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

Currency Threshold Transactions in a Digital Economy: Rethinking Their Usefulness

Thu, 03 Apr 2025 14:10:42 GMT

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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Data Protection with Chukwuemeka "Chuk" Cameron

Tue, 16 Apr 2024 14:00:58 GMT

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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2024 Emerging Compliance Trends

Fri, 15 Mar 2024 02:56:38 GMT

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.

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Let's talk Fraud

Sat, 02 Dec 2023 00:01:04 GMT

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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Cybersecurity for Data Protection

Tue, 31 Oct 2023 03:08:09 GMT

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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Talking Data Protection with the Office of the Information Commissioner, Jamaica

Sun, 01 Oct 2023 11:00:08 GMT

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.

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Data Emancipation! Demands on the Compliance Professional

Fri, 01 Sep 2023 11:00:35 GMT

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.

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Data Emancipation! Jamaica's Data Protection Act. What's in it for you?

Tue, 01 Aug 2023 05:00:00 GMT

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.

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AML Connections Podcast Pilot

Thu, 06 Jul 2023 06:01:38 GMT

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.

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