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This week we highlight the case of Mohammad Najib bin Tun Haji Abdul Razak a.k.a. Najib Razak, former Prime Minister of Malaysia and the former Chairman/Co-founder of 1MDB State Investment Fund., who was sentenced to prison for money laundering abuse of power, and criminal breach of trust. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
A data center is a physical location that uses a sophisticated network and offers the computing power to execute applications, the storage capacity to process data, and the networking to connect employees with the resources they need to do their job. Virtual networks that support applications and workloads across pools of physical infrastructure, as well as a multi-cloud environment, have replaced the traditional on-premises physical servers in terms of infrastructure. There are four main types of data centers – enterprise, managed services, colocation, and cloud data centers. Energy use is a central issue for data centers. According to Technavio’s analysis the data center market is expected to increase by $615.96 billion from 2021 to 2026 at a CAGR of 21.98%. In this week’s Know Your Data {KYD}, we present you with a brief overview of data center.
This week's Subject Matter is about the OPBAS: Sourcebook Update, United Kingdom by the Financial Conduct Authority (FCA). The UK Financial Conduct Authority (FCA) has released a consultation paper on updating the sourcebook of the Office for Professional Body Anti‑Money Laundering Supervision (OPBAS). The guidance will drive the improvements in how professional body supervisors (PBSs) reduce money laundering in the sectors they oversee. The consultation will close by 29 September 2022. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
The AWA Hybrid Working Index was introduced by Advanced Workplace Associates (AWA) in June 2022 to monitor the evolution of hybrid working policies and office attendance over time. A hybrid working model is a work style that enables employees to blend work from home, work from anywhere or work from office. According to the statistics, companies now have an average of two-thirds of desks that lay unutilized every day, and even on peak days, that number is over 50%. The findings suggest that both attendance & desk usage varies significantly between sectors. The study found that almost 60% of the office do not have a hybrid working policy. This week’s OSIN {One Story In Numbers} represents the attendance & desk usage by day in hybrid working model (in percentage).
This week we have 25 AML events involving 19 individuals and 05 entities, resulting in a total of USD 300 Mn penalties with incarcerations of 1,078 months. Notable events of the week include a fine imposed on Novum Bank Ltd by the FIAU-Malta for failure to comply with the AML/CFT Laws. Next is a fine imposed on Entain Plc, by the Gambling Commission of the United Kingdom, for social responsibility and AML failures. Finally, Kevin Lee Co was ordered 120 months imprisonment at the U.S. District Court of Eastern District of California for wire fraud, and money laundering. Finally, regarding regulatory updates, The South African Cabinet announces new AML/CFT and related laws urgently as a move to prevent FATF greylisting. Also, The Asia/Pacific Group On Money Laundering produces typologies reports on ML/TF techniques to assist governments and other stakeholders in better pursuing effective strategies to address ML/TF threats. Click here https://bit.ly/3PGCPHK to read in detail about the week's top AML events, news, and regulatory updates
https://bit.ly/3ABt1KS This week, we begin with an article explaining the four recommendations made by experts for enhancing businesses' capacity to benefit from data and a platform-based ecosystem. Next, is a piece outlining the interest areas of hackers, strategies adopted by them & a few tips to secure business information. Then, we have a revelation that if you use their in-app keyboards, TikTok, Facebook, Instagram, and Facebook Messenger may be able to monitor your keystrokes. Following that, we have a story on the chaos & disruption created by huge volumes of data and how #dataops help in managing data by creating metadata using AI & ML algorithms. Next, is an analysis about getting a crucial task of data protection correctly for an application with the scale, complexity, and significance of a data lake. Lastly, we have an essay focusing on organizations getting a better understanding of data & V’s of big data – volume, velocity, variety & veracity to avoid getting their AI projects to die quickly.
This week we highlight the case of Jason Van Eman, former actor, film producer, and financier, who was sentenced for wire fraud and money laundering. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
Data democratization is defined as all users having access to data, with no gatekeepers or barriers in the way of data-driven goals. Data democratization aims to enable anybody to utilize data at any time, without restrictions on access or comprehension, to participate in decision-making. It uses procedures and instruments to control vast amounts of unstructured data to handle big data. Data democratization is crucial since it makes all team members more autonomous and therefore productive. A recent Google Cloud/Harvard Business Review paper confirms that 97% of industry leaders surveyed said democratizing access to data and analytics across the organization is important to business success. In this week’s Know Your Data {KYD}, we present you with a brief overview of data democratization.
Data democratization is defined as all users having access to data, with no gatekeepers or barriers in the way of data-driven goals. Data democratization aims to enable anybody to utilize data at any time, without restrictions on access or comprehension, to participate in decision-making. It uses procedures and instruments to control vast amounts of unstructured data to handle big data. Data democratization is crucial since it makes all team members more autonomous and therefore productive. A recent Google Cloud/Harvard Business Review paper confirms that 97% of industry leaders surveyed said democratizing access to data and analytics across the organization is important to business success. In this week’s Know Your Data {KYD}, we present you with a brief overview of data democratization.
This week's Subject Matter is about the Guidance For Licensed Financial Institutions On The Risks Relating To PEPs by the Central Bank of the UAE (CBUAE). The Central Bank of the UAE (CBUAE) has issued AML/CFT guidance for its licensed financial institutions (LFIs) on the risks related to politically exposed persons (PEPs). The guidance assists LFIs in understanding the risks and effective implementation of their statutory AML/CFT obligations related to PEPs. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
