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Monthly Update by AML Penalties (www.amlpenalties.com) August 2022 has been an active month for AML actions (200+). Total penalties (USD 600+ Mn) and imprisonments (19,000+ months), involving 266 individuals and 30 organizations. The United States of America and India continue to lead in AML actions in August 2022. Sign-up to AML Penalties app.amlpenalties.com/sign-up for more updates and insights.
Often described as data about data, metadata is a foundational element used to transform data into an enterprise-wide asset. It consists of informational fragments that are meaningful in connection to one another. Metadata helps understand the data behind it and is key to supporting data governance initiatives, regulatory compliance demands, and data management processes in an organization. Each team's ability to precisely identify consumer data inside the organization's data ecosystem is made possible by effective metadata management. According to Gartner, metadata-driven data fabric improves trust in and use of data in the organization and can reduce various data management tasks, including design, deployment, and operations. In this week’s Know Your Data {KYD}, we present you with a brief overview of metadata.
The analysis by Economist Intelligence Unit (EIU) shows the worsening macroeconomic environment with expected global economic growth to slow to 2.8% in 2022. The big techs – Apple, Amazon, Alphabet, Meta, and Microsoft are not insulated from the recession. But these big techs hold an aggregate of more than $515 billion in hard cash on their balance sheets as of date, allowing them to withstand the storm. Their consolidated market capitalization stands at more than $7.42 trillion, which is the cumulative GDP of India ($2.65 trillion) and Japan ($4.87 trillion) - the fifth and the third largest economies in the world respectively. These technology giants reported cumulative annual #revenues of $1.47 trillion and a cumulative net income of $290 billion for the year ended June 30, 2022. This week’s OSIN {One Story In Numbers} represents the amount of cash reserves with 5 digital corporations (in $ Bn).
This week's Subject Matter is about the Guidance On Targeted Financial Sanctions (TFS) Implementation, Philippines. On 05 September 2022, the Bangko Sentral ng Pilipinas (BSP) (Central Bank of the Philippines) released a guidance paper on Targeted Financial Sanctions (TFS) Implementation for all BSP-Supervised Financial Institutions (BSFIs). The guide highlights best practices, the scope for improvement, challenges in targeted financial sanctions implementation, and possible ways to address the same. It also identifies emerging typologies of the use of virtual assets for terrorist financing. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates. #moneylaundering #compliance #antimoneylaundering #amlpenalties #subjectmatter #amlcft #centralbank #virtualassets #terroristfinancing #sanctions #financialsanction #bfsi #philippines
https://bit.ly/3db7Nuq • This week, we begin with an article presenting a set of data governance principles that should enable consumers to take control of their data. • Next, is a piece about a potential data breach in Chinese short-form video app TikTok involving personal user data of up to 2 billion user records. • Then, we have a note on the impact of malware pollution on a data lake. • Following that, we have an analysis on how poor quality of data directly impacts business performance. • Next, is an essay describing the key features of data virtualization solutions. • Lastly, we have a list of seven data quality best practices that can be implemented to improve data performance for an organization.
This fortnight we have 7 regulatory documents from 5 jurisdictions, mainly applicable to financial institutions. Notable regulations of the fortnight include the Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2022, United Kingdom; the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2022, United Kingdom; General Laws (Anti-Money Laundering And Combating Terrorism Financing) Amendment Bill, South Africa; 2022 Guidance Paper On Targeted Financial Sanctions (TFS) Implementation, Philippines; Cyber Criminals Increasingly Exploit Vulnerabilities In Decentralized Finance Platforms To Obtain Cryptocurrency, Causing Investors To Lose Money, United States Of America; and EBA Report On The Functioning Of Anti-Money Laundering And Counter-Terrorist Financing Colleges In 2021. Additionally, the Wolfsberg Group published a guidance paper on Requests For Information (RFIs) transaction monitoring processes. Click here https://bit.ly/3BEqctf to read in detail about the recent regulatory updates.
This week we have 09 AML events involving 28 individuals and 04 entities, resulting in a total of USD 1.5 Mn penalties with incarcerations of 1,067 months. Notable events of the week include a fine imposed on the Industrial Bank of Korea by the Reserve Bank of India for KYC compliance failures. Next is a suspension imposed on Mr. Tang Kai Shing, by the Securities and Futures Commission for AML/CFT compliance failures. Finally, the U.S. District Court of Southern District of New York ordered Natalia Korza and Vladislav Neceav 48 months and 18 months imprisonment, ordered them to pay fines of USD 5.3 Mn and USD 0.4 Mn, respectively, and a supervised release period of 36 months on both for bank fraud and money laundering. Finally, regarding regulatory updates, The Government of the United Kingdom orders crypto exchanges to report sanctions breaches. Also, The Central Bank of the Philippines has published the 2022 Guidance Paper on Targeted Financial Sanctions Implementation. Click here https://bit.ly/3d7DQve to read in detail
This week we highlight the case of Rosmah Mansor, the first lady of Malaysia, who was sentenced for soliciting and receiving bribes in exchange for government contracts. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Zero-party data is private information that the consumers voluntarily and consciously provide the organizations, such as contact information, demographics, and purchasing preferences. It is voluntary information that a customer decides to give a business to enhance its user experience. Zero-party data is different from first-party data. First-party data is the information that customers provide to make a transaction or to use a service, such as a name, gender, date of birth, and address. The Ecommerce Consumer Behavior Report by Octane AI found that 71% of consumers are inclined to share zero-party data if it means getting personalized recommendations from brands.
This week's Subject Matter is about the Requests For Information (RFI) Best Practice Guidance, by the Wolfsberg Group. The Wolfsberg Group has published a guidance paper on Requests For Information (RFIs) used in the Anti-Money Laundering (AML) transaction monitoring processes. The guidance document addresses RFIs that correspondent banks send to respondents when transaction-monitoring systems detect suspicious payment activities. This document provides best practice guidance for both issuing and respondent institutions. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
