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This week we have 19 AML events involving 29 individuals and 3 entities, resulting in a total of USD 149 Mn penalties with incarcerations of 2,887 months. Notable events of the week include a penalty of USD 140 Mn imposed by the FinCEN on USAA Federal Savings Bank for BSA/AML compliance failures. Next is a fine of USD 8.25 Mn imposed on MoneyGram MoneyGram by the New York State Department of Financial Services for BSA/AML regulation violation. Finally, imprisonment of 228 months was imposed on Jessica Marie Harcrow by the U.S. District Court of Western District of Arkansas for money laundering and drug trafficking. Finally, about regulatory updates, the Senate of Nigeria passed Money Laundering Bill 2022 to amend the existing Money Laundering Act 2011. Also, Financial Information Unit (UFI), Argentina is working to force cryptocurrency firms to report their movements and take AML measures on Argentinian soil. Click here https://bit.ly/34Yq1LL to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3L1UTKu This week, we begin with an initiative by the UAE government to design gold standards for protecting their data and ensuring compliance. Next is an announcement by Google about the latest venture of its Care Studio platform with MEDITECH, a healthcare IT giant. Then, we have an article describing the power of genomics and the introduction of AI & cloud computing solutions in healthcare that leads to improvement in speed of analysis and easy actionable insights. Following that, we have a piece on the Central Bank of the Philippines' six-year goal to expand financial inclusion to the most disadvantaged people in the country, and how alternative data will play a major role in this. Next is an essay on the threats of data poisoning, preventing & detecting it, and ways to counter adversarial machine learning. Lastly, we have an analysis of the research on the use of data by public sector organizations, problems faced by them & some recommendations to overpower them.
This week we highlight the case of Evan Leo Sunday Jitong, a State Deputy Director, Goodluck/Sambo 2015 Election Campaign, Nigeria, who was sentenced to prison for money laundering. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Data Masking, also known as data obfuscation, is a method of protecting sensitive data by replacing the original value with a fictitious but realistic equivalent. The main objective of data masking is creating an alternate version of data that cannot be easily identifiable or reverse engineered, protecting data classified as sensitive. It also eliminates the risk of personal data exposure in compliance with data privacy regulations. Data Masking market was valued at $483.90 million in 2020 and is expected to reach $1,044.93 million by 2026, at a CAGR of 13.69% over the forecast period. In this week’s Know Your Data {KYD}, we present you with a brief overview of data masking.
Inter-Parliamentary Union (IPU) has reviewed women in parliament in the year 2021. It focuses on the regional trends, impact of political structures & Covid-19, and violence against women in parliament. According to the report, the global proportion of women parliamentarians has increased by 0.6 percentage points. The increase can be largely attributed to the critical role played by quotas for women. Overall, 50 countries had between 33% and 50% women in their lower or single house at the end of 2021, up from 42 countries at the beginning of the year. This week’s OSIN {One Story In Numbers} represents the comparison of regional averages of women in parliaments, 1995-2022.
This week's Subject Matter is about the Economic Crime (Transparency And Enforcement) Act 2022, United Kingdom On March 01, 2022, the government of the United Kingdom put forward the Economic Crime (Transparency and Enforcement) Bill (Bill 262) 2022 to 'crackdown on dirty money in the UK and corrupt elites'; designed to target laundered Russian's money in the UK, following Russia's invasion of Ukraine. The bill provides for the setting up of a register for overseas entities and their beneficial owners and requires overseas entities who own land to register in certain circumstances; make provisions about unexplained wealth orders, and make provisions about sanctions. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This fortnight we have 41 regulatory documents from 08 jurisdictions, mainly applicable to the sanctions, PEPs, and virtual currencies. There’s a special mention of Russia 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 Act 2022 of New Zealand; the Economic Crime (Transparency and Enforcement) Bill of the UK; the law by the Ukraine parliament to seize Russian assets in Ukraine. Notable regulations include FATF Grey List Released in March 2022; the Economic Crime (AML) Levy Regulations 2022 of UK; FinCEN Advisory on Increased Vigilance for Potential Russian Sanctions Evasion Attempts; Guidelines on AML/CTF - Banks of Singapore; National Risk Assessments Reports for Money Laundering, Terrorist Financing, and Proliferation Financing of the USA. Click here https://bit.ly/3IfFDbk to read in detail about the recent regulatory updates.
This week we have 15 AML events involving 45 individuals, resulting in a total of USD 436.9 Mn penalties with incarcerations of 1,859 months. Notable events of the week include a penalty of USD 306 Mn and 228 months imprisonment by the U.S. District Court of Utah on Gaylen Dean Rust for conspiracy to commit money laundering. Next is a fine of USD 3.5 Mn and imprisonment of 18 months imposed on Vincent Delgiudice by the U.S. District Court of Illinois, for conspiracy to commit money laundering. Finally, imprisonment of 112 months was imposed on Lim Chit Foo by the Inland Revenue Authority of Singapore for money laundering. Finally, about regulatory updates, the FinCEN had provided financial institutions with red flags on potential Russian Sanctions evasion attempts. Also, the Parliament of New Zealand had passed the Russia Sanctions Act 2022 in response to Russia's war on Ukraine. Click here https://bit.ly/3tSdbHb to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3KIs3yE This week, we begin with an investigation which disclosed how the lenient data protection laws in India are benefitting companies like Truecaller. Next is a piece discussing the rapid growth of data science around the world. Then, we have an article describing how organizations may have a sustained competitive edge by gathering comprehensive & accurate data in a timely manner and connecting it to other relevant datasets. Following that, we have an analysis of the Russian cyberattacks on Ukraine & the chances of US getting attacked and ways of getting protected against them. Next is the set of recommendations by Geoff Bibby, SVP at OpenText, regarding data privacy. Lastly, we have an essay explaining how synthetic data is helping faster & better training of AI models.
February 2022 has been an active month for AML actions (350+). Total penalties (USD 504 Mn) are relatively low and total imprisonments (41,283 months) are relatively high, involving 544 individuals and 27 organizations. The United States of America, the United Kingdom continues to lead in AML actions in February 2022. Sign-up to AML Penalties app.amlpenalties.com/sign-up for more updates and insights.
