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This fortnight we have 8 regulatory documents from 6 jurisdictions, mainly applicable to financial institutions. Notable regulations of the fortnight include the Economic Crime and Corporate Transparency Bill, United Kingdom; Consultation On Virtual Assets Service Providers Act 2022, British Virgin Islands; Draft Rules And Regulations Implementing Section 9(D) Of Republic Act No. 9208; Ensuring Responsible Development Of Digital Assets, United States of America; and Anti-Money Laundering And Countering Financing Of Terrorism Customer Due Diligence Guidelines For The Supervised Financial Institutions, Uganda. Additionally, the BVI Financial Services Commission (FSC) published Proliferation Financing Risk Assessment 2022, the Monetary Authority of Singapore (MAS) issued a circular on enhancing AML/CFT controls in the VCC sector; and a fact sheet on a comprehensive framework for the responsible development of digital assets by the US White House was released. Click here https://bit.ly/3RgPAJW to read in detail about the recent regulatory updates.
This week we have 17 AML events involving 19 individuals and 04 entities, resulting in a total of USD 0.7 Mn penalties with incarcerations of 655 months. Notable events of the week include a fine imposed on Dr. Ambedkar Nagarik Sahakari Bank Maryadit, by the Reserve Bank of India for AML compliance failures. Next is 240 months of imprisonment imposed on the french drug boss, Sofiane Hambli, by the Administrative Court of Appeal of Rabat, Morocco, for money laundering, international drug trafficking, and forcible detention. Finally, A Malaysian travel agency director, Mohd Nizam Noh, pled guilty at the Kota Tinggi Courthouse to money laundering. Finally, regarding regulatory updates, The Bank of Uganda has published the AML/CFT customer due diligence guidelines for the supervised financial institutions (SFIS). Also, The Association of Banks and Bankers of Luxembourg (ABBL) signs a public-private partnership to tackle money laundering. Click here https://bit.ly/3Sv5vpH to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3re11r6 • This week we begin with an article about how to prevent major database security threats and maintain the integrity of a database. • Next, we have an essay on the top-5 trends in the data recovery market. While backing up the data is vital, its recovery has been the area of concern for the organizations. • The following article talks about the future of data-driven banks. As the industry becomes more receptive to open finance and embedded banking, failure to tap the power of data will become a competitive drag. • After that, a note explains the benefits of a data quality strategy and how it may improve an organization's ability to generate value from data, but determining quality depends on the processes and use cases. • Next is a piece that talks about the causes of common data quality issues and how can bad data be prevented from entering good pipelines. • Finally, we have an article describing that the pursuit of high-quality data has overtaken data security as the most important motivator for #datagovernance initiatives.
This week we highlight the case of Alfons Mensdorff-Pouilly, an arms lobbyist from Austria, who was sentenced for money laundering. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Data lifecycle management (DLM) is becoming increasingly important since the explosion of big data and the ongoing development of the Internet of Things (IoT). Enormous volumes of data are being generated by an ever-increasing number of devices all over the world. Proper oversight of data throughout its life cycle is essential to optimize its usefulness and minimize the potential for errors. This also helps in minimizing the risk of data breaches and prevents critical information from being misused. A recent survey from McKinsey showed that 56% of respondents reported AI data lifecycle as a best-practice approach to preparing data for the AI lifecycle. In this week’s Know Your Data {KYD}, we present you with a brief overview of Data Lifecycle.
The Subject Matter by AML Penalties (www.amlpenalties.com) This week's Subject Matter is about the Due Diligence Regulations For Responsible Sourcing Of Gold, United Arab Emirates The United Arab Emirates' Ministry of Economy (MoE) has published due diligence regulations establishing the measures adopted by refiners regarding the responsible sourcing of gold. A set of policies and procedures are mentioned in the regulation to help detect and reduce risks when importing gold from high-risk and conflict-affected regions. Regulated entities will have to adhere to the requirements from the audit period starting from January 01, 2023. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
According to a recent study performed for the World Economic Forum on Ipsos's Global Advisor online survey platform, people are concerned about their futures and are already feeling the repercussions around the world. The survey results show that around two-thirds of individuals in India claim that climate change has already had a significant impact in the areas where they live and that it is possible that their families will be uprooted from their homes within the next 25 years. This week’s OSIN {One Story In Numbers} represents the countries with most & least severe climate change effects.
This week we have 19 AML events involving 34 individuals and 02 entities, resulting in a total of USD 242.4 Mn penalties with incarcerations of 1,704 months. Notable events of the week include a fine imposed on Danske Bank by the Central Bank of Ireland for breach of the AML/CFT Act. Next is a fine imposed on GOL Linhas Aéreas Inteligentes S.A., by the Securities and Exchange Commission, United States for bribery and conspiracy to violate the Anti-Bribery provisions of the FCPA. Finally, the Inland Revenue Authority of Singapore ordered Soon Kok Khoon to 13 months imprisonment and ordered him to pay a fine of USD 0.4 Mn for GST evasion and money laundering. Finally, regarding regulatory updates, The European Gaming and Betting Association has published self-regulatory guidelines to strengthen the AML efforts of the online gambling operators of Europe. Also, The White House has released its first-ever comprehensive framework for the responsible development of digital assets. Click here https://bit.ly/3SjMGFn to read in detail
https://bit.ly/3UjlAQl • This week we begin with an article about how data loss prevention is essential to prevent data breaches and protect an organization's reputation. • Next, we have a research report that states that artificial intelligence and alternative data can give credit access to a lot more eligible people by measuring the creditworthiness of borrowers with limited credit history. • The following article lists the strategies to detect, correct, and prevent poor data quality that has the potential for reputational and business loss to organizations. • Following that, we have an article explaining the similarity and key differences between data quality and data governance and how they are not mutually exclusive • Next is a piece that talks about cutting through complexity and creating end-to-end visibility into an organization’s IT systems by enacting database observability. • Finally, we have an article describing that cloud fax is more secure for data exchange than an email.
This week we highlight the case of Maria Magdalena Sultana, a professional fortune teller from Malta, was sentenced for money laundering and hiding her actual income. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
