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The Subject Matter by AML Penalties (www.amlpenalties.com) This week's Subject Matter is about the Ultimate Beneficial Owners (UBO) Register, Italy Under the AML law of Italy, the Ministry of Economy and Finance (MEF) with the Ministry of Economic Development (MISE) has taken a step forward to prevent money laundering and terrorist financing by establishing a register of ultimate beneficial owners (UBO Register). The register provides a single national database on the beneficial ownership of entities conducting business in Italy. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
The State of Fintech and Crypto Apps 2022 by Sensor Tower provides an analysis of the market trends. In recent years, both the Fintech & Crypto Apps industry has continued to rise. The report shows that the growth in both industries has escalated since the onset of COVID-19. According to the report, the total downloads of Fintech Apps reached 1.74 billion while crypto apps’ downloads surpassed 100 million in Q1 2022. Transaction & Payment Apps under the Fintech Apps category have dominated the market post-pandemic, with Google Pay at the first rank from 2020 to Q1 2022. The report also represents quarterly downloads of fintech apps by region. The Crypto Apps market size has seen significant growth in the UK, US, & Australia since 2021. This week’s OSIN {One Story In Numbers} represents the top fintech apps by worldwide downloads in 2021.
This fortnight we have 7 regulatory documents from 6 jurisdictions, mainly applicable to digital currency service providers and financial institutions. Notable regulations of the fortnight include the AML-CFT Rules and Regulations 2022, Bhutan; Proposal for a Directive on Asset Recovery and Confiscation by the European Commission, and Draft Master Guidelines on AML/CFT, by The Insurance Regulatory and Development Authority (IRDAI) of India. Additionally, UAE has released an interpretative note on assessing jurisdictional risk and the consequential application of AML/CFT obligations; a Joint report by three European supervisory authorities, on the withdrawal of authorization for serious breaches of AML/CFT rules, and the FATF has issued a follow-up report & technical compliance re-rating for New Zealand. Click here https://bit.ly/3x9wIoh to read in detail about the recent regulatory updates.
This week we have 12 AML events involving 18 individuals & 02 entities, resulting in a total of USD 2.10 Bn penalties with incarcerations of 1,048 months. Notable events of the week include a fine of USD 57.6 Mn imposed on Crown Melbourne by the Victorian Commission for Gambling and Liquor Regulation for violations of AML Laws. Next, The Criminal Courts of Justice of Ireland imposed a 24 months imprisonment sentence on Valentin Bulgaru for money laundering. Finally, the U.S. District Court of Northern District of Oklahoma has imposed a fine of USD 4.5 Mn and USD 3.9 Mn and 84 months imprisonment on William Brian Mulder for money laundering. Finally, regarding regulatory updates, The FATF has released the updated ratings on both effectiveness and technical compliance for 205 countries assessed. Also, The Financial Intelligence Department (FID) of Bhutan has issued the Anti-Money Laundering and Countering of Financing of Terrorism (AML and CFT) Rules and Regulations 2022. Click here https://bit.ly/3auqnw6 to read in detail about the week's top AML events, news, & regulatory updates
https://bit.ly/3xcUZtu This week, we begin with an article describing the significant risks involved in sharing financial data as a result of the prevalence of open banking. Next, is a piece on new types & sources of alternative data that are driving extreme growth worldwide in every industry. Then, we have a statement about hacking of Russia’s Ministry of Construction, Housing and Utilities website but users’ personal data was not compromised. Following that, we have a story on the evolution of Web3 that solves the issue of data storage & privacy by giving control of data back to users. Next, is an analysis of the importance of picking up the right database platform based on the use case. Lastly, we have an essay discussing the cost of faulty & bad data to organizations and the use of data quality audits in solving the issue.
This week we highlight the case of Luis Enrique Martinelli Linares, son of the former Panama President, Ricardo Martinelli, who was sentenced for money laundering and bribery. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Data Ingestion is the process of collecting raw data from one or more sources into a target location for processing and analysis. It helps organizations extract key insights of ever-expanding data in real-time. The main challenge with data ingestion is that it can compromise data security and compliance regulations making it complex and costly. Businesses currently use the three types of data ingestion - Batch-based Data Ingestion, Real-time Data Ingestion, and Lambda Architecture-based Data Ingestion depending on their specific data needs. The constant flow of unstructured data is expected to increase the demand and growth of data ingestion tools in the market. The COVID-19 pandemic has led to an increase in availability of unstructured data leading to the anticipated expansion of cloud-based data ingestion technologies. In this week’s Know Your Data {KYD}, we present you with a brief overview of data ingestion.
This week's Subject Matter is about the Financial crime guidance by the FCA to counter the financial crime risks in the United Kingdom The UK Financial Conduct Authority (FCA) has issued guidance to all supervised entities to counter the risk of getting exposed to financial crimes. The effectiveness of systems and controls will be helpful for the reporting entities to detect, prevent, and deter financial crimes - money laundering, bribery, and fraud. The guidance was prepared primarily from FCA and FSA thematic review findings. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
IDMC’s 2022 Global Report on Internal Displacement shows the global picture of internal displacement by both conflict & violence and by disasters in 2021. According to the findings, there has been a total of 38 million internal displacements recorded across 141 countries & territories. The worldwide number for conflict and violence was 14.4 million, the highest ever recorded, and the global figure for disaster displacements was 23.6 million, lower than in 2020. The highest share in global internal displacements was experienced by East Asia & Pacific (37.6%). The highest amount of displacement by any country took place in China at 6 million. This week’s OSIN {One Story In Numbers} represents the percentage of internal displacements by conflict, violence & by disasters worldwide in million.
This week we have 08 AML events involving 28 individuals and 01 entity, resulting in a total of USD 9.38 Mn penalties with incarcerations of 1,290 months. Notable events of the week include a fine of USD 0.25 Mn imposed on Banco Popular de Puerto Rico (BPPR) by the Office of Foreign Assets Control (OFAC) for violations of Venezuela Sanctions Regulations. Next, the Criminal Court of Justice in Ireland has imposed a 24 months suspension on James Mohite for money laundering. Finally, a fine of USD 11.92 Mn was imposed by the U.S. District Court of Northern District of Alabama on Christopher A. Montalbano for money laundering, bank fraud, and conspiracy to commit bank fraud. Finally, regarding regulatory updates, the FATF has issued a follow-up report examining Israel's progress in strengthening AML/CFT measures. Also, the RBI published the annual report for the financial year 2021-22. Click here https://bit.ly/3z7xwN1 to read in detail about the week's top AML events, news, and regulatory updates.
