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A worldwide policy benchmarking instrument called the Digital Cities Index (DCI) was created by Economist Impact to assess how well digital tools are used, adopted, and available to assist urban growth. The survey was conducted across 30 cities with 4 pillars, 17 indicators, and 48 sub-indicators. The four pillars of the DCI framework are connectivity, services, culture, and sustainability. The top-performing cities in the DCI 2022 are Copenhagen, Amsterdam, Beijing, London, and Seoul. According to the study, Asian cities dominate in digital finance with five Asian cities – Beijing, Seoul, Hong Kong, New Delhi & Singapore ranking among the top 10 in digital finance. This week’s OSIN {One Story In Numbers} represents the DCI framework comprising four pillars to assess the extent & impact of digitization.
Credit Suisse, Switzerland's second-largest bank, was found guilty of cocaine cash laundering. The court has found that during the period from July 2007 to December 2008, the bank and the former employee of the bank facilitated money laundering for a Bulgarian criminal organization. The court also found deficiencies in client onboarding and monitoring the implementation of anti-money laundering rules. To read more about this case, please click https://bit.ly/3yqyHGB
This week we have 18 AML events involving 25 individuals and 02 entities, resulting in a total of USD 7.4 Mn penalties with incarcerations of 1,807 months. Notable events of the week include a guilty plea of Glencore Energy (UK) Ltd, at the Southwark Crown Court, the United Kingdom, to the charges of bribery and money laundering. Next is a penalty of USD 7.1 Mn imposed by the Financial Conduct Authority, the United Kingdom, on Ghana International Bank Plc (GIB) for the violations of AML/CFT laws. Finally, the Taiwan Taoyuan District Court imposed a 228 months imprisonment and a fine of USD 67,117 on Julian T.A. Lin for money laundering and fraud. Finally, regarding regulatory updates, The FATF is conducting a public consultation on transparency and beneficial ownership (BO) of legal arrangements. Also, FINTRAC has published a report on supporting money laundering and terrorist financing investigations across Canada and worldwide. Click here; https://bit.ly/3A9732g to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3ngIt7U This week, we begin with a piece on data privacy compromises done by big techs to fuel monetization based on ad impressions & the exigency of building standards for protecting users against abuse. Next, is an analysis of dirty data cybersecurity concerns based on the predictions of the Information Security Forum (ISF) and some recommendations to mitigate the emerging threats. Then, we have an essay about ways of realizing the value of data by organizations to become more productive, efficient & responsive. Following that, we have an article describing the hub-and-spoke model that is an alternative to the data mesh architecture and provides advantages of both centralized & decentralized. Next, is an article narrating the widespread use of facial recognition technology, the controversies & opposition about it & the need for appropriate regulations. Lastly, we have a bill proposed by the US House Committee on Financial Services that will offer customers more control over who may access their data and how it is used.
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. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates
Ransomware is a type of malicious software that prevents users from accessing their system or encrypting their files until a ransom is paid.. Paying the ransom, however, does not guarantee that the users will get the decryption key to regain access. A device is infected when a victim visits a website, clicks a link, or installs a file, program, or application that contains malicious code to download and install the ransomware. Ransomware can remain dormant on a device until it is at its most vulnerable and then execute an attack. According to IBM, ransomware attacks cost organizations an average of $4.62 million per breach in 2021, not including the cost of the ransom demand itself. In this week’s Know Your Data {KYD}, we present you with a brief overview of ransomware.
This week's Subject Matter is about the Grey List – June 2022 by the Financial Action Task Force (FATF). The intergovernmental anti-money laundering agency Financial Action Task Force (FATF) has published a list of high-risk money laundering jurisdictions that require increased monitoring & improvement. Often referred to as the FATF Grey List, it has 23 countries, with Gibraltar being the new addition to the list. Malta was removed from the list due to its significant progress in improving its AML/CFT regime. Grey-list jurisdictions are actively working with the FATF to resolve strategic AML/CFT deficiencies in a given time frame. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
According to the Global Data Breach Stats by Surfshark, a total of 14.92 billion accounts have been compromised since 2004, and 5.1 billion of those accounts have unique email addresses. Each email address is exposed with an additional 2.3 data points on average. Accounts in the United States and Russia are hacked far more frequently than those in other nations. Of all worldwide breaches, European breaches make up 29.6% of the total. Since the start of 2020, 2.2 billion accounts have been compromised, 15.1% of all global breaches that have occurred since 2004 may be attributed to this. The results show that 304 accounts were compromised every minute in the first quarter of 2022. This week’s OSIN {One Story In Numbers} represents the countries with the highest number of breached accounts since 2004.
This fortnight we have 6 regulatory documents from 4 jurisdictions, mainly applicable to financial institutions. The prominent news of the fortnight includes, the Financial Action Task Force has updated the 'Grey List' in its Final Plenary; European Banking Authority (EBA) has released the 2021 Annual Report, and the Association of Banks in Singapore (ABS) has selected MonetaGo to deliver Singapore Trade Finance Registry (STFR). Notable regulations of the fortnight include the Amendment to Cuban Assets Control Regulations, United States of America; Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information On The Payer) Regulations 2017 Statutory Instrument 2022, United Kingdom; Guidance Note: Effective Implementation of Group Controls, South Africa, and Guidelines on the Role of AML/CFT Compliance Officers, European Union. Additionally, FinCEN has released an advisory on Elder Financial Exploitation, and the European Union has issued the OLAF Report 2021 on Exposing and Preventing Fraud. Click here https://bit.ly/3yhSRTj to read in detail.
This week we have 13 AML events involving 27 individuals and 1 entity resulting in a total of USD 0.5 Mn penalties with incarcerations of 511 months. Notable events of the week include a fine of USD 0.48 Mn imposed on China Everbright Securities (HK) Limited (CESL), by the Securities and Futures Commission (SFC), Hong Kong, for violations of AML laws. Next is a 54 months imprisonment sentence imposed by the Southwark Crown Court of the United Kingdom on Timmy Ijie for money laundering and fraud. Finally, the U.S. Attorney's Office has imposed a 96 months imprisonment sentence and 10 months probation on Thomas Brennan for money laundering. Finally, regarding regulatory updates, The Financial Action Task Force (FATF) has released a list of jurisdictions under increased monitoring called "Grey List" for June 2022. Also, The HM Treasury published consultation results to amend the ML/TF Regulations 2017. Click here https://bit.ly/3QAYZgv to read in detail about the week's top AML events, news, and regulatory updates.
