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Danske Bank is a Danish multinational banking and financial services corporation headquartered in Copenhagen. It is the largest bank in Denmark and a key retail bank in the northern European region with over 5 Mn retail customers. The bank defrauded U.S. banks regarding Danske Bank Estonia’s customers and anti-money laundering controls to facilitate access to the U.S. financial system for Danske Bank Estonia’s high-risk customers, who resided outside of Estonia – including in Russia. The bank pleaded guilty to bank fraud conspiracy and agreed to forfeit more than USD 2 billion as part of an agreement with the United States to settle a long-running investigation involving billions of dollars in illicit payments. The agreement with the Justice Department marks the first time the United States has taken action against Denmark's biggest bank in what has become one of the world's biggest money-laundering scandals. To read more about this case, please click - https://bit.ly/3hqeD1m
In this week’s OSIN we discuss about the global GDP trends. The global real GDP increased by 5.7% in 2021, the greatest yearly growth since 1973, following a steep decline of 3.4% in 2020. GDP growth is anticipated to decrease to 3.3% in 2022. In 2021, the richest economies will account for 62% of global GDP. The nominal GDP has been distributed more evenly across economies globally over the last ten years. For instance, in 2011, the poorest economies—which house 85% of the world's population—contributed 36% of the global income. There are still significant discrepancies in GDP per capita around the world. With the main exceptions being the economies in Eastern and Northern Europe, the majority of developed economies in 2021 produced an output per person of more than US$30,000. This week’s OSIN {One Story In Numbers} represents the economies with highest gross domestic product per capita (Nominal value in USD).
This week's Subject Matter is about the Effective Management Of ML/TF Risks The European Banking Authority (EBA) launched a public consultation on new guidelines on the effective management of money laundering and terrorist financing (ML/TF) risks. The EBA seeks to prevent clients from being denied access to financial services without a legitimate justification and enhances the due diligence procedure during the onboarding phase and the business relationship. The deadline to submit the consultation responses is February 06, 2023. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This week we have 15 AML events involving 31 individuals and 03 entities, resulting in a total of USD 141.9 Mn in penalties with incarcerations of 1,508 months. Notable events of the week include a USD 131 Mn fine imposed on Santander UK by the Financial Conduct Authority, UK for failure to comply with the AML laws. Next is a fine of USD 0.5 Mn imposed on an Exchange House by the Central Bank of the UAE, for AML/CFT compliance failures. Finally, Suzanne Griffiths was fined USD 1.6 Mn and sentenced to 58 months imprisonment by the U.S. District Court of District of Minnesota for money laundering & wire fraud. Finally, regarding regulatory updates, The EBA launched a public consultation on new guidelines on the effective management of money laundering and terrorist financing (ML/TF) risks when providing access to financial services. Also, the government of the United Kingdom launched a consultation on extending the Proceeds of Crime Act (POCA) 2002 investigations powers to staff at organizations. Click here https://bit.ly/3uK0EXm to read in detail.
https://bit.ly/3PjrBue This week, we begin with an article discussing two presentations at the Actuarial Society of South Africa about how to identify risks by leveraging alternative data. Next, we cover a piece of news on Saudi Arabia’s Personal Data Protection Law that has been put up for public consultation. Following this, we have news on a data breach at Sequoia One that exposed all its customers' sensitive information. The next article highlights the need for the SEC to strengthen due diligence while using alternative data. Next is about how researchers are acting toward scientifically accelerating the development of medications. Finally, we cover a recent project by the Indian government to compile information on families in Jammu and Kashmir in order to ensure their welfare.
This week we highlight the case of Senator Albert Bassey, a senator of the Akwa Ibom state, Nigeria, who was sentenced for bribery and money laundering. Click to know more: https://bit.ly/3ha7JgH Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Descriptive analytics is a branch of data science that deals with data collection, organization, and analysis. The purpose of descriptive analytics is to turn data into insights. By slicing and dicing raw data, descriptive analytics turns it into a form that people can use to identify trends, spot anomalies, improve planning, and make comparisons. Descriptive analytics tools provide various ways for reorganizing raw data to see new patterns by calculating characteristics such as averages, frequencies, variations, rankings, ranges, and deviations. In this week’s Know Your Data {KYD}, we present you with a brief overview of descriptive analytics.
This year's Global Wage Report reveals that the COVID-19 pandemic initially had a significant negative impact on wages and household purchasing power, and subsequently when the global economy began to recover from that crisis, the global increase in inflation. The currently available evidence for 2022 indicates that rising inflation is driving real wage growth to drop into negative numbers in several nations, decreasing the purchasing power of the middle class and particularly harming low-income individuals. Preliminary data for the first half of 2022 show a startling decline in real monthly wages. This week’s OSIN {One Story In Numbers} represents the annual average economic growth, 2006-2023.
This week's Subject Matter is about the Wolfsberg Principles For Using AI/ML In Financial Crime Compliance. Artificial Intelligence and Machine Learning (AI/ML) are significantly improving the effectiveness and efficiency of financial crime compliance and risk management programs. The Wolfsberg Group supports leveraging AI/ML by financial institutions to detect, investigate, and manage the risks of financial crimes, as long as appropriate data ethics principles inform the use of these technologies to ensure fair, effective, and explainable outcomes. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This fortnight we have 9 regulatory documents from 5 jurisdictions, mainly applicable to FI's. Notable regulations of the fortnight include the National Anti-Corruption Commission Bill 2022; Gambling Regulation Bill 2022; Council Regulation (EU) 2022/2309 Of 25 November 2022 Concerning Restrictive Measures In View Of The Situation In Haiti; Guidelines On The Use Of Remote Customer Onboarding Solutions; Draft Guidelines In Respect Of KYC/AML/CFT 2022, India; and Guidelines For Licensing Of Banks And Other Financial Institutions In Nigeria On AML/CFT/CPF Of Weapons Of Mass Destruction. Additionally, the UAE’s Public-Private Partnership Sub-Committee has issued a public consultation paper on the regulatory approach for strategic information sharing between the public and private sectors, Principles for Using AI ML in Financial Crime Compliance, Wolfsberg Group, and a Money Laundering from Fentanyl and Synthetic Opioids is published by the Financial Action Task Force. Click here https://bit.ly/3HiCryG to read in detail about the recent regulatory updates.
