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Silicon Valley in the United States, which has historically been a reliable source of well-paying jobs and rising stock prices, is currently going through a rough patch. Major big tech companies like Meta, Twitter, Snap, and Microsoft are announcing mass layoffs that have resulted in the unemployment of thousands of people. The New York Times broke the news that Amazon intends to let go of up to 10,000 employees worldwide in "business and technology" divisions. Before that, Facebook's parent company Meta, which also runs Instagram and WhatsApp, announced employee layoffs that would affect at least 13% of the business. This week’s OSIN {One Story In Numbers} represents the estimated number of employees laid off by big tech companies in 2022.
This week's Subject Matter is about the Multinational Tax Integrity: Public Beneficial Ownership Register, Australia. The Australian Government's Department of the Treasury has released a consultation paper seeking comments on the first phase of a publicly available beneficial ownership (BO) register. The first phase will mandate the upkeep of accurate, current, and readily available BO registries by specific companies governed under the Corporations Act. The deadline for submitting feedback is December 16, 2022. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
https://bit.ly/3TC29R8 This week we begin with an article about how a US Bank had sensitive data about its customers credit card information leaked for 11,000+ customers through a vendor. Following this we have a piece on how gun control facilitators are now resorting to credit card data to identify suspicious gun purchases. Following this we have a piece on how alternative credit managers have launched a integrated ESG disclosure tool making it easier for investors to take critical decisions. Next we highlight how the digital lending industry requires more personal data from a customer to limit defaults. Finally we cover how the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports.
This week we have 16 AML events involving 29 individuals and 0 entities, resulting in a total of USD 203 Mn in penalties with incarcerations of 1,100 months. Notable events of the week include a USD 1.7 Mn fine and a 135 months imprisonment sentence imposed on Ramon Olorunwa Abbas, a.k.a. Hushpuppi, by the U.S. District Court of Central District of California, for money laundering. Next is a 126 months imprisonment sentence imposed on Cornelius Neal Singleton, by the U.S. District Court of Middle District of Florida, for money laundering. Finally, Utkarsh Thakur was fined USD 1.5 Mn as restitution and sentenced to 24 months imprisonment by the U.S. District Court of District of Massachusetts for conspiracy to commit money laundering. Finally, regarding regulatory updates, The UK Parliament, House of Lords has published its report on Fraud mitigation named Fighting Fraud: Breaking the Chain. Also, The Ministry of Justice, New Zealand has reviewed the AML/CFT Act. Click here http://bit.ly/3tzioDX to read in detail about the week's top AML events, news, and regulatory updates.
This week we highlight the case of Ramon Olorunwa Abbas a.k.a. Ramon Abbas a.k.a. Ray Hushpuppi a.k.a. Hushpuppi a.k.a. Hush, Social Media Influencer, Nigeria, who was sentenced for money laundering. Click to know more: https://bit.ly/3G9AiF0 Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
The process of data enrichment involves taking unprocessed data items and combining them with related data points in a bigger database. The database could be internal, run by a third-party service, or possibly a mix of open data (OSINT) and internal sources, databases, or both. It is significant because it provides you with additional information about your consumers without requiring them to provide it. According to Maximize Market Research, Data Enrichment Solutions market was valued at $1.65 Billion in 2021 and is expected to grow at $3.12 Billion in 2029 at a CAGR of 8.3 % through the forecast period. In this week’s Know Your Data {KYD}, we present you with a brief overview of data enrichment.
The Global Connectivity Report 2022 by ITU offers a thorough evaluation of the current state of connectivity and how near the world is to reaching ubiquitous and meaningful connectivity. In the past 30 years, the number of internet users has increased from a few million to approximately five billion. However, the internet's potential for social and economic good is still largely unrealized: 2.9 billion people, or one-third of humanity, are still offline, and many users only have access to minimal connectivity. According to the findings, low-income nations utilize the internet at a rate of 22%, which is significantly lower than that of high-income countries (91%), where it is almost universal. This week’s OSIN {One Story In Numbers} represents the growth of internet use between 1994 & 2021.
This week's Subject Matter is about the FATF Guidance On Beneficial Ownership (R24) – Public Consultation. The Financial Action Task Force (FATF) has released a public consultation on its updated guidance paper to Recommendation 24 on the transparency and beneficial ownership of legal persons. The consultation paper seeks views from companies and other legal persons on issues and clarification required in the guide. The deadline to submit comments is December 06, 2022. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This fortnight we have 7 regulatory documents from 4 jurisdictions, mainly applicable to financial institutions. The prominent news of the fortnight includes MENA Financial Crime Compliance Group launching the trade-based financial crime reference guide; the FinCEN issued the most recent Financial Trend Analysis of ransomware-related Bank Secrecy Act filings for 2021. Notable regulations of the fortnight include the Geographic Targeting Order Covering Title Insurance Company, FinCEN; Preventing Trade-Based Money Laundering, Australia; Wolfsberg Financial Crime Principles For Correspondent Banking; and SARs Reporter Booklet, UK. Additionally, the Financial Action Task Force has released a public consultation to its updated guidance paper on R24, the New South Wales Crime Commission has released the Islington Report, and a consultation paper regarding the overall regulatory approach on stablecoin-related issuance been published by the Monetary Authority of Singapore. Click here https://bit.ly/3UjSosa to read in detail about the recent regulatory updates.
This week we have 10 AML events involving 13 individuals and 04 entities, resulting in a total of USD 324.25 Mn in penalties with incarcerations of 849 months. Notable events of the week include a USD 322 Mn fine imposed on Glencore Energy UK Ltd by the Southwark Crown Court of the United Kingdom for bribery & corruption to gain preferential access to oil in Africa. Next, is a USD 0.6 Mn fine imposed on A gold sector entity by the Ministry of Economy, UAE, for violating AML Laws. Finally, Leo Shiou Juangq was fined USD 3,537.45 and sentenced to 15 months imprisonment at the Singapore Court for money laundering. Finally, regarding regulatory updates, The Canadian Centre for Cyber Security has published the National Cyber Security Strategy to promote a more cooperative approach to cyber security in Canada. Also, The Financial Crimes Enforcement Network (FinCEN) has issued its most recent Financial Trend Analysis of ransomware-related Bank Secrecy Act (BSA) filings for 2021. Click here https://bit.ly/3t9 to read in detail about the week's top AML events, news, and regulatory updates.
