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Structured data is information that adheres to a data model, has a clearly defined structure, follows a persistent order, and is simple for both humans and programs to be retrieved. It conforms to a tabular format with a relationship between the different rows and columns. Common examples of structured data are SQL databases and excel files. Structured data is considered the most conventional form of data storage since the initial versions of database management systems (DBMS) were able to store, process, and access this data. As per the data bridge, Market Research Report the structured data management software market size is valued at USD 104,427.6 million by 2028 and is expected to grow at a compound annual growth rate of 7.10% in the forecast period of 2021 to 2028. In this week’s Know Your Data {KYD}, we present you with a brief overview of structured data.
The recent Forbes ranking of the highest-paid athletes for 2022 reflects earnings from the calendar year 2022. According to Forbes, the ten highest-paid athletes collected approximately USD 992 million over the last 12 months. The addition of cryptocurrency and NFT platforms to the sports marketing equation helped offset the loss of McGregor’s big payday from 2021. In the year 2022, Lionel Messi is the highest-paid athlete with a total of USD 130 million in earnings, which includes his off-field and on-field income. LeBron James holds the second position with a total of USD 121.2 million, and Cristiano Ronaldo is in the third position with USD 115 million. The list has other big names such as Stephen Curry, Kevin Durant, Neymar, Roger Federer, Canelo Alvarez, Tom Brady etc. This week’s OSIN {One Story In Numbers} represents the top 10 highest-paid athletes in 2022.
The Subject Matter by AML Penalties (www.amlpenalties.com) This week's Subject Matter is about the Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) (Amendment) Bill 2022, Hong Kong To strengthen Hong Kong's AML/CTF framework, the Legislative Council of Hong Kong has passed the Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) (Amendment) Bill 2022 on Dec 07, 2022. The amendment introduces a licensing regime for Virtual Asset Service Providers (VASPs) to protect investors and a two-tier registration regime for dealers in precious metals and stones (DPMS). Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This fortnight we have 9 regulatory documents from 4 jurisdictions, mainly applicable to financial institutions. Notable regulations of the fortnight include the Anti-Money Laundering And Counter-Terrorist Financing (Amendment) Bill 2022, Hong Kong; The Russia (Sanctions) (Eu Exit) (Amendment) (No. 17) Regulations 2022, United Kingdom; Digital Asset Anti-Money Laundering Act Of 2022, United States Of America; AUSTRAC Guidance: Assisting Customers Who Don’t Have Standard Forms Of Identification, Australia; Draft Guidance On Financial Services To Customers That Financial Institutions Assess To Be Higher-Risk, Australia; and National Proliferation Financing Risk Assessment, Australia. Additionally, Financial Crimes Enforcement Network (FinCEN) has issued a notice on Beneficial Ownership Information Access and Safeguards, the Law Society of Scotland published AML Supervisory Annual Report 2022; and European Banking Authority (EBA) has launched the Consultation on Effective Management of ML/TF Risks. Click here https://bit.ly/3v3besr to read in detail.
https://bit.ly/3Ww29nB This week we begin with an article that discusses the European Commission releasing a draft for the European Union and the United States Transatlantic Data Privacy Framework (TDPF). Next, we have a proposal by the U.S. Treasury Department to tighten controls on information in the non-public registry, limiting access mostly to U.S. law enforcement and regulators. Following that, we have the European Commission proposing a regulation on collecting and sharing data for short-term accommodation rental services. After that, we have the Open Data Maturity Report 2022, which provides insight into the best practices implemented across Europe. Next is the piece outlining the efforts made by the Open Data Institute to reform and improve public services through greater transparency and accountability around data such as ESG. Finally, we have an interesting story about the partnership between the Linux Foundation and the biggest technology companies such as Meta, Microsoft, Amazon, and Dutch mapping company TomTom to counter Google’s dominance in the mapping realm.
This week we have 14 AML events involving 25 individuals and 02 entities, resulting in a total of USD 2.5 Bn in penalties with incarcerations of 1,155 months. Notable events of the week include a USD 2.4 Bn fine imposed on Danske Bank by the U.S. District Court of Southern District of New York and the U.S. Securities and Exchange Commission, for violation of the AML compliance program & control measures. Next is a fine of USD 8.7 Mn imposed on Länsförsäkringar Bank by the Finansinspektionen, Sweden for AML compliance failures. Finally, Siapo Po-Arnon was sentenced to 648 months imprisonment by the Hong Kong District Court for money laundering, violation of the gambling act, and violation of the money laundering act. Finally, regarding regulatory updates, The AUSTRAC has released a national proliferation financing risk assessment. Also, The UK government has made amendments to the Russia sanctions regulations. Click here https://bit.ly/3G2tZCB to read in detail about the week's top AML events, news, and regulatory updates.
November 2022 has been an active month for AML actions (180+). Total penalties (USD 788+ Mn) and imprisonments (1,163,400+ months), involving 250+ individuals and 35 organizations. The United States of America and the United Kingdom continue to lead in AML actions in November 2022. Sign-up to AML Penalties app.amlpenalties.com/sign-up for more updates and insights.
This week we highlight the case of Armando Ndambi Guebuza, the son of the former President of Mozambique, Armando Guebuza, who was sentenced for embezzlement and money laundering. Click to know more: https://bit.ly/3uWYAve Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Data Swamp is a mismanaged data lake that either lacks value or is inaccessible to intended consumers. When proper data quality and data governance mechanisms are not put into place, data swamps tend to develop. The data which is not properly documented and organized misses the meta-information and has outdated and faulty data included in the data swamps. Moreover, active management of data can reduce the creation of a data swamp. In this week’s Know Your Data {KYD}, we present you with a brief overview of Data Swamp.
