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Newszoo recently surveyed 5,521 gamers within the representative sample of 8,000+ respondents across the US, UK, France, and Germany to find out key insights on the Early Metaverse Players. Report tells that Fortnite, Roblox & Minecraft are three of the biggest metaverse games with over 59% of male players dominating the demographics. The report also found that as compared to Facebook, metaverse players are more likely to use the ‘newer’ social media platforms like Instagram, TikTok, and Snapchat. This week’s OSIN {One Story In Numbers} represents use of social media platforms by metaverse players as compared to non-metaverse player.
This week's Subject Matter is about the ML/TF Risks Arising From Migrant Smuggling, a report by the FATF To raise awareness about the most common methods to transfer and launder the proceeds of migrant smuggling, the FATF published a report on money laundering and terrorist financing risks arising from migrant smuggling. The report identifies the most common methods to transfer and launder the proceeds of migrant smuggling from hawala, integration of proceeds into legitimate businesses, and the increasing use of professional money launderers. The report also provides several recommendations for helping authorities enhance their effectiveness in money laundering investigations. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This fortnight we have 11 regulatory documents from 05 jurisdictions, mainly applicable to the sanctions, virtual assets, and cybercrime. There’s a special mention of Russian sanctions in the wake of the prevailing situation of war between Russia & Ukraine drew significant international criticism and has resulted in the imposition of sanctions against Russia by various countries around the world. The recent regulations are the Russia Sanctions Regulations 2022 of New Zealand; Autonomous Sanctions (Export Sanctioned Goods - Russia) Designation 2022 of Australia; Notice - Targeted Financial Sanctions - Russia/Ukraine Regime of the Cayman Islands. Notable regulations include The Ivory Prohibition (Civil Sanctions) Regulations 2022 of the United Kingdom; the Economic Crime (Transparency And Enforcement) Act 2022 of the United Kingdom; the Sanctions Alert - FIU-2022-SANC02: Russian Sanctions Regulations 2022 Enacted of New Zealand. Click here https://bit.ly/3iIWpVI to read in detail about the recent regulatory updates.
This week we have 19 AML events involving 27 individuals, resulting in a total of USD 4,500 Bn penalties with incarcerations of 2,341 months. Notable events of the week include an imprisonment sentence of 180 months imposed by the U.S. District Court of Southern District of Florida on Sean Kerwin Bindranauth for conspiracy to commit money laundering. Next is a fine of USD 4.5 Bn and 108 months in prison imposed on Carlos Manuel de Sao Vicente by the Luanda Court, South Africa, for money laundering. Finally, a fine of USD 0.1 Mn and a life imprisonment sentence was imposed on Mario Iglesias-Villegas by the U.S. District Court of Western District of Texas for conspiracy to launder money. Finally, regarding regulatory updates, the FATF has published a report that identifies the most common methods to transfer and launder the proceeds of migrant smuggling. Also, the UK FCA has issued notice to all the firms interacting with or exposed to cryptoassets and related services in mitigating risks concerning financial crime and money laundering. Click here https://bit.ly/3tJrTBn to read more
https://bit.ly/3uuciVE This week, we begin with an article on the new UK ITDA & Addendum that came into force as UK GDPR-complaint restricted transfer tool, replacing the EU Standard Contractual Clauses. Next is a piece about Apple’s expansion of services by entering into the open banking industry in the UK by acquiring Credit Kudos. Then, we have a story regarding issues in crop damage assessment & how the SAR data source developed by PlanetWatchers is helping in combating the issues. Following that, we have an analysis of virtual real estate & role of decentralised finance (DeFi) in cryptocurrency lending for the same. Next is an essay on how industries apart from tech-natives are harnessing the potential of their data using IoT. Lastly, we have an article on the role played by AI in identifying unsafe online content, issues faced in the process & recommendations for improvements.
This week we highlight the case of Cristiana Barrios, a journalist and former presidential candidate, Nicaragua, who was sentenced to prison for money laundering. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
In this week’s Know Your Data {KYD}, we present you with a brief overview of virtual reality data visualization.
Freedom On The Net is a Freedom House yearly assessment of human rights in the digital arena that evaluates internet freedom in chosen nations. The latest report is the 11th in the series, covers events from June 2020 to May 2021. According to the report, global internet freedom has fallen for the 11th year in a row. The findings indicated that governments all across the world acknowledged that unregulated market forces constitute a danger to consumers' rights. Iceland was recognized as the best environment for internet freedom for the third year in a row, while China was found to have the worst circumstances for internet freedom for the seventh consecutive year. This week’s OSIN {One Story In Numbers} represents the countries with highest & lowest Freedom On The Internet 2021 scores.
This week's Subject Matter is about the Red Flag Indicators For Potential Russian Sanctions Evasion Via Crypto-Assets On Mar 11, 2022, the Office of Financial Sanctions Implementation (OFSI), the Bank of England, and the UK Financial Conduct Authority (FCA) published a joint statement that summarises the legal and regulatory requirements on firms and the action that firms can take, concerning the risk of sanctions evasion via crypto assets. The joint statement emphasizes that financial sanctions regulations do not differentiate between crypto assets and other forms of assets. The use of crypto assets to circumvent economic sanctions is a criminal offense under the Sanctions and Anti-Money Laundering Act 2018. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
USAA Federal Savings Bank (USAA FSB), a San Antonio, Texas-based bank providing retail deposits and consumer loan services to about 13 million customers - consisting of U.S. military personnel and their families. As the bank's customer base and revenue grew in recent years, the bank willfully failed to ensure that its compliance program kept pace, resulting in millions of dollars in suspicious transactions flowing through the U.S. financial system without appropriate reporting. The FinCEN pointed out several AML/CFT failures concerning internal audits, training, and customer due diligence policies. To read more about this case, please click https://bit.ly/3ipxW7P
