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This week's OSIN report highlights the Financial Fraud Numbers in the Reserve Bank of India's annual report for 2022-2023. The overall value of frauds reported by Indian banks was reduced by half from FY22 to FY23. However, the value and volume of digital frauds using cards and internet-based payments nearly doubled in the previous financial year. Fraud cases in Public Sector Banks represent 25% of the overall cases but the amount involved in those cases represent approximately 70% of the total fraud. Delays in fraud identification and reporting was also observed with 94.5% of the frauds reported in FY23 by value occurred in previous financial years. Experts highlight that fraudsters employ new techniques such as phishing, malware, fishing, SIM cloning, and fake UPI handles on social media. They trick customers into revealing account details or downloading applications to monitor their devices remotely. Some scams involve transferring money to intermediary accounts.
AML Penalties Fortnight Regulation Watch Vol. 34 | Jun 06, 2023 Click here https://shorturl.at/pBR25 to read in detail about the recent regulatory updates. Subscribe to the AML Penalties newsletter @ www.amlpenalties.com/subscribe Visit our website: https://www.zigram.tech #amlcompliance #amlcft #amlpenalties #financialcrimecompliance #weeklybulletin #moneylaundering #antimoneylaundering #aml #financialcrimes #duediligence #proliferationfinancing #recordkeeping #compliance #riskassesment #fraud #corruption #pep #fatf
AML Penalties Weekly Bulletin Vol. 157 | June 05, 2023 Click here https://bit.ly/45P0UWq to read in detail about the week's top AML events, news, and regulatory updates Subscribe to the AML Penalties newsletter @ www.amlpenalties.com/subscribe Visit our website: https://www.zigram.tech/ #amlcompliance #amlcft #amlpenalties #drugtrafficking #financialcrimecompliance #weeklybulletin #moneylaundering #antimoneylaundering #aml #financialcrimes #financialinstitution #sanctions #lithuania #malta #australia #fraud #bribery #corruption #gaming #austrac#gaming #austrac
Welcome to our weekly newsletter focused on providing you with the latest news and insights on risk, AML, regulatory technology, and financial crime compliance. Firstly, We begin by highlighting The mastermind behind a German tax fraud scheme has been given an additional 8-year prison term, adding to their existing sentence. Next, The former owner of a restaurant in Plymouth has agreed to plead guilty to charges of tax evasion. Thirdly, The accomplice of the mastermind behind a SkillsFuture fraud scheme has been sentenced to jail for his involvement in false course fee claims. Furthermore, Law enforcement authorities have launched a crackdown on a Lithuanian criminal network engaged in significant food fraud and tax evasion activities. Moving forth, Three individuals have been charged in connection with a multi-million dollar fraud scheme involving pandemic assistance funds. Lastly, we speak about The Enforcement Directorate (ED) which has submitted a chargesheet against office assistants in the Seva Vikas Bank money laundering case in Mumbai.
