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Case Files by AML Penalties (www.amlpenalties.com) This week we highlight the case of Adnan Oktar a.k.a. Adnan Hoca a.k.a. Harun Yahya, a religious sex cult leader, creationist/ anti-evolutionist, conspiracy theorist, preacher, and pamphleteer from Turkey, who was sentenced for directing a terrorist organization, blackmail, money laundering, and espionage. Click to know more: https://bit.ly/3Ox76di Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Software as a Service (SaaS) is a software distribution method where clients can access programs hosted by a third-party provider online. It eliminates the requirement for businesses to install and run software on their computers or in their own data centers, which usually necessitates a huge investment in terms of infrastructure, logistics, and labour. SaaS Integration Platforms (SIPs) like Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) have emerged as a result of increased awareness and adoption of SaaS products. According to Statista, in 2021, the software as a service (SaaS) market is estimated to be worth approximately $152 billion and estimated to reach $208 billion by 2023. In this week’s Know Your Data {KYD}, we present you with a brief overview of software as a service (SaaS).
The tenth edition of Altrata's first World Ultra Wealth Report, driven by Wealth-X data, offers an in-depth study of the ultra-high net worth (UHNW) population, a select group of affluent people with an average net worth of $30 million. The global UHNW population fell by 6% in the first half of 2022 to 392,410 individuals. The ultra-wealthy account for just 1.2% of the global HNW population yet holds over 31% of this group’s total wealth. In contrast to almost all other regions, Latin America and the Caribbean saw an increase in their UHNW population in H1 2022. This week’s OSIN {One Story In Numbers} represents the global ultra high net worth (UHNW) wealth & population in H1 2022.
This week's Subject Matter is about the Targeted Financial Sanctions (TFS), Philippines The Monetary Board of the Central Bank of the Philippines has published an amendment to Part 9 of the Manual of Regulations for Banks (MORB) and relevant provisions of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), enhancing the provisions on Targeted Financial Sanctions (TFS). The amendment emphasizes restrictions related to terrorism financing, proliferation financing, and general standards & procedures for sanctions implementation. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This fortnight we have 9 regulatory documents from 6 jurisdictions, mainly applicable to financial institutions. Notable regulations of the fortnight include the Amendments To Part Nine Of The Manual Of Regulations For Banks And Manual Of Regulations For Non-Bank Financial Institutions – Enhancing The Provisions On Targeted Financial Sanctions, Philippines; The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 3) Regulations 2022, United Kingdom; Proposed Cybersecurity Requirements For Financial Services Companies, United States Of America; International Financial Services Centres Authority (IFSCA) - Anti Money Laundering, Counter Terrorist-Financing And Know Your Customer Guidelines, 2022, India; HM Treasury - Advisory Notice: High-Risk Third Countries, United Kingdom; and Proposed Updated Guidance On Employee Due Diligence And Employee AML/CFT Risk Awareness Training, Australia. Click here http://bit.ly/3i2tgrM to read in detail about the recent regulatory updates.
https://bit.ly/3XhvNyi This week we begin with an article that discusses various critical issues of the draft Digital Personal Data Protection Bill, 2022 & compares it with the 2019 Bill. Next, we have a piece explaining how to respond to long-standing and new difficulties using data analysis. Following that, we have a statement about Google’s aim to combine all data, from all sources, on every platform during its Google Cloud Next 2022 presentation. After that, we have an analysis of the increased incidents of cyber-attacks in supply chain. Next is a story outlining the three shackles holding AI back and the ways to overcome these challenges. Finally, we have a write-up specifying five actions that any organization may take to guarantee that its customer data is protected.
This week we have 14 AML events involving 41 individuals & 02 entities, resulting in a total of USD 144 Mn in penalties with incarcerations of 1.14 Mn months. Notable events of the week include a 216 months imprisonment imposed on McDonough, by the 400th Judicial District Court, USA, for money laundering & theft. Next is a 103,896 months imprisonment sentence imposed on an Islamic televangelist, Adnan Oktar, by the 30th High Criminal Court, Turkey, for directing a terrorist organization, blackmail, money Laundering, & espionage. Finally, Muhammad Noor Ul Ain Atta was fined USD 6.6 Mn and sentenced to 102 months imprisonment by the U.S. District Court of Central District of California for money laundering & wire fraud. Finally, regarding regulatory updates, the government of the United Kingdom has stepped up the fight against international wildlife crime. Also, The SEC announced enforcement results for FY22, highlighting 760 enforcement actions and recovery of USD 6.4 Bn. Click here http://bit.ly/3GPoJ6r to read in detail about the week's top AML events, news, & regulatory updates.
October 2022 has been an active month for AML actions (120+). Total penalties (USD 1+ Bn) and imprisonments (13,700+ months), involving 182 individuals and 26 organizations. The United States of America and the United Kingdom continue to lead in AML actions in October 2022. Sign-up to AML Penalties app.amlpenalties.com/sign-up for more updates and insights.
This week we highlight the case of Major Pedro Lussati, a high-ranking military official from Angola, who was sentenced for embezzlement, fraud, and money laundering. Click to know more: https://bit.ly/3UNIRKd Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Data orchestration is a procedure that consolidates data rationally from many storage locations so that a company's data analysis and management platforms may use it. By streamlining and optimizing the execution of routine, repeatable processes, orchestration aims to make it easier for data teams to handle challenging jobs and workflows. Data orchestration suffers from platform compatibility issues & there is no real-time or streamlined data awareness. When you need to erase customer data on demand to comply with a GDPR sanction, data orchestration gives you knowledge that can help you avoid losing 4% of your global sales. In this week’s Know Your Data {KYD}, we present you with a brief overview of data orchestration.
