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FBI Crime Data Explorer has analyzed crime data for the U.S. that is derived from Summary Reporting System (SRS) and National Incident-Based Reporting System (NIBRS) reports voluntarily submitted to the FBI. Violent crime comprises four offenses: homicide (murder and nonnegligent manslaughter), rape, robbery, and aggravated assault. Violent crimes involve force or threat of force. According to data from the Federal Bureau of Investigation, the District of Columbia had the highest violent crime rate in the nation in 2020. In the state, there were about 1,000 violent crime cases per 100,000 residents. This week’s OSIN {One Story In Numbers} represents the rate (per 100,000 people) of violent crime offenses from 2010 to 2020.
This week's Subject Matter is about the Grey List – October 2022 by the Financial Action Task Force (FATF). On October 21, 2022, the Financial Action Task Force (FATF) published the list of high-risk money laundering jurisdictions that require increased monitoring & improvement. The list, commonly known as FATF ‘Grey List’, currently has 23 countries. Grey listed jurisdictions are actively working with the FATF to swiftly resolve the strategic AML/CFT deficiencies in their regions in the given time frames. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This fortnight we have 6 regulatory documents from 3 jurisdictions, mainly applicable to financial institutions. The prominent news of the fortnight includes South Korea launching blockchain-based digital IDs for citizens by 2024; the Switzerland Government tracking corporate ownership in a bid to curb money laundering; and the Financial Sector Conduct Authority (FSCA) of South Africa has declared cryptocurrency to be a financial product under the Financial Services Law. Notable regulations of the fortnight include the Expanded Anti-Trafficking In Persons Act Of 2022, Philippines; Crypto-Asset Reporting Framework And Amendments To The Common Reporting Standard; and Counter-Fraud Framework, Saudi Arabia. Additionally, the Eurojust has presented a report on money laundering, Transparency International has published a report assessing foreign bribery enforcement, and a report assessing how many LLPs are involved in serious economic crime. Click here https://bit.ly/3FebGu7 to read in detail about the recent regulatory updates.
This week we have 12 AML events involving 24 individuals and 04 entities, resulting in a total of USD 845 Mn in penalties with incarcerations of 815 months. Notable events of the week include a fine of 62 Mn imposed on Star Entertainment Group, by the New South Wales Independent Casino Commission, for failure to prevent money laundering. Next is a fine of USD 388 Mn imposed on Lafarge S.A., and Lafarge Cement Syria S.A., by the U.S. District Court of Eastern District of New York, for providing material support to foreign terrorist organizations. Finally, Nodus International Bank, Inc. (Nodus) was penalized by the Office of Foreign Assets Control (OFAC) for violations of the Venezuelan Sanctions Regulations and the Reporting, Penalties, and Procedures Regulations. Finally, regarding regulatory updates, the Netherlands' trust registers is coming into force in Nov 2022. Also, the FATF had released the list of jurisdictions under increased monitoring known as the "Grey List". Click here https://bit.ly/3D5dN0T to read the week's top AML events, news, and regulatory updates.
https://bit.ly/3SwkUFk • This week we begin with an article that shows how the ecosystem of data brokers and other players inside this system is now becoming more well-recognized in the financial services industry. • Next, we have a piece explaining the organizations using AI & ML tools in Google Cloud to digitally transition into smarter companies. • Following that we have an analysis specifying over half of the digital data that companies generate ends up being dark data & attention is required on digital data’s carbon footprint. • After that, we have the findings from a report by data intelligence firm BigID that suggests struggles with storing & tracking sensitive data in the cloud. • Next is a write-up on the impact of poor data quality in healthcare, current problems caused by insufficient data quality & some possible solutions to improve that. • Finally, we have an essay about data-driven API helping developers with vital information & critical insights about API performance through data-driven API testing.
Case Files by AML Penalties (www.amlpenalties.com) This week we highlight the case of Acisclo Valladares Urruela, the former Economics Minister & Attorney from Guatemala, who was sentenced for money laundering conspiracy and bribery. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
The process of gathering raw data and expressing it in a summarised form for statistical analysis is known as data aggregation. Data aggregation has long been a common practice in society, but with the development of computing and technology like Artificial Intelligence and Machine Learning, its scope and capacity have risen tremendously. Performance issues are reduced with the use of efficient data aggregation techniques. The illusion of lower risk is a typical data aggregation error that causes oversharing and data breaches. In this week’s Know Your Data {KYD}, we present you with a brief overview of data aggregation.
This week's Subject Matter is about Transparency International Exporting Corruption Report 2022. Transparency International has published a report assessing foreign bribery enforcement in 43 of the 44 signatories to the OECD Anti-Bribery Convention, including China, Hong Kong SAR, India, and Singapore. The report identifies inadequacies in legal frameworks and enforcement systems concerning anti-bribery and corruption. The report highlights areas for development regarding the openness of data on foreign bribery enforcement and investigation outcomes. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
The thirteenth edition of the Credit Suisse Global Wealth Report provides the most comprehensive information available on global household wealth. According to the findings, global wealth reached $463.6 trillion at the end of 2021, up 9.8% from 2020. The United States continues to lead the wealth pyramid with over 140,000 ultra-high net worth individuals (with wealth above $50 million), followed by China with 32,710 people. By 2026, the projected increase increase in global wealth is $169 trillion, a 36% increase overall, with middle-income countries principally responsible. According to the projection, the average adult wealth in the world should reach $100,000 by 2024, and during the following five years, there will be more than 87 million millionaires. This week’s OSIN {One Story In Numbers} represents the global wealth pyramid 2021.
This week we have 13 AML events involving 13 individuals and 03 entities, resulting in a total of USD 45.7 M in penalties with incarcerations of 496 months. Notable events of the week include a fine imposed on Bittrex Inc (Bittrex), by the Office of Foreign Assets Control, for sanction violations and AML obligations. Next is a fine of USD 0.7 Mn, on NSUS Limited, by the United Kingdom Gambling Commission, for Social Responsibility & AML failures. Finally, Darrell Arnold Aviss was sentenced to 133 months imprisonment and fined USD 14 Mn by the U.S. District Court of Central District of California for money laundering, wire fraud, aggravated identity theft, tax evasion, failure to report financial accounts, & engaging in monetary transactions. Finally, regarding regulatory updates, the Swiss government is to track corporate ownership in a bid to curb money laundering. Also, HMRC cracks down on estate agents by adding 68 names to the list of businesses not complying with AML laws. Click here https://bit.ly/3g3hU5C to read in detail.