Case Files by AML Penalties This week, we highlight the case of Adrian Jose Velasquez Figueroa, husband of the former National Treasurer of Venezuela, who was sentenced for billion-dollar currency exchange fraud, bribery, and money laundering. Adrian Jose Velasquez Figueroa and his wife, Claudia Patricia Diaz Guillen laundered bribes from co-conspirator Raúl Gorrin Belisario, a Venezuelan billionaire businessman. The conspiracy involved bulk cash, offshore shell companies, Swiss bank accounts, and international wire transfers allegedly sent by Gorrin for Díaz and Velásquez’s benefit, including purchasing multiple private jets and yachts and funding a firm started by Díaz and Velásquez in South Florida. Click to know more: https://tinyurl.com/AML-Penalties Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates Visit our website: https://www.zigram.tech/ #casefiles #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering #fraud #venezuela #bribery #swissbank #treasurer #usa #shellcompanies #shellentity #nationaltreasury #news #wiretransfer
The Securities and Futures Commission (SFC) has issued amendments to the guidelines pertaining to anti-money laundering and counter-financing of terrorism (AML/CFT) for licensed corporations and associated entities. These amendments encompass several changes, including a revised definition of "politically exposed person" (PEP) that now distinguishes between "non-Hong Kong PEP" and "Hong Kong PEP." Additionally, a new category called "former non-Hong Kong PEP" has been introduced, and special requirements and additional measures may be waived for non-Hong Kong PEPs if they are deemed to no longer pose a high risk of money laundering and terrorist financing. The Securities and Futures Commission (SFC) has issued amendments to the guidelines pertaining to anti-money laundering and counter-financing of terrorism (AML/CFT) for licensed corporations and associated entities. These amendments encompass several changes, including a revised definition of "politically exposed person" (PEP) that now distinguishes between "non-Hong Kong PEP" and "Hong Kong PEP." Additionally, a new category calle
This week’s OSIN report discusses about Most Polluted Countries in 2023. Pollution is a result of human activities involving the use of natural resources, such as burning fossil fuels and dumping waste. It is more prevalent in countries with lower development indexes that rely on coal for energy due to its affordability. Factors like country size and population also contribute to pollution levels. In the past, Britain was heavily polluted during the Industrial Revolution, while now, rapid industrialization in Asia has led to high pollution levels. Air pollution is particularly important to study as it has a significant impact on public health. Policymakers should prioritize reducing pollution to ensure the well-being of populations. #Pollution #Environment #AirPollution #WaterPollution #OceanPollution #ClimateChange #Sustainability #CleanEnergy #RenewableEnergy #GreenLiving #EcoFriendly #GoGreen #ZeroWaste #SaveThePlanet #CleanAir #CleanWater #ProtectOurEnvironment #ReduceReuseRecycle #EnvironmentalAwareness #GlobalWarming Visit us: www.zigram.tech
The Subject Matter by AML Penalties This week's Subject Matter is about the guidance paper on Strengthening Financial Institutions' CFT Controls On May 26, 2023, the Monetary Authority of Singapore (MAS) published a guidance paper on strengthening financial institutions (FIs) countering the financing of terrorism (CFT) controls based upon an industry-wide thematic review of CFT controls. The document sets out MAS’ key observations and highlights supervisory expectations that financial institutions (FI's) should review against their controls. The guidance paper is based upon an industry-wide thematic review of Counter-Financing of Terrorism (CFT) controls highlighting 4 key areas of improvement for the market: - Strengthening screening processes - Leveraging data analytics - Conducting regular reviews to strengthen internal controls and processes - Ensuring timely and quality Suspicious Transaction Reports (STR) submissions Sign-up to know more @ https://app.amlpenalties.com/sign-up for more insights & updates. Click to know more: https://shorturl.at/axET6
Spotlight by AML Penalties Following the investigation by the AUSTRAC, Crown Resorts has agreed to an AUD 450 million (USD 294 million) penalty after it failed to prevent money laundering and criminal activity at its casinos. To read more, please click https://tinyurl.com/Crown-Resorts-AML-Penalties Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates. Visit our website: https://www.zigram.tech/
The California Consumer Privacy Act (CCPA) and its amendment, the California Privacy Rights Act (CPRA), grant consumers in California enhanced control over their personal information. These laws afford individuals the rights to be informed about data collection and usage, request deletion of their information (with exceptions), opt-out of data sharing or sales, and not face discrimination for exercising their CCPA rights. CPRA introduced additional rights such as the ability to correct inaccurate data and limit the use of sensitive information. Businesses subject to CCPA are obligated to respond to consumer requests, provide privacy notices, and comply with the regulations. #CCPA #CPRA #PrivacyRights #ConsumerControl #DataProtection #InformationPrivacy #DataDeletion #DataOptOut #NonDiscrimination #DataCorrection #SensitiveInformation #BusinessCompliance #PrivacyRegulations Visit us: zigram.tech
