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The AML Penalties – Quarterly Update for Q1 2023 is out! • Q1, 2023 has been an active quarter for AML actions • Cumulative penalties of USD 9 billion across 511 events • The United States of America, Georgia, and the United Arab Emirates continue to lead in the number of AML actions • AML actions involving AML/CFT Deficiencies represent almost 31% of all events Signup for free on https://zurl.co/YzJx to get more updates and insights. Visit our website: https://zurl.co/fgD7
Case Files by AML Penalties This week, we highlight the case of imprisonment of former Canadian bureaucrat, Sanjay Madan, who served as the Director of IT at the Ministry of Education in Canada. He has been sentenced to 10 years of prison after he pleaded guilty to fraud, breach of trust, and money laundering. Madan was accused of directing the Covid-19 'Support for Students' funds to his accounts via fraudulent bank transfers. The Superior Court of Ontario sentenced Madan to 120 months in prison and imposed a monetary penalty of USD 22 million for siphoning off more than 43,000 Covid-19 support payments into 2,841 different bank accounts in his name. Click to know more: https://zurl.co/wPqo Subscribe to AML Penalties @ https://zurl.co/AUHc for more insights & updates Visit our website: https://zurl.co/gzhS
As we enter the first day of Solar new year and mark the beginning of Summer 2023, ZIGRAM sends its warmest wishes on the occasion of Baisakhi! May the festival bring you closer to your loved ones and open new doors of opportunity #HappyBaisakhi #HarvestFestival #Bohag #Boishakhi
The Police, Crime, Sentencing and Courts Act 2022 is implemented to introduce restrictions on protests and crimes against children. It also updates limits and guidelines on sentencing. The Act amends the Police and Criminal Evidence Act 1984, granting more powers to police officers, such as stipulating when people must report to the police station for DNA and fingerprinting. It also amends the Crime (Overseas Productions Orders) Act 2019, thereby allowing officers to obtain digital and communications data through an Overseas Production Order. The Act proposes measures to provide police with further powers to approach protests causing high levels of disruption and danger. These changes aim to allow the police to enforce the law while still ensuring the right to protest. It has also been met with objections from some individuals; however, they are necessary to modernize and improve the justice system by removing some limitations within both the force and the courts of the United Kingdom.
The Subject Matter by AML Penalties This week's Subject Matter is about the Revised ML/TF Risks Factors Guidelines by the European Banking Authority (EBA) Sign-up to know more @ https://zurl.co/5Rc5 for more insights & updates. Click to know more: https://zurl.co/guU3 Visit our website: https://zurl.co/Sj5c
This week's episode of OSIN talks about Zombie Banks in the United States. A Zombie Bank is a financially troubled institution that is kept alive through government or central bank intervention. This happens when a bank has taken on excessive risk, made bad investments, or suffered losses that have eroded its capital base. Instead of letting the bank fail and potentially cause wider economic problems, financial support is provided to keep it operating. While the financial markets may appear calm, United States' small and midsize banks continue to face problems.
We're excited to announce our strategic partnership with Fortrex Technologies US that will allow us to leverage their deep knowledge and expertise in providing Third Party Risk Management solutions for the US financial services sector, along with ZIGRAM's extensive technological expertise, data assets, and solutions. Press Release - https://lnkd.in/geNYCJQg
This fortnight we have 07 regulatory documents from 05 jurisdictions, mainly applicable to AML/CFT, sanctions, and Risk Assessment. Notable regulations of the fortnight include New EU Measures Against Money Laundering And Terrorist Financing; Crimes And Other Legislation Amendment (Omnibus) Bill 2023, Australia; Revised Guidelines On Money Laundering/Terrorist Financing Risk Factors; DeFi Illicit Finance Risk Assessment 2023, United States of America; Updated Assessment Of Inherent Risks Of Money Laundering And Terrorist Financing, Canada; Economic Crime Plan 2 (2023 - 2026), United Kingdom; Financial Trend Analysis On Patterns And Trends Identified In Bank Secrecy Act (BSA), United States of America. Click here https://bit.ly/41j6Aol 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
ZIGRAM is proud to be the Gold Sponsor of the 6th Third Party Risk Management India Summit 2023. The conference will provide an opportunity to understand TPRM learnings, strategies, and technologies around the Risk space along with TPRM regulatory requirements for TPRM compliance from Chief Risk Officers, Heads of Supply Chain and Third Party Risk Management to name a few. The event is scheduled to take place on May 16-17, 2023, at the Radisson Blu Mumbai International Airport, and it will feature high-level experts who will share their expertise. ZIGRAM eagerly anticipates the opportunity to interact with its customers, partners, users, and supporters at the summit. Click https://lnkd.in/gTbeKA-b to register!
This week we have 10 AML events involving 47 individuals and 03 entities, resulting in a total of USD 28 Mn in penalties with incarcerations of 1,780 months. Notable events of the week include a USD 0.8 Mn fine imposed on By Trade OU, by the U. S. Department of Justice, for money laundering. Next is a Fine of USD 0.06 Mn on Indian Bank, by the Reserve Bank of India, India, for KYC failures. Finally, Microsoft Corporation was fined USD 3.9 Mn, by the U.S. Department of Treasury, for violations of the U.S. export administration regulations & sanctions programs administered by the OFAC. Finally, regarding regulatory updates, The Government of Canada has published its updated assessment of the inherent risks of the ML/TF report. Also, The United Kingdom Parliament has published its progress report on fighting financial crimes and frauds for 2022-23. Click here https://bit.ly/3KJWMym 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/
