Check out your Company Bowl for anonymous work chats.
https://bit.ly/3NKKqVq This week, we begin a bill introduced by senators to increase data collection and disclosure by eight federal financial regulatory organizations for developing consistent standards for the organization. Next, is a piece talking about a fine of $150 million on Twitter for harnessing data for security purposes but using it up to target users with ads. Then, we have an investigation that found that most online learning platforms shared children's data with adtech businesses, who used it not only for targeted advertising but also to influence website feeds. Following that, we have an article discussing the essential role of data management, the consequences of poor data management, and an overview of (redundant, outdated & trivial) ROT data. Next, is an essay on the growing importance of data in marketing for both consumers & producers. Lastly, we have a story on the evolvement of the insurance marketplace linked to data collection as per changing consumer attitudes.
This week we highlight the case of Ricardo Alberto 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.
Cloud storage is a computer data storage strategy in which digital data is kept in logical pools that are referred to as "the cloud." The cloud storage providers are in charge of maintaining the data safe, secure, and operational. They are responsible for handling capacity, security, and durability to ensure that data is available to user applications all around the globe. IT departments may alter three areas by storing data in the cloud: total cost of ownership, time to deployment, and information management. The global cloud storage market size was $70.19 billion in 2021 and the market is expected to reach $376.37 billion by 2029, exhibiting a CAGR of 24.0% during the forecast period. In this week’s Know Your Data {KYD}, we present you with a brief overview of cloud storage.
This week's Subject Matter is about the Financial Secrecy Index 2022 by the Tax Justice Network advocacy group. Tax Justice Network advocacy group has published the Financial Secrecy Index 2022, ranking jurisdictions complicit in helping individuals hide their finances from the rule of law. The countries with the highest rankings are less transparent in the operations they host, less engaged in sharing information with other national authorities, and may expose to international money-laundering incidents. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
According to a report by Sophos, a survey was conducted on 5,600 IT professionals from mid-sized businesses (100-5,000 people) across 31 countries. The results found that 66% of organizations were hit by ransomware in the last year, up from 37% in 2020. The average ransom payment has increased by 4.8 times since 2020. Austria (84%) has the highest percentage of organizations hit by ransomware in 2021 while South Africa (51%) has the lowest percentage for the same. The report also provides average ransom payments by country. The average cost to organizations to rectify the attack has decreased by 24% in 2021 compared to 2020. This week’s OSIN {One Story In Numbers} represents the percentage of organizations hit by ransomware in 2021.
This fortnight we have 7 regulatory documents from 5 jurisdictions, mainly applicable to digital currencies, financial institutions, & AML/CFT compliance. The prominent news of the fortnight includes FCA is now authorized to cancel regulatory permissions of firms who fail to comply with applicable regulations, the Wolfsberg Group released FAQs on the negative news screening process, & HM Treasury published an updated version of the asset freeze sanctions list. Notable regulations of the fortnight include the Money Laundering (Prevention and Prohibition) Act 2022 and Proceeds of Crime (Recovery and Management) Act,2022 passed by the Nigerian Parliament; Best Practices Guidelines for Money Services Businesses (MSBs) published by the American Bankers Association (ABA); National Strategy For Combating Terrorism And Other Illicit Financing in the USA by U.S. Department of the Treasury. Additionally, Cyprus has released the Cyprus Securities And Exchange Commission “CyTBOR” Platform; & the EUROPOL has issued an infographic on Crypto Investment Scams. To read more https://bit.ly/3NB5AVV
This week we have 24 anti-money laundering (AML) events involving 63 individuals and 10 entities, resulting in a total of USD 65.85 million penalties with incarcerations of 1,517 months. Notable events of the week include an administrative penalty of USD 7 Mn imposed on Wells Fardo Advisors by the US SEC for delayed AML SAR reporting. Next is an administrative penalty of USD 0.61 Mn imposed on Jumpman Gaming Limited by the UK Gambling Commission for AML compliance failures. Finally, a USD 0.2 Mn penalty was imposed by the UK Gambling Commission on Progress Play Limited for AML compliance failures. Finally, regarding regulatory updates, The FATF has issued a mutual evaluation report on France's measures to combat money laundering and terrorist financing. Also, the Cyprus Securities and Exchange Commission has unveiled its new online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR). Click here https://bit.ly/3NrWydJ to read in detail about the week's top AML events, news, and regulatory updates.
Wells Fargo Clearing Services LLC, a broker-dealer subsidiary of Wells Fargo & Company, manages USD 1.9 trillion in retail client assets. In Jan 2019, the firm adopted a new internal anti-money laundering (AML) transaction monitoring system, that failed to reconcile and determine if a transaction involved a high or medium-risk country. To read more about this case, please click https://bit.ly/38C6hzv
https://bit.ly/3G8pHrM This week, we begin an analysis of alternative data in terms of growth, benefits, steps & challenges involved in it. Next is an article discussing a €10 million fine imposed by the AEPD, Spain's data protection body, on Google for obstructing people's right to deletion of their personal data under the GDPR. Then, we have a piece on a new wave of AI-based solutions for harnessing dark data & applying it on construction sites. Following that, we have a story on the illegal sharing of the biometric data of millions of Israelis, which was kept unlawfully for several years, with another Israeli government agency, prompting worries among Israeli rights organizations. Next, is an essay on picking up the right cloud storage resource based on the data and not storage volumes. Lastly, we have an article outlining the rise of secure digital collaboration.
This week we highlight the case of Harun-Ar-Rashid, the former Army Chief of Bangladesh, who was sentenced for money laundering using a multi-level marketing scam in Bangladesh. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
