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This fortnight we have 8 regulatory documents from 4 jurisdictions, mainly applicable to financial institutions. Notable regulations of the fortnight include the Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2022, UK; Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2022, UK; Guidance Note on the Use of Cash and the Banking Sector, Malta; Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence, USA, and National Strategy in the Field of Money Laundering, Denmark. Additionally, HM Treasury has issued an Advisory Notice for ML/TF Controls in High-Risk Third Countries, the US Department of Treasury released a Fact Sheet providing a Framework for International Engagement on Digital Assets; and the Financial Sanctions Evasion Typologies: Russian Elites And Enablers released jointly by the National Crime Agency and HM Treasury’s Office of Financial Sanctions Implementation. Click here https://bit.ly/3zg79nz to read in detail about the recent regulatory updates.
This week we have 28 AML events involving 25 individuals and 03 entities, resulting in a total of USD 4.9 Mn penalties with incarcerations of 1,131 months. Notable events of the week include a fine imposed on Amex, a subsidiary of American Express Company, by the OFAC for violations of Kingpin Sanctions. Next is a fine of INR 1.6 Mn (USD 0.2 Mn) by the Reserve Bank of India (RBI) on Ola Financial Services Private Limited for non-compliance with AML laws. Finally, An American Citizen, Assem Abdul Rahman Ghafour, was penalized in the Abu Dhabi Criminal Court for money laundering and tax evasion. Finally, regarding regulatory updates, The Central Bank of Ireland has published a report about Virtual Asset Service Providers (VASPs), seeking to assist applicant firms in strengthing their applications for registration and AML/CFT frameworks. Also, The Office of the Comptroller of the Currency (OCC) of the US will host compliance and operational risk workshops in Denver, USA. Click here https://bit.ly/3yOeh9B to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3aQhz4c This week, we begin with an article describing misinformation, disinformation, and mal-information (MDM) along with the threats & losses to firms. Next, is a piece talking about the control of personal data in consumers’ hands and how the future may hold potential for it to be a data currency. Then, we have an essay explaining the 5 data privacy essentials to be considered in the era of growing volumes of data. Following that, we have a write-up introducing digital sovereignty, a different concept from data sovereignty, and indulging in the complexities of both landscapes. Next, is a key finding from a report by Quest Software about the superiority of high-quality data over data privacy for data governance initiatives. Lastly, we have a story that emphasizes building an effective data security & data protection plan for getting the potential gains from data-as-an-asset.
Case Files by AML Penalties (www.amlpenalties.com) This week we highlight the case of Kenneth Wendell Ravenell, an attorney of Baltimore, Maryland, United States of America, who was sentenced for conspiracy to commit money laundering. #casefiles #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering #fraud #attorney #marijuana #drugtrafficking Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
Database Management System (DBMS) is a software used to store, extract, and run queries on data. A DBMS essentially serves as an interface between an end-user and a database, enabling users to create, read, update, and delete the data in a database. DBMS optimizes the organization of data by following a technique called normalization that provides a more complex backup system and makes it more flexible than traditional file systems. According to the findings of Research and Markets, the global market for Database Management Systems (DBMS) was valued at more than $63.9 trillion in 2020 and is expected to reach $142.7 trillion by 2027, growing at a CAGR of 12.2% during the forecast period. In this week’s Know Your Data {KYD}, we present you with a brief overview of the Database Management System.
This week's Subject Matter is about the Framework For International Engagement On Digital Assets by the US Department of the Treasury. On 07 July 2022, the US Department of the Treasury released a framework for interagency engagement with foreign counterparts and international bodies. This framework was under the President’s Executive Order on Ensuring Responsible Development of Digital Assets. The framework is to adapt, update, and enhance the global principles and standards on how digital assets are used and transacted. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
The state of cyber resilience report by Marsh and Microsoft surveyed more than 650 cyber risk leaders from organizations around the world. The results pointed to several significant trends in cyber risk that will aid firms in 2022 and beyond in prioritizing and aligning their cyber strategy. 73% of the organizations said they had experienced a cyberattack with ransomware attacks being the top cyber threat to an organization. The results point to the implementation of insurance and more cyber security measures for enhancing the organization's cyber hygiene. This week’s OSIN {One Story In Numbers} represents the types of cyberattacks experienced by organization.
The AML Penalties – Quarterly Update for Q2 2022 is out! • Q2, 2022 has been an active quarter for AML actions • Cumulative penalties of USD 8 billion across 848 events • The United States, United Kingdom, and India, continue to lead in the number of AML actions • AML actions involving Drug Trafficking represent almost 51% of all events Signup for free on www.amlpenalties.com to get more updates and insights.
This week we have 8 AML events involving 12 individuals and 2 entities, resulting in a total of USD 12.41 Mn penalties with incarcerations of 625 months. Notable events of the week include a warning on the National Australian Bank (NAB) Ltd's New Zealand unit, Bank of New Zealand (BNZ), by the Reserve Bank of New Zealand for failure to comply with the AML laws. Next is a 168 months imprisonment and a fine of USD 7.40 Mn at the Sandiganbayan, Philippines, on Major General Carlos F. Garcia for money laundering and bribery. Finally, Alan Safahi pleaded guilty in the U.S. District Court of Northern District of California for bank fraud, wire fraud, and money laundering. Finally, regarding regulatory updates, The FATF is organizing a webinar on Money Laundering and Terrorist Financing Risks arising from Migrant Smuggling. Also, The U.S. Treasury Department has published a Fact Sheet highlighting a framework for international engagement & development of Digital Assets. Click here https://bit.ly/3P0gV2G to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3RmPFNr This week, we begin with an article introducing the open metaverse, which is in the early development stage & is anticipated to inspire the development of new opportunities for interaction with online communities. Next, is a piece talking about the aspects that the marketers should consider for harnessing the power of first-party data. Then, we have an essay explaining dirty data, its types, associated cybersecurity concerns, and how organizations can protect themselves. Following that, we have a piece examining the typology for adopting the appropriate cloud database. Next, is an analysis of digital twins for improving data center efficiency & sustainability. Lastly, we have a story on the increased adoption of digital transformation by organizations which entails modifying company practices, cultures, and tactics using technology.
