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This week we highlight the case of Peter Nwaoboshi, the Senator at Delta North senatorial district at the National Assembly, was sentenced for money laundering. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
First-Party Data is defined as the data a company collects directly from its customers through its own channels and sources. The company owns the data and they do not have to purchase or trade with third parties making the data more reliable and compelling for personalized re-targeting catering to an individual’s interests. With the inevitable depreciation of third-party cookies and stricter data regulations, companies need to get more comfortable relying on first-party data. However, first-party data has a limited scale and scope, it can lack insights into people who haven’t engaged with them and their products and services. In this week’s Know Your Data {KYD}, we present you with a brief overview of First-Party Data.
This week's Subject Matter is about the Implementation Of FATF’s Standards On Virtual Assets. The Financial Action Task Force (FATF) issued a report on the implementation of its standards on virtual assets (VAs) and virtual asset service providers (VASPs) concerning the Travel Rule. The report highlighted that only 29 countries implemented the Travel Rule requirement, and even fewer are actively enforcing it. The update includes emerging risks and market developments, such as Decentralized Finance (DeFi), Non Fungible Tokens (NFTs), and un-hosted wallets. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
A list of Top 100 New Brands has been identified by Clarivate based on their market footprint, geographic/economic coverage, and online presence. On the Top 100 New Brands 2022 list, Europe emerged as the top region in terms of the number of brands. Ten European countries cumulatively held 49 out of the top 100 new brands. Mainland China emerges at the second spot with 23 brands on the list followed by the United States. However, US-based Apple owns 6 brands on the list, capturing first place in terms of the number of brands by a single company. Among the 15 pharmaceutical brands, 6 brands were involved in the creation of COVID vaccines. This week’s OSIN {One Story In Numbers} represents the top companies with number of new brands in the list.
This fortnight we have 7 regulatory documents from 5 jurisdictions, mainly applicable to financial institutions. Notable regulations of the fortnight include the Russia (Sanctions) (EU Exit) (Amendment) (No. 10) Regulations 2022, United Kingdom; Proceeds Of Crime (Amendment No. 7) (Jersey) Law 2022, Jersey; Anti-Money Laundering And Counter-Terrorist Financing (Amendment) Bill 2022, Hong Kong; AML/CFT Handbook, Jersey, and Awareness Guide To Preventing Financial Fraud, Central Bank Of Saudi Arabia (SAMA), Saudi Arabia. Additionally, FinCEN has released a Statement on Bank Secrecy Act Due Diligence For Independent ATM Owners, and the FinCEN and The U.S. Department of Commerce’s Bureau of Industry and Security have issued a joint alert against efforts by individuals or entities to evade BIS export controls. Click here https://bit.ly/3upvFjE to read in detail about the recent regulatory updates.
This week we have 13 anti-money laundering (AML) events involving 43 individuals and 01 entity, resulting in a total of USD 2,586 million penalties with incarcerations of 2,689 months. Notable events of the week include a fine of CHF 33 Mn imposed on Credit Suisse Group AG (Credit Suisse), by the Federal Criminal Court of Switzerland for violation of anti-money laundering laws. Next is a guilty plea at the U.S. District Court of District of Oregan on Lori E. Deveny for money laundering and financial fraud. Finally, the Auckland District Court has imposed a 28 months imprisonment sentence on Hoong Ping Lee for money laundering. Finally, regarding regulatory updates, The Financial Action Task Force (FATF) has updated its standards of implementation of FATF standards on the Virtual Asset Service Providers (VASP's). Also, The Central Bank Of Saudi Arabia (SAMA) has published its awareness guidance to prevent financial fraud. Click here https://bit.ly/3uj3vGM to read in detail about the week's top AML events, news, and regulatory updates
https://bit.ly/3bHXTPX This week, we begin with an article outlining the huge costs of poor data quality and the role of AI in boosting the data quality for better decision-making. Next, is a piece portraying the significant risks of dark data, including data protection & compliance, along with the ways to manage & protect dark data. Then, we have a story about the transformations going on in the financial sector industry, ranging from the adoption of open banking to the adoption of cloud services. Following that, we have an article about a sale offer on a Shanghai police database containing case records and personal information data on close to 1 billion Chinese residents for 10 Bitcoins. Next, is an analysis of the security & privacy challenges of a mix of public & private clouds, also known as multi-cloud. Lastly, we have an essay describing how data science methodologies can help eCommerce merchants in addressing the issues of data management and improving profitability.
Case Files by AML Penalties (www.amlpenalties.com) This week we highlight the case of Julian T.A. Lin, the Secretary-General of the Taiwan Civil Government, was sentenced and penalized for money laundering and fraud. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
A collection of operations that enables software programs to access data and interact with external software components, operating systems, or microservices. API is a potent tool that may accelerate business processes, increase brand awareness, link customers with desired products, etc. They are versatile and can be used on web-based systems, database systems, operating systems, and computer hardware. Codes of API can also be reused by developers increasing efficiency. However, security is a concern as APIs adds another attack layer to programs. Gartner predicts that by 2022 vulnerabilities in API would constitute the maximum percentage of data breaches in enterprise web applications. In this week’s Know Your Data {KYD}, we present you with a brief overview of API.
This week's Subject Matter is about the Revision Of FATF Recommendation 25 - Transparency And Beneficial Ownership. The Financial Action Task Force (FATF) has opened a public consultation linked to the proposal of revising the FATF Recommendation 25 - transparency and beneficial ownership (UBO) of legal arrangements. The consultation paper stated that work in this area is ongoing and will benefit from hearing views from stakeholders, including trustees, financial institutions, designated non-financial businesses and professions (DNFBPs), and NPOs. The consultation will be closed by August 01, 2022. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
