4 Ways to Make the Most of Your ACFE Global Fraud Conference


John Loftis, CFE
ACFE Events Marketing Manager

I won't be able to attend the 28th Annual ACFE Global Fraud Conference this year because of the upcoming (hopefully soon) birth of my first child. This will be the first conference I will miss since attending my very first one in 2006. But that doesn't mean I can't help YOU prepare for the largest gathering of anti-fraud professionals in the world. Below are some of the events and opportunities that I know you will not want to miss out on. 

Register to See the Charlie Daniels Band
Join the ACFE Middle Tennessee Chapter and country music legends, the Charlie Daniels Band, at historic Ryman Auditorium for an unforgettable conference experience. All proceeds from this concert will benefit the ACFE Foundation. Visit FraudConference.com/28th-concert for details.

Download the Conference App
The ACFE 2017 Conference App is your on-the-go guide to the 28th Annual ACFE Global Fraud Conference. Use the Conference App to:

  • Report your CPE credit real-time
  • Access your custom schedule
  • Navigate the Exhibit Hall
  • Complete session evaluations

The app is available from the App Store for iPhone® and iPad®, from the Google Play Store for Android™ devices and as a mobile website for other web-enabled devices. Learn more about the Conference App.

Check Out the Career Connection
Find answers to your professional questions during a private coaching session with a leading career strategist. Career Coaching (50 minutes, $50), Myers-Briggs Type Indicator sessions (50 minutes, $50), and Résumé or LinkedIn Profile Review sessions (30 minutes, $30) may be booked in advance. Learn more and schedule a session.

Sign Up for the Virtual Conference
Purchase the Virtual Conference Add-On package to receive access to video recordings of all Main Conference sessions after the conference. This option allows you to watch sessions you missed or revisit your favorites for year-round learning from the convenience of your home or office. Purchase the Virtual Conference Add-On package.

I will be following all of you along your event journey on our social media networks and I look forward to hearing how these events, and the conference in general, goes! Here is to another amazing year!

Shutting Down the Laudromat: An Interview with an AML Superhero


James D. Ratley, CFE
ACFE President

Successful criminals often have a common problem. After they steal the cash, they can’t spend it. They must first wash it.

They search for discreet laundromats. But financial institutions — spurred by federal laws, loss of reputation and a heightened sense of ethics — are cracking down on crooks who want to make their cash squeaky clean.

Jennifer Shasky Calvery has been fighting money laundering and other crimes for years — first at the U.S. federal government and now as the Global Head of Financial Crime Threat Mitigation at HSBC Bank. Before joining HSBC in 2016, she was director of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for four years after a 15-year career at the U.S. Department of Justice. She’ll be receiving the ACFE Cressey Award at the 28th Annual ACFE Global Fraud Conference.

“While I was at the Treasury Department, FinCEN analysts made major strides to enhance deployment of advanced analytics tools to make sense of the ocean-sized data they had at their disposal from SAR [Suspicious Activity Report] filings and other sources of information,” Calvery says in the cover article of the May/June issue of Fraud Magazine. “These tools were essential to FinCEN’s ability to mine data and spot trends, and I knew that I would also need to leverage these tools at an international bank like HSBC.”

Calvery believes that fraud fighters should seize the opportunity to strengthen money laundering information sharing between the public and private sectors.

However, she says that banks are constrained by what they can share with industry peers and to governments. And banks and governments are restricted in what they can exchange cross-border. Regardless, Calvery can act as a mediator among the players because of her anti-money laundering credentials.

“In my role ... at HSBC, I’m focused on deploying innovative solutions that increase the effectiveness and efficiency of our ability to detect, deter and combat financial crime,” says Calvery. “In jurisdictions around the world, governments are adopting ‘sandbox approaches,’ allowing industry latitude to be creative in finding internal solutions to address risks in a way that encourages innovation while providing appropriate safeguards.”

More power to Jennifer Shasky Calvery. I’m looking forward to hearing her keynote at the 28th Annual ACFE Global Fraud Conference, June 18-23 in Nashville. See you there!

Why Law Enforcement is Not to Blame for Fraud


Martin Kenney
Managing Partner of Martin Kenney & Co., Solicitors

“Fraud is alive and well in Canada,” wrote Jessica Lewis of the Canadian law firm Bennett Jones LLP in Financier Worldwide magazine this month. “It is thriving and fraudsters are innovating,” she said. “The ongoing boom in white-collar crime is partly the result of Canada’s lack of a uniform regulatory system and ineffective law enforcement.”

I agree. There are regulatory frailties in Canada, particularly the absence of Ultimate Beneficial Ownership (UBO) identification during corporate registration. These regulatory anomalies and loopholes need to be addressed. But fraud is also on the increase globally.

Whenever austerity measures are put in place, fraudsters come to the fore to prey on the desperate and needy (not to mention the greedy). The U.K., for example, recorded a whopping 25 percent increase in 2016 for reported fraud in general, much of this fueled by banking and online scams.

Policing and austerity
As Lewis alludes, law enforcement in Canada does not come out well in these situations. Similarly in the U.K., The Guardian reported that “….the police have not been interested in investigating such cases even though the losses have been as much as £25,000.”

On the face of it, the police appear to be neglecting their roles as investigators and prosecutors of those committing such crimes. The U.K.’s Prime Minister (and then Home Secretary) Teresa May, said only last year, “Fraud shames our financial system.” But I don’t believe that criticizing the police for their perceived failings really touches on the root of this problem. It’s a much larger issue.

Most police forces across the Western world have borne the brunt of austerity measures imposed by their governments. The problem is that, as a consequence, they have inadequate resources and frontline policing must take priority. The U.K. has seen its fraud squads dismantled and specialist fraud investigators deployed elsewhere.

Investigating fraud is a highly specialized discipline, requiring significant training and ongoing courses designed to try to ensure that concerned detectives keep pace with a highly dynamic crime that is constantly evolving. In particular, fraud perpetrated by cyber criminals is extremely difficult to police. Not only does it require an added expertise that only few detectives possess, it also introduces cross-jurisdictional issues typically associated with this form of deception.

Cross-border fraud
Fraudsters are not stupid. They understand that if they are in Russia, the Ukraine or China (for example), then attacking victims in other countries, such as the U.K., Canada or the U.S., makes perfect sense. By inserting the buffer of international borders, there is little likelihood of Western law enforcement agencies receiving sufficient levels of cooperation required to bring the culprits to book (especially given the current political climate).

Sadly, there is little prospect of this status quo changing anytime soon. The political differences make for uneasy relationships between the law enforcement agencies concerned. This means that criminals operating out of the Eastern Hemisphere can effectively attack their Western victims online with impunity. If we add to the mix the realistic prospect of corruption and its impact on the overall scenario, it is obvious why Eastern bloc criminals are confident in their doubtful activities going unhindered. They can simply pay off local law enforcement officers (who should be apprehending them).

Law enforcement agencies (and police in particular) are being blamed for failures to investigate fraud. In an ideal world, police forces would be able to open a “new box of detectives” and deploy them as demand requires. Unfortunately, this is not the case. So until there is a reinvestment in the police, fraud will continue to grow and go unpunished.

Martin Kenney is Managing Partner of Martin Kenney & Co., Solicitors, a specialist investigative and asset recovery practice based in the BVI and focused on multi-jurisdictional fraud and grand corruption cases. Mr. Kenney was recently selected as one of the Top 40 Thought Leaders of the Legal Profession in 2017 by Who's Who Legal International. He is the only fraud and asset recovery lawyer included in this list of thought leaders drawn from 16 different practice areas.

www.martinkenney.com |@MKSolicitors