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Big data is an accumulation of data that is too large and complex for processing by traditional database management tools. It is a collection of data that has a greater variety and is arriving in increasing volumes, growing exponentially over time. Big data makes it possible to have more confidence in data and build concrete approaches to tackling problems. Utilizing a big data analytics solution enables firms to maximize their assets and unleash their strategic worth. According to the forecast by Markets and Markets, the big data market was valued at $162.6 billion in 2021 and is expected to reach $273.4 billion by 2026, at a CAGR of 11%. In this week’s Know Your Data {KYD}, we present you with a brief overview of big data.
This week's Subject Matter is about the Data Protection, Technology, And Information Sharing Guideline by the FATF The Financial Action Task Force (FATF) has issued a guideline to enhance, design, and implement information collaboration initiatives among private sector entities that adhere to data protection and privacy (DPP) regulations. The report provides non-binding recommendations based on case studies to assist countries thinking about expanding information exchange in the private sector. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
United Nations has recently published Global Trade Update July 2022 that reports the global trends in goods & services. The value of international trade rose in Q1 2022, although its expansion slowed. Despite slowing down in Q1 2022, global trade nevertheless grew by around US$ 1 trillion over the same time in 2021. Commodity price increases are the drivers of the value of international commerce; volume increases have been far more modest. International trade is beginning to be affected by the situation in Ukraine, generally through price rises. In 2022, it is anticipated that tightening regulations and geopolitical tensions would have a detrimental impact on world commerce. The highest trade growth is seen in the energy sector in Q1 2022.
This week we have 23 AML events involving 48 individuals and 04 entities, resulting in a total of USD 101 Mn penalties with incarcerations of 2,403 months. Notable events of the week include a fine imposed on a digital payment unit, Didi International Inc, by the OFAC for violation of Money Laundering Regulations. Next is a fine of USD 7.1 Mn by the Frankfurt Prosecutor's Office on Deutsche Bank for money laundering. Finally, A Pensacola woman, Cassondra Moreno, was penalized in the Escambia County Courthouse for money laundering and organized fraud. Finally, regarding regulatory updates, The FATF has published the regulation update about partnering in the Fight Against Financial Crime: Data Protection, Technology, and Private Sector Information Sharing. Also, The House of Representatives passed a six-bill appropriations package for the fiscal year 2023 that includes USD 210.33 Mn for the FinCEN. Click here https://bit.ly/3OG5qwE to read in detail about the week's top AML events, news, and regulatory updates.
The Latest Data Asset Weekly Dispatch Is Out! https://bit.ly/3z8JiVG This week, we begin with an article explaining bad data, its impact on organizations & the use of deep learning & APIs in solving the issue. Next, is an essay considering the new regime of data-centric security being adopted by organizations for cybersecurity with cloud-based analytics. Then, we have a report on health information exchange (HIE) highlighting multiple systems as the significant barrier leading to high cost, complexity, & burden in information exchange. Following that, we have a piece outlining the importance, key elements, and procedure of creating the data security policy. Next, is a story about the UK’s policy reflecting the rising strategic value of location data as a national asset for leveling up, achieving net zero goals, & spurring research and technology innovation. Lastly, we have an article focusing on financial institutions decision of embracing digital transformation & leveraging data to achieve competitive advantage.
Case Files by AML Penalties (www.amlpenalties.com) This week we highlight the case of Asim Ghafoor, the co-founder and board member of DAWN (Democracy for the Arab World Now), who was sentenced for tax evasion and money laundering. #casefiles #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering #fraud #attorney #law #dawn #lawyer #pep #taxevasion #uae Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
Customer Data Platform (CDP) is software that collects and combines customer data from multiple sources to create a coherent and comprehensive view of each individual customer. A CDP enables a business to overcome the challenge of analyzing vast amounts of customer data to gain quick insights and provide efficient customer personalization. CDP also helps reduce redundancy and errors, provides easier data access, enhances data security, and ensures regulatory compliance. According to ReportLinker, the market for Customer Data Platforms (CDP) was valued at $3.5 billion in 2021 and is expected to reach $15.3 billion by 2026, growing at a CAGR of 34.6% during the forecast period.
Binance Holdings Ltd. continued to offer services to Dutch citizens without required registration from DNB. De Nederlandsche Bank (DNB) requires virtual asset service providers to complete registration under the Money Laundering and Terrorist Financing Prevention Act. In 2021, Binance was penalized in the United Kingdom and Turkey for AML/KYC non-compliance. To read more about this case, please click https://bit.ly/3clUEOl ; https://bit.ly/3Poq9G6
The Subject Matter by AML Penalties (www.amlpenalties.com) This week's Subject Matter is about the UK Financial Sanctions Evasion Typologies: Russian Elites And Enablers The UK HM Treasury’s Office of Financial Sanctions Implementation (OFSI), National Crime Agency (NCA), Joint Money Laundering Intelligence Taskforce (JMLIT), and National Economic Crime Centre (NECC) collectively issued a guideline on Financial Sanctions Evasion Typologies: Russian Elites and Enablers. Listed typologies raise awareness amongst individuals or businesses whom designated persons and their UK enablers may attempt to use to evade sanctions. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates. #moneylaundering #compliance #antimoneylaundering #amlpenalties #subjectmatter #amlcft #sanctions #redflag #edd #ofsi #nca #uk
United Nations has published a twenty-seventh edition of the official estimates “World Population Prospects 2022”. The report is comprehensive demographic data to evaluate population changes at the global, regional, and national levels. This gives a review of the most important demographic prospects as well as an overview of worldwide population trends from 1950 to 2050. According to the findings, the world’s population is more than three times larger than it was in the mid-twentieth century and is estimated to rise by over 10 billion by 2059. The estimates suggest that India is projected to surpass China as the world’s most populous country by 2023. This week’s OSIN {One Story In Numbers} represents the projected population of the world by 2030 & 2050 (in Mns).
