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This week we have 14 AML events involving 18 individuals and 02 entities, resulting in a total of USD 39.4 Mn penalties with incarcerations of 336 months. Notable events of the week include a fine of USD 30 Mn imposed on Robinhood Crypto, by The New York State Department of Financial Services for BSA/AML compliance failures. Next is a fine of USD 1.61 Mn by the Gambling Commission of The United Kingdom on LeoVegas AB for social responsibility and anti-money laundering failures. Finally, A Russian national Alexander Vinnik, the founder of BTC-e, a Bitcoin exchange service provider, was penalized at the Paris Criminal Court for money laundering and extradited to the United States of America. Finally, regarding regulatory updates, The American Gaming Association (AGA) has released the 3rd edition of its Best Practices for AML Compliance resource. Also, A new register on overseas entity beneficial ownership details has been launched by UK authorities. Click here https://bit.ly/3Ssz1wB to read in detail about the week's top AML events, news, and regulatory updates.
This week we highlight the case of Alexander Vinnik, the founder of BTC-e, a Bitcoin exchange service provider, who was sentenced for money laundering and extradited to the United States of America. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
Robinhood Crypto, a trading platform, allowed its customers to trade cryptocurrencies in virtual currency markets using U.S. dollars. The New York State Department of Financial Services (NYSDFS) requires virtual currency licensed companies to comply with the same anti-money laundering, consumer protection, and cybersecurity regulations as traditional financial services companies. Robinhood Crypto is licensed to engage in virtual currency business activity and as a money transmitter by the Department. In 2020, Robinhood was fined USD 65 Mn by the SEC to settle a probe over misleading customers, and in a separate case in 2012, it was fined USD 70 Mn by FINRA for outages and misleading customer charges. To read more about this case, please click https://bit.ly/3zU4Jvq
Data curation is an end-to-end process of preparing and managing data so business users can easily understand and readily use it. It is a means of managing data that makes it more useful for users engaging in data discovery and analysis. It involves collecting, structuring, indexing, and cataloging data for users in an organization, group, or the general public. Data curation characteristics involve signal identification, robust data management for the whole data cycle, and supporting data governance. The three stages of data curation are – preserving, sharing, and discovering. In this week’s Know Your Data {KYD}, we present you with a brief overview of data curation.
This week's Subject Matter is about the Guidance For Risk-Based Approach – Real Estate Sector, by the FATF The Financial Action Task Force (FATF) has revised the Risk-Based Approach Guidance for the Real Estate Sector to highlight the measures to mitigate the risks of ML/TF. The guidelines outline the vulnerabilities including exploitation by politically exposed persons, the purchase of the luxury real estate, the use of virtual assets, and the use of anonymous companies and gatekeepers as instruments to launder the proceeds of crime. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Between March 2021 and March 2022, 550 firms that had experienced data breaches were analyzed by IBM Security and the findings are collated in the “Cost of a Data Breach Report 2022”. The breaches happened in 17 distinct industries and across 17 different nations and regions. More than 3,600 interviews with individuals working in affected organizations were conducted. According to the findings, the cost of a data breach averaged $4.35 million in 2022, an increase of 2.6% over 2021. The highest average cost of a data breach is recorded in United States at $9.44 million. According to the report, the average time taken to identify and contain a breach is 277 days in 2022. This week’s OSIN {One Story In Numbers} represents the average cost of a data breach by country or region (in $ Mn).
This fortnight we have 6 regulatory documents from 4 jurisdictions, mainly applicable to financial institutions. The prominent news of the fortnight includes a ban on the use of large sums of cash by the Israel Tax Authority; the Ministry of Economy of UAE (MoE) reviews due diligence guidelines to ensure a responsible gold supply chain & their role in enhancing the national economy’s reputation; ban on crypto purchases using credit cards in Taiwan. Notable regulations of the fortnight include the Money Laundering & Terrorist Financing (Amendment) (No. 2) Regulations 2022, United Kingdom; General Guidance on Financial Sanctions, United Kingdom; Guidance Note on the Imposition of EU Sanctions Related to Russia-Ukraine War, Malta; and Master Guidelines on Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) 2022, India. Additionally, the Financial Action Task Force (FATF) has issued guidelines on Data Protection, Technology, and Private Sector Information Sharing; another FATF guideline on Risk-Based Approach in the Real Estate Sector. To read more https://bit.ly/3Jq7IyX
This week we have 31 AML events involving 79 individuals and 14 entities, resulting in a total of USD 17.77 Mn penalties with incarcerations of 7,345 months. Notable events of the week include the financial sanctions imposed by the Central Bank of the UAE on 6 Banks for AML/CFT compliance failures. Next, a fine of USD 1,251 was imposed on The Moirang Primary Co-operative Bank Ltd. by the Reserve Bank of India for violation of AML/CFT laws. Finally, Hirenkumar P Chaudhari was penalized by the US District Court of Northern Illinois for money laundering. Finally, regarding regulatory updates, the FATF has updated its guidance on the real estate sector to prevent misuse of the real estate sector for money laundering and terrorist financing. Also, the Israeli government has adopted a new law on cash dealing exceeding 6,000 NIS to fight against money laundering and criminal activity. Click here https://bit.ly/3zqjGno to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3zMRXPj This week, we begin with an article listing the top 10 data breaches since 2016 along with potential preventive measures for avoiding such instances. Next, is an essay explaining how business intelligence organizations could gain a competitive advantage by shifting from selling data to selling insights with the help of AI and data science. Then, we have a write-up on the problem of bad data gaining attention owing to grave monetary implications and how costly bad data can get for firms. Following that, we have a piece citing the difference between a data lake and a data warehouse as data storage and processing platforms. Next, is a story on the need for data observability from the very earliest stages of creating a data lake. Lastly, we have an article listing three tips for improved data quality.
This week we highlight the case of Carlos F. Garcia, a.k.a. Carlos Garcia, a high-ranking public officer, having been the Major General of the Armed Forces of the Philippines (AFP), who was sentenced to prison for bribery and money laundering. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
