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Don't miss out on this great read! A press release from SuperbCrew featured an interview with Ninad Bhate, Vice President, Customer Success at ZIGRAM. In the interview, Ninad Bhate shares insights into ZIGRAM's vision, strategy, and capabilities, along with their recent partnership achievement. Click the link to access the article - https://lnkd.in/dEQqEpGr
Poloniex, a company based in Boston, Massachusetts that previously did business as Poloniex Inc., has agreed to pay USD 7.6 million to resolve potential civil liability for 65,942 apparent violations of multiple sanctions programs administered by the OFAC. To read more, please click https://bit.ly/44pxflW Visit our website: https://www.zigram.tech/
This week’s OSIN focus on Gini Co-efficient by countries. The Gini Co-efficient or Gini index is a measure of income distribution across a population. It ranges from 0 to 1, with 0 representing perfect equality, where everyone has the same income, and 1 representing perfect inequality, where one person has all the income and everyone else has none. Visit us: www.zigram.tech
The Subject Matter by AML Penalties This week's Subject Matter is about the RBI's Updated Know Your Customer (KYC) Master Direction, 2016 On April 28, 2023, the Reserve Bank of India (RBI) amended the Master Direction (MD) - Know Your Customer (KYC) Direction, 2016. Sign-up to know more @ https://app.amlpenalties.com/sign-up for more insights & updates. Click to know more: https://bit.ly/3APQK9m Visit our website: https://www.zigram.tech/
Welcome to our weekly newsletter focused on providing you with the latest news and insights on risk, AML, regulatory technology, and financial crime compliance. From Money Laundering Alerts to Tax Evasion and Fake Online Bankers, let's delve into the latest happenings in different fields.
This week we have 15 AML events involving 31 individuals and 24 entities, resulting in a total of USD 924 Mn in penalties with incarcerations of 431 months. Notable events of the week include a USD 22 Mn fine imposed on Rietumu Banka, by the Court of Cassation, France, for money laundering. Next is a USD 1.5 Mn fine imposed on Kingdom Trust, by the FinCEN, for violation of BSA. Finally, the son of former Taiwan President Chen Shui-bian, Chen Chih-Chung was sentenced to 12 months imprisonment, by the Supreme Court of Taiwan, for corruption and money laundering. Finally, regarding regulatory updates, The RBI has amended the KYC - Master Direction. Also, the FATF has released its mutual evaluation report on Indonesia's AML/CFT measures. Click here https://bit.ly/3LJtd0e 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/
MiCA covers the crypto assets not covered by current financial services legislation. Transparency, disclosure, authorization, and supervision of transactions will become the key provisions for those creating and selling crypto-assets (including asset-reference tokens and e-money tokens). Customers would be better informed about the dangers, expenses, and fees associated with their businesses. Additionally, by controlling public offers of crypto assets, the new regulatory framework will promote market integrity and financial stability.
This week’s OSIN report is based on data from the National Human Trafficking Hotline and highlights the top 10 states in the United States with the highest cases of human trafficking . California tops the list with the highest reported cases followed by Texas and Florida. With ranks adjusted for their smaller population size, Mississippi and Nevada make it to the top two in terms of the rate of incidence and reports of human trafficking. Rhode Island ranks the lowest based on the number of human trafficking cases in 2020, with only 10 reported cases and a declining rate of approx. 0.91 case per 100,000 people. The report also identifies poverty, immigration status, and social isolation as factors that contribute to human trafficking where young adults and children are the most common victims. Another article shares statistics of human trafficking in the United States stating that the average age for human trafficking is 12-14 years old for girls and 11-13 for boys. It also comments on how one-third of the minor runaways become victims of human trafficking every 48 hours given that ar
This week's Subject Matter is about the European Union's new crypto-asset legislation called "Markets in Crypto Assets (MiCA)" On April 20, 2023, the Members of Parliament (MEPs) approved Markets in Crypto Assets (MiCA) with 529 votes in favor to 29 against and 14 abstentions, the first piece of EU legislation. The European Parliament endorsed the first EU rules to trace crypto-asset transfers and prevent money laundering, as well as common rules on supervision and customer protection. The new rules will bring transparency to the sector and create a regulatory framework across all 27 EU countries. The member countries have 18 months to implement these new regulations. The members also gave their final approval to new common rules on the supervision, consumer protection, and environmental safeguards of crypto-assets, including crypto-currencies (MiCA). The draft law agreed informally with the Council in June 2022 includes safeguards against market manipulation and financial crime.
ZIGRAM is proud to be the Silver Sponsor for the upcoming Fintelekt AML/CFT 12th Annual Summit in India for 2023. This conference will feature top experts from the Banking Sector, Financial Institutions, and Regulatory Technology domain, creating an opportunity for the AML/CFT compliance community to delve into emerging trends and engage in meaningful conversations on AML and Regulatory Risk. Do not miss this incredible opportunity to participate in thought-provoking debates, panel discussions, and speaker sessions! Register today at the following link to secure your spot: https://lnkd.in/dxXbu33K
