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The AML Penalties – Quarterly Update for Q1 2022 is out! • Q1, 2022 has been an active quarter for AML actions • Cumulative penalties of USD 6.3 billion across 1,179 events • The United States, United Kingdom, and India, continue to lead in the number of AML actions • AML actions involving Drug Trafficking represent almost 55% of all events Signup for free on www.amlpenalties.com to get more updates and insights.
This week we highlight the case of Daniel O'Callaghan, former All-Ireland Club Football Champion, who was sentenced to prison for money laundering and possession of stolen cash. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Data intelligence refers to all the analytical tools and methods organizations employ to form a better understanding of the information they collect to improve their services or investments. It focuses on analysis and interaction with information in a meaningful way to promote better decision-making in the future. The objectives of data intelligence are performance analysis, data mining in order to extract essential information, online analysis as well as the processing of events. According to market researcher IDC, data intelligence ensures that Business Intelligence and Artificial Intelligence are fueled by “trustworthy and reliable data”. In this week’s Know Your Data {KYD}, we present you with a brief overview of data intelligence.
This week's Subject Matter is about the New Rules For Crypto Assets, To Stop Illicit Flows In The European Union The European Parliament (EP) has released a proposal for recasting regulation (EU) 2015/847 on information accompanying transfer of funds of crypto-assets. Under the new requirement, all transfers of crypto-assets will have to include information on the source of the asset, and beneficiary information should be made available to the competent authorities. The ability to trace crypto-asset transfers will allow the authorities to block suspicious transactions. The European Banking Authority (EBA) shall maintain a public register of non-compliant crypto-asset service providers. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Cryptocurrency criminality is increasing in lockstep with the market. Crystal Blockchain's Crypto & Defi Hacks & Scams Report 2021 presents a thorough examination of all security breaches and fraudulent activity involving cryptocurrency during the previous ten years. Between January 2011 and December 2021, there were 120 security attacks, 73 DeFi protocol exploits, and 33 fraudulent schemes, according to the research. So far, security breaches have resulted in the loss of $3.18 billion, scams have resulted in the theft of $7.12 billion, and DeFi hacks have resulted in the theft of $1.76 billion, totalling about $12.1 billion in crypto assets. This week’s OSIN {One Story In Numbers} represents the top 5 security breaches & frauds involving crypto in 2021.
This week we have 18 AML events involving 27 individuals and 4 entities, resulting in a total of USD 2.29 Mn penalties with incarcerations of 1,921 months. Notable events of the week include N26 Bank being banned from onboarding new customers to its Italian business by the Bank of Italy for AML compliance failures. Next is a fine of USD 0.06 Mn imposed on BDO Consult Ltd by FIAU Malta for non-compliance with the AML regulations. Finally, FinCEN imposed a USD 0.27 Mn penalty on A&S World Trading Incorporated for reporting failures and violations of the Bank Secrecy Act (BSA). Finally, regarding regulatory updates, the European Parliament has set new rules requiring crypto-assets to be traced and identified to prevent their use in ML/TF and other crimes. Also, the Government of the UK has amended the ML/TF and Transfer of Funds Regulations 2017 (MLRs). Click here https://bit.ly/3DDkYx6 to read in detail about the week's top AML events, news, and regulatory updates.
The Latest Data Asset Weekly Dispatch Is Out! https://bit.ly/37aSWNi This week, we begin with a detailed essay on the role played by data sovereignty in increasing transparency in terms of where consumer’s data is held, & who might have access to it. Next is a piece about the personal data leak of 120,000 Russian soldiers fighting in Ukraine by the hacker group - Anonymous. Then, we have an article discussing data quality & the importance of data governance for ensuring the same. Following that, we have an analysis of National Institutes of Health’s (NIH) new data management policy that might create a global standard for data sharing. Next is a plan by the Union government of India to develop a single, up-to-date, centralized repository of all licensed and available pharmaceuticals across all medical systems in India. Lastly, we have a story about the evident corporate digital risks.
Case Files by AML Penalties (www.amlpenalties.com) This week we highlight the case of Carlos Manuel de Sao Vicente, head of AAA international group of companies in Angola, who was sentenced to prison for money laundering and tax fraud. #casefiles #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering #corruption #bribery #fraud #pep #angola Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
During an on-site inspection, the Bank of Italy identified serious weaknesses in the anti-money laundering compliance program of N26 Bank. The central bank ordered N26 to temporarily refrain from undertaking transactions with new customers and offer new products and services to existing customers through its Italian branch until the identified shortcomings were removed. N26 intends to continue strengthening its safeguards in this area to remove the identified shortcomings. To read more about this case, please click https://bit.ly/3iRacd9
Blockchain is a distributed, encrypted database model that has the potential to solve many problems around online trust and security. Blockchains can potentially use a lot of energy and create high levels of carbon emissions because of this, during 2022, we are likely to see a great deal of emphasis on attempts to “greenify” blockchain. Currently, there are at least four types of blockchain networks — public blockchains, private blockchains, consortium blockchains, and hybrid blockchains. The worldwide blockchain market was valued at $1.57 billion in 2018 & is forecast to grow more than hundred times to $163 billion by 2027. In this week’s Know Your Data {KYD}, we present you with a brief overview of blockchain.
