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This fortnight we have 07 regulatory documents from 05 jurisdictions, mainly applicable to AML/CFT. Notable regulatory documents of the fortnight include Russia (Sanctions) (EU Exit) (Amendment) Regulations 2023; Regulation Of The European Parliament And The Council On Markets In Crypto-Assets, And Amending Directive (EU) 2019/1937; Suspicious Transaction Reports: New Domain Values For Operators In The Virtual Asset Sector; Obligation Of Transaction Monitoring; Wolfsberg Anti-Bribery And Corruption Compliance Programme Guidance; Modernising Australia’s AML/CFT Regime; SARs In Action - 2023, United Kingdom. Click here https://bit.ly/3oBGv5P 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
Welcome to our weekly newsletter focused on providing you with the latest news and insights on risk, AML, regulatory technology and financial crime compliance. Let's delve into the latest happenings in different fields. Click to visit our newsletter: https://lnkd.in/ddg8sDFf Click here to subscribe: https://zurl.co/IAnT Visit us: zigram.tech/
This week we have 11 AML events involving 16 individuals and 6 entities, resulting in a total of USD 11 Mn in penalties with incarcerations of 1,200 months. Notable events of the week include a USD 0.6 Mn fine imposed on Nexway, by the U. S. Department of Justice and the Federal Trade Commission (FTC), for violating the FTC Act and credit card laundering. Next is a USD 6 Mn fine imposed on Reyl & Cie SA, for tax evasion and money laundering. Finally, Guaranty Trust Bank was fined USD 0.2 Mn, by the Central Bank of Nigeria, for failure to comply with the AML/CFT rules. Finally, regarding regulatory updates, The Member of the European Parliament has approved Crypto-Assets legislation. Also, the National Crime Agency has published its SARs in Action report. Click here https://bit.ly/3mXapRA 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/
May the magic of this Eid bring lots of happiness in your life and may you celebrate it with all your close friends & family. Eid Mubarak! - Best wishes from everyone @ ZIGRAM #EidMubarak #EidAlFitr #BlessingsOfEid
Case Files by AML Penalties This week, we highlight the case of Julian Omidi, a doctor, and the owner of Surgery Center Management LLC (SCM) from California, United States of America, who was sentenced for mail fraud, health care fraud, identity theft, and money laundering. Omidi convinced patients to get tests done which paid his SCM employees commission. Employees falsified the results and scammed insurance firms into paying USD 0.01 Mn for each sleep study, and USD 27 Mn in payments for false claims. Click to know more: https://bit.ly/3Lh1RhV Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates Visit our website: https://www.zigram.tech/
The Wolfsberg Group has updated its Anti-Bribery and Corruption Compliance Programme Guidance to encourage ethical business practices and compliance with legal and regulatory obligations. The recommendations identify areas of high risk to build and implement compliance programs using a risk-based approach. The important components include a firm-wide ABC policy, governance with top management access, regular risk assessments, training and awareness, and monitoring and testing for compliance. The Guidance contains the latest section on identifying and mitigating emerging risks and goes on to extend customer and transaction corruption concerns. It also takes into account the lessons learned from enforcement actions since 2017. Additionally, the advice is consistent with current legal and regulatory requirements and includes advice for post-acquisition due diligence and comprehensive risk assessment.
The OSIN report for this week talks about the 2023 Global Terrorism Index. Global Terrorism Index (GTI) is a yearly report by the Institute for Economics and Peace (IEP) that evaluates the impact of terrorism in 163 countries using indicators such as terrorist incidents, deaths, injuries, and property damage. Countries are scored on a scale from 0 to 10, where 0 means no impact from terrorism and 10 means the highest measurable impact. As per the latest report, it was noted that terrorism deaths have decreased by 9%, but it was largely due to the Taliban's shift from a terrorist group to a state actor. The Sahel is the most affected region, with 43% of global terrorism deaths, up 7% from the previous year and deaths from Jihadists represent 32% of all terrorism deaths. The report also states that the Ukraine conflict may also lead to a rise in traditional and cyber terrorism. Drone technology is evolving rapidly and being used by groups such as Islamic State, Boko Haram, and Houthis. The GTI aims to analyse and aggregate data on terrorism to understand its properties and inform a p
The Subject Matter by AML Penalties This week's Subject Matter is about the DeFi Illicit Finance Risk Assessment - 2023. On April 06, 2023, the U.S. Department of the Treasury published the 2023 DeFi Illicit Finance Risk Assessment. The assessment considers risks associated with DeFi services and explores how illicit actors are abusing the decentralized finance (DeFi) services as well as vulnerabilities unique to DeFi services. The findings will inform efforts to identify and address potential gaps in the United States (AML/CFT) regulatory, supervisory, and enforcement regimes for DeFi. The DeFi risk assessment builds upon Executive Order 14067 on “Ensuring Responsible Development of Digital Assets.” Sign-up to know more @ https://lnkd.in/eSaP9J8V for more insights & updates. Click to know more: https://bit.ly/41i6Hky Visit our website: https://www.zigram.tech/
This week we have 12 AML events involving 53 individuals and 04 entities, resulting in a total of USD 17 Mn in penalties with incarcerations of 1,820 months. Notable events of the week include a USD 0.1 Mn fine imposed on Trive Financial Services Malta Ltd, by the Financial Intelligence Analysis Unit, Malta, for violating the PMLFTR. Next is a 180 months imprisonment sentence imposed on James Edwards, for drug trafficking and money laundering. Finally, Isrrael Millan III, was fined USD 0.3 Mn and sentenced to 87 months imprisonment, by the U. S. District Court of District of Arizona, for fraud and money laundering. Finally, regarding regulatory updates, The FIAU, Malta, has published a guidance note on the obligations of Transaction Monitoring. Also, The UK Government has released a policy paper on failures to prevent fraud offenses. Click here https://bit.ly/3L6Is2Q 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/
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 cybercrime to blockchain and fraud, let's delve into the latest happenings in different fields. Click to visit our newsletter: https://lnkd.in/dqfwXXPw Click here to subscribe: https://zurl.co/IAnT Visit us: www.zigram.tech
