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A survey was carried out by the Pew Research Center to learn more about how US-based teenagers utilize social media, digital gadgets, and other online resources. 1,316 US teens aged 13 to 17 years were surveyed between April 14 and May 4, 2022. Among the sites included in the assessment, YouTube dominates the teen online landscape in 2022. Teens' social media preferences show various notable demographic variations. When compared to 2014-15, the percentage of teenagers who claim to use Facebook declined from 71% in 2014-15 to 32% in 2022. According to the findings, 36% of teens admit to spending too much time on social media.
This fortnight we have 7 regulatory documents from 4 jurisdictions, mainly applicable to financial institutions. Notable regulations of the fortnight include the Anti-Money Laundering And Counter-Terrorism Financing Rules Amendment Instrument 2022 (No. X), Australia; Anti-Money Laundering And Countering The Financing Of Terrorism (Amendment) Bill 2022, Guyana; Guidance For Licensed Financial Institutions On The Risks Relating To Politically Exposed Persons (PEPs), United Arab Emirates; Guidance For Licensed Financial Institutions On The Risks Relating To Payments, United Arab Emirates; and Guidance On Register An Overseas Entity And Tell Us About Its Beneficial Owners, United Kingdom. Additionally, the United Arab Emirates issued new reporting requirements for real estate transactions; and the Financial Conduct Authority has published a sourcebook update for Office for Professional Body Anti-Money Laundering Supervision. Click here https://bit.ly/3SXF9wT to read in detail about the recent regulatory updates.
This week we have 06 AML events involving 12 individuals and 01 entity, resulting in a total of USD 31.2 Mn penalties with incarcerations of 1,277 months. Notable events of the week include a sanction imposed on the virtual currency mixer Tornado Cash by the United States Office of Foreign Assets Control (OFAC) for money laundering. Next is a guilty plea at the U.S. District Court of Southern District of West Virginia on a Nigerian national John Nassy to fraud and money laundering. Finally, the leader of a prison gang, Charles Elsea Jr, was sentenced at the U.S. District Court of Eastern District of Tennessee for money laundering and ordered to pay a fine of USD 1.2 Mn. Finally, regarding regulatory updates, Amendments to the Anti-money Laundering and Countering the Financing of Terrorism Act were passed in Guyana. Also, the Dubai Chamber of Digital Economy has formed the Dubai Digital Assets Business Group (D2A2) to strengthen the role of the digital asset industry in economic development. Click here https://bit.ly/3AoF9z0 to read in detail.
https://bit.ly/3AnOvuG This week, we begin with an article about the Cisco hack by a North Korea based ransomware group that claims to have hacked 2.8GB of data. Next, is a piece of advice from some industry experts for IT executives wishing to use dark data & how some firms are turning dark data into commercial prospects. Then, we have an essay on serverless databases listing their benefits & drawbacks, and comparing their potential with serverless computing. Following that, we have a write-up on the importance of data quality, reasons for bad quality data, and some ways to improve that. Next, is a story about the increasing need to know your customer (KYC) for the implementation of data governance due to the rise of dirty data. Lastly, we have an interview with Russ Thomas, CEO of Availity, on how inaccuracies put hospitals and health systems at greater risk of litigation and what are the challenges of the new regulations.
This week we highlight the case of Muhammad Shahzad Bashir, Inspector at the Directorate of Intelligence & Investigation, Pakistan, who was sentenced for money laundering. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
Data modeling is the act of describing and evaluating all the kinds of data that your organization creates and gathers, as well as the connections between those data points. It assists in identifying the information requirements for various business processes by giving a visual representation of data sets and their business context. Today, data modeling is more important than ever, as technologists battle an onslaught of unstructured data (text, audio, video, raw sensor output) at volumes and velocities that exceed the capabilities of conventional systems, including iot sensors, location-aware devices, clickstreams, and social media. In this week’s Know Your Data {KYD}, we present you with a brief overview of data modeling.
July 2022 has been an active month for AML actions (150+). Total penalties (USD 190+ Mn) and imprisonments (13,000+ months), involving 210 individuals and 35 organizations. The United States of America and the United Arab Emirates continue to lead in AML actions in July 2022. Sign-up to AML Penalties app.amlpenalties.com/sign-up for more updates and insights.
This week's Subject Matter is about the AML/CFT Master Guidelines 2022 by the Insurance Regulatory and Development Authority (IRDAI). Insurance Regulatory and Development Authority of India (IRDAI) has issued an update to the Master Guidelines on AML/CFT for all classes of insurance business. Insurers are required to verify the identity of the clients using Aadhaar or through other modes/ methods of KYC and examine the ownership and financial position, including the client’s source of funds. The guidelines will come into force on 1 November 2022. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
The Digital Quality of Life (DQL) 2021 index is a study conducted by Surfshark, a VPN provider, that examined 110 nations (vs. 85 in 2020) in terms of five key pillars: internet affordability, internet quality, electronic infrastructure, electronic security, and electronic government. Each of the pillars carries an equal weightage in the DQL index. These pillars consist of 14 (two more than last year) interconnected indicators that work together to gauge the overall quality of life in the digital age. Denmark has the best digital quality of life. Ethiopia ranked last in the index. Europe dominated digital quality of life with 6 out of 10 countries having the highest DQL situated in Europe. The findings from the study suggest that GDP per capita does not necessarily determine a country’s e-infrastructure quality. This week’s OSIN {One Story In Numbers} represents the top 5 countries in DQL index 2021 with scores in 5 pillars.
https://bit.ly/3vPoPEx This week, we begin with an article narrating the take of big techs on privacy and the use of web & machine learning leading to data waste. Next, is a write-up on the dark data, its relevance in terms of creating new revenue streams & accurate data analytics insights, and ways to handle it. Then, we have a piece on growing digitization in the healthcare industry that comes with the need for data protection & security to avoid mishandling of private and sensitive information of patients. Following that, we have an appraisal published by the UK Geospatial Commission to assist public sector organizations in assessing the value of investments in location data. Next, is an essay on the shift away from third-party reliance toward zero-party & first-party data to keep customer privacy at the forefront. Lastly, we have an article listing 5 data security challenges to protecting confidential & sensitive information.
