crimes Enforcement Network (FinCEN) has assessed a $37 million civil money penalty against Brink's Global Services USA. The company facilitated the transmission of hundreds of millions of dollars in bulk currency shipments across the Southwest Border on behalf of high-risk entities—including a Mexican currency exchanger that later pleaded guilty to violating the Bank Secrecy Act (BSA). This marks FinCEN’s first enforcement action against an armored car company.