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CNBC has ranked the top American states for business in 2022. The United States is ranked sixth on the global ease of doing business index 2020, however the ease of doing business differs for each of its 50 states. To determine the ranking, CNBC evaluated all the states' performance on 88 measures across ten categories of competitiveness. Each category is given a weight based on how frequently states use it as a selling point in their promotional materials for economic growth. North Carolina scored the first rank making it the number one state to do business in. Mississippi ranked last in the study. This week’s OSIN {One Story In Numbers} represents the ranking of America’s top states for business in 2022.
This week we have 16 AML events involving 24 individuals and 05 entities, resulting in a total of USD 4.1 Mn penalties with incarcerations of 904 months. Notable events of the week include a fine imposed on UOB Kay Hian Pvt Ltd by the Monetary Authority of Singapore for failure to comply with the AML/CFT Requirements. Next is a fine imposed on Kaktusi LTD, by the National Bank of Georgia, for non-compliance with AML/CFT Regulations. Finally, the U.S. District Court of Central District of California ordered Corey Cato, 94-months imprisonment and a fine of USD 1.9 Mn in restitution for fraud, money laundering, and identity theft. Finally, regarding regulatory updates, The World Bank Group has published a guidance document - Preventing Money Laundering and Terrorist Financing: A Practical Guide for Bank Supervisors. Also, The European Banking Authority has published the second report on the functioning of AML/CFT supervisory colleges in the EU. Click here https://bit.ly/3RHlwrH to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3Qi9CU1 • This week, we begin with an article on technology rationalization that helps businesses assess their data needs, prioritize them & finding the best-fit tools. • Next, is a piece about the prevalent issue of water scarcity arising due to the need of keeping the data centers cool and what measures organizations are taking to curb the environmental issues. • Then, we have an announcement from Samsung about their data breach that happened in late July resulting in a breach of U.S. customer personal data. • Following that, we have an analysis on calculating the value of data as an asset with the discussion about the returns of data. • Next, is an essay describing the three key things – Knowledge Transfer, Data Sharing, and a Shared Platform, for open source to boost cybersecurity defenses. • Lastly, we have a write-up on the need for human intervention, in terms of monitoring, in the AI-generated process & data.
This week we highlight the case of Rayshun Jackson, attorney, and owner of the Jackson Law Firm in the United States of America, who was sentenced to prison for money laundering and drug trafficking. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Data warehouse is the secure electronic storage of information by an organization that enables effective decision making. data, once added to the warehouse cannot be changed or altered. A data warehouse centralizes and consolidates large amounts of data from multiple sources. It creates a historical record over time that data scientists and business analysts can use to their advantage. The need of data warehouse emerged due to organizations' requirement to create, store, and retrieve crucial business documents. According to Allied Market Research, the global data warehousing (a technique of constructing a data warehouse) market size was valued at $21.18 billion in 2019 and is projected to reach $51.18 billion by 2028, growing at a CAGR of 10.7%. In this week’s Know Your Data {KYD}, we present you with a brief overview of data warehouse.
This week's Subject Matter is about the Strengthening AML/CFT Practices For External Asset Managers (EAMs) by the Monetary Authority of Singapore (MAS). On 24 August 2022, the Monetary Authority of Singapore (MAS) issued an information paper on AML/CFT practices for External Asset Managers (EAMs). The information paper follows a series of AML/CFT thematic inspections and engagements conducted by MAS of selected EAMs. The document also sets out supervisory expectations for effective AML/CFT frameworks and controls and includes good practices and illustrative examples. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Elliptic's recent research presents and discusses patterns in the NFT marketplace so that readers can comprehend the nature, antecedents, and magnitude of the evolved financial crime threats. Even though criminal activity accounts for a relatively small part of all NFT trading, it has a disproportionately negative effect on the industry's reputation and degrades the quality of experience for legitimate customers. With daily average sales of over $50 million and total NFT sales of over $17.7 billion in 2021 (an increase of more than 200% from 2020), NFT trading significantly surged from summer 2021. About 3,473 NFTs worth $23.9 million were reportedly stolen through scams in May 2022. The quantity of stolen NFTs has peaked in July 2022 at 4,647 worth $3.9 million. This week’s OSIN {One Story In Numbers} represents the value (in $Mn) & number of NFTs stolen by month.
This fortnight we have 7 regulatory documents from 6 jurisdictions, mainly applicable to financial institutions. Notable regulations of the fortnight include the Regulations Amending The Special Economic Measures (Russia) Regulations, Canada; Charter Of The United Nations (Listed Persons And Entities) Amendment (No. 1) Instrument 2022, Australia; AML/CTF Guidelines For Designated Non-Financial Businesses And Professions (DNFBPs), Philippines; Strengthening AML/CFT Practices For External Asset Managers, Singapore; and Licensing Of Crypto-Asset Activities by the European Central Bank (ECB). Additionally, the Financial Action Task Force (FATF) issued a Follow-Up Report to Zimbabwe's Assessment of Anti-Money Laundering And Counter-Terrorist Financing Measures; and the Financial Intelligence Unit of India (FIU India) issued a notification on Release 1.2 Of Fingate 2.0 – Addition of Some New Reporting Formats. Click here https://bit.ly/3RCPwVJ to read in detail about the recent regulatory updates.
https://bit.ly/3RmVee9 •This week, we begin with an article presenting the thoughts of some top executives on the adoption of open banking, its current position, and how financial institutions are making it a strategic priority. •Next, is a story about organizations finding innovative & cost-effective ways of building platforms for not only utilizing data but also preserving privacy & avoiding data toxicity. •Then, we have a piece showing the analogy between database migration to the cloud and a heart transplant. •Following that, we have an essay focusing on the data quality issues in the cloud and some tips to improve the same. •Next, is an analysis of the various databases & the rampant growth of the database market. •Lastly, we have a write-up on the need of identifying & removing unnecessary data to eliminate storage waste and reduce their overall data storage requirements leading to less energy use & CO2 emissions.
This week we have 18 AML events involving 41 individuals and 05 entities, resulting in a total of USD 52.24 Mn penalties with incarcerations of 1,874 months. Notable events of the week include a fine imposed on Commerzbank by the Hong Kong Monetary Authority for contravention of the anti-money laundering and counter-terrorist financing ordinance. Next is a fine imposed on Spreadex Limited by the Gambling Commission of the United Kingdom, for social responsibility and AML failures. Finally, ViewTrade Securities, Inc was fined by the Financial Industry Regulatory Authority for failure to establish and implement AML policies and procedures. Finally, regarding regulatory updates, The Monetary Authority of Singapore (MAS) has published an information paper for external asset managers, helping them strengthen their AML/CFT practices. Also, The German Finance Ministry has announced the creation of a new agency meant to "follow the money" and prevent financial crime. Click here https://bit.ly/3CEr0Pr to read in detail about the week's top AML events, news, and regulatory updates
