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This week we highlight the case of Cynthia Elizabeth Tarrago Diaz, former Member of Congress, Paraguay, in action to run for mayor of the capital district of Asunción who was sentenced to prison for for an international money laundering conspiracy. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
A data catalog is a collection of metadata, combined with data management and search tools, that helps analysts and other data users to find the data that they need, serves as an inventory of available data, and provides information to evaluate fitness data for intended uses. By providing analysts with a single, comprehensive view of their customers, a data catalog can help uncover new opportunities for cross-selling, up-selling and targeted promotions. A data catalog differs from a data dictionary in its ability to search and retrieve information. The Data Catalog Market was valued at $523.55 million in 2020, and is expected to reach $1,788.49 million by 2026, registering a CAGR of approximately 23.1% over the forecast period (2021 - 2026). In this week’s Know Your Data {KYD}, we present you with a brief overview of data catalog.
This week's Subject Matter is about the Financial crime guidance by the AUSTRAC on the prevention of the criminal abuse of digital currencies The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a financial crime guide providing indicators to help businesses dealing with digital currencies to recognize and report criminal activities. The pseudo-anonymous and borderless nature of digital currencies can make them vulnerable to misuse in activities including money laundering, terrorism financing, and more. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
The cybercrime data for the year 2021 was collated by the research team at Atlas VPN which offers a comprehensive picture of the present cyber-threat scenario. According to the research, both the volume and sophistication of attacks increased significantly. The primary reason is the shift to remote work since it presented hackers with a far bigger attack surface. Ransomware is one of the most frequent cyber threats that companies must contend with. Phishing attacks were also a very prominent type of cybercrime. Between 2010 and 2020, the number of phishing sites increased by 43% year on year. This week’s OSIN {One Story In Numbers} represents the top 10 most impersonated brands used in phishing emails (2021).
This fortnight we have 08 regulatory documents from 04 jurisdictions, mainly applicable to the sanctions, digital currencies, & AML/CFT. The prominent news of the fortnight includes Egypt establishing a special unit for monitoring money laundering & terrorist financing; a report on the state of effectiveness and compliance with the FATF standards; Anti-Money Laundering Council (AMLC) reviews supervision of Targeted Financial Sanctions in the Philippines. Notable regulations include Russia (Sanctions) (EU Exit) (Amendment) (No. Regulations 2022, United Kingdom; Bill On Disciplines Services Related To Operations Carried Out With Crypto-Assets On Electronic Trading Platforms, Brazil; Russia (Sanctions) (Overseas Territories) (Amendment) Order 2022, United Kingdom. Additionally, AUSTRAC had issued two guides on Criminal Abuse Of Digital Currencies; and Detecting And Reporting Ransomware. The UK FCA had issued a handbook guide to counter Financial Crime Risks; FinCEN issued an advisory On Kleptocracy and Foreign Public Corruption. Click here https://bit.ly/3vH4u3z to read in detail
This week we have 22 AML events involving 36 individuals and 5 entities, resulting in a total of USD 83.1 Mn penalties with incarcerations of 1,608 months. Notable events of the week include the Office of Comptroller of the Currency issuing a cease and desist order against Anchorage Digital Bank for violating the BSA/AML compliance requirements. Next, the Reserve Bank of India had imposed a fine of USD 0.02 Mn on Manappuram Finance Ltd. for non-compliance with the KYC Master Direction. Finally, a USD 0.1 Mn penalty was imposed by the Office of Foreign Assets Control on Newmont Corporation for Cuba-related sanctions violation. Finally, regarding regulatory updates, AUSTRAC has released 2 new financial crime guidelines on ransomware attacks or digital currencies. Also, the Cabinet of Egypt has approved a draft law amending some provisions of the AML Law, which stipulates the requirement of an independent AML/CFT unit established in the Central Bank of Egypt. Click here https://bit.ly/3ELFTi7 to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3vHBdWn This week, we begin with a new decision by US Ninth Circuit that no authorization would be required for scraping publicly accessible information, based on the Supreme Court’s “gate-up, gate-down” analogy. Next is a piece discussing how browsing history, location data, call logs, and even app use can help target ads and ways to opt-out of sharing these with companies. Then, we have a report from international law firm RPC, that found an upsurge in the number of people whose financial data got impacted by breaches. Following that, we have a story regarding the high demand for advanced technological competence in the esports industry as it continues to grow. Next, is an article introducing “Data Poisoning” as the next cybersecurity crisis with some techniques to stay safe. Lastly, we have an article about the role of location intelligence in saving our planet by utilizing geospatial information.
This week we highlight the case of Mohammad Najib bin Tun Haji Abdul Razak a.k.a. Najib Razak, former Prime Minister of Malaysia and the former Chairman/Co-founder of 1MDB State Investment Fund., who was sentenced to prison for money laundering abuse of power, and criminal breach of trust. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Data-as-a-Service (DaaS) is a data management approach aimed at leveraging data as a corporate asset in order to increase organization agility. As data management becomes more cloud-based and firms explore techniques for sharing (or renting) data as a revenue source, the DaaS industry will continue to develop. DaaS enables firms to manage the huge volumes of data they create every day and distribute that important information across the enterprise for data-driven decision making. The global Data-as-a-Service (DaaS) market is projected to reach $61.42 billion by 2030 at a CAGR of 36.9%. In this week’s Know Your Data {KYD}, we present you with a brief overview of Data-as-a-Service (DaaS).
More than 22,000 individuals in 30 nations were surveyed by Ipsos for the World Economic Forum between 18 February 2022 and 4 March 2022. According to the report, there is an agreement on the need to shift away from fossil fuels to more climate-friendly and sustainable energy sources in the next five years in all 30 nations studied. Emerging-market citizens are particularly adamant about it. On average, more than half of consumers expect rising energy costs will significantly reduce their spending power in 2022. 1 in 4 consumers cited either volatility in oil and gas markets or current geopolitical tensions as the predominant cause for rising energy prices. This week’s OSIN {One Story In Numbers} represents the main reasons perceived for increases in energy prices with top 3 countries.
