Check out your Company Bowl for anonymous work chats.
This week we highlight the case of Silvio Matser, a Former Member of the Parliament of Saint Martin, who was sentenced to prison for money laundering and tax fraud. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
Data discovery is the business-user-oriented data science process of visually navigating data and applying advanced analytics in order to detect patterns, gain insight, answer highly specific business questions, and derive value from business data. It democratizes data insight, allowing business users in every department to understand their customers and operations without IT or data expertise. With the adoption of data discovery solutions, organizations can easily convert raw data into meaningful, actionable insights and recommendations that can help data scientists to make daily and long-term strategic business decisions. The global data discovery market size to grow from $7.0 billion in 2020 to $14.4 billion by 2025, at a CAGR of 15.6% during the forecast period. In this week’s Know Your Data {KYD}, we present you with a brief overview of data discovery.
UNHCR’s Refugee Population Statistics Database covers displaced populations such as refugees, asylum-seekers and internally displaced people, including their demographics. More than two thirds, i.e., 68% of all refugees under UNHCR’s mandate and Venezuelans displaced abroad originate from just five countries (as of mid-2021). Out of the total 82.4 million forcibly displaced people, an estimated 35 million (42%) are children below 18 years of age (end-2020). This week’s OSIN {One Story In Numbers} represents the countries with most number of refugees up until mid-2021.
This week's Subject Matter is about the Financial Action Task Force (FATF) Grey List – March 2022 The intergovernmental anti-money laundering agency Financial Action Task Force (FATF) had published a list of high-risk money laundering jurisdictions that require increased monitoring & improvement. Often referred to as the FATF grey list, it has 23 countries, with the United Arab Emirates being the new addition to the list. Zimbabwe has been removed from the list due to its significant progress in improving its AML/CFT regime. Grey-list jurisdictions are actively working with the FATF to swiftly resolve the strategic AML/CFT deficiencies in their regions in the given time-frames. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
https://bit.ly/3pISwnG This week, we begin with an article about India’s data protection bill which is far more restrictive than the GDPR & also presents several issues in the bill. Next is a piece exploring the importance of non-tech layers of digital infrastructure to unleash the true potential of India’s open digital ecosystems (ODEs). Then, we have an article that talks about the use of digital assets becoming more common & businesses looking to add digital currencies to their portfolios. Following that, we have an analysis of leveraging the visual data collection, computer vision & AI by climate tech organizations to enhance sustainable operations. Next is an article discussing the reasons behind pharma data becoming more vulnerable to cyber-attacks, cost of breach & ways adopted by the industry to safeguard patient data. Lastly, we have the results from a global survey by Vertiv that suggests edge computing will reshape the data center landscape in next five years.
This week we have 21 AML events, involving 29 individuals and 2 entities, resulting in a total of USD 19.9 Mn penalties with incarcerations of 1,554 months. Notable events of the week include a penalty of USD 12.5 Mn imposed by the UK Gambling Commission on 888 UK Ltd for AML and social responsibility failures. Next is imprisonment of 276 months imposed on Candelaria Vallejo-Gallo by the U.S. District Court of Colorado for conspiracy to commit money laundering and drug trafficking. Finally, a fine of USD 0.09 Mn was imposed on KS Investments by the Office of Fair Trading (OFT), Gibraltar for non-compliance with AML/CFT regulations. Finally, about regulatory updates, the FATF had released its March 2022 edition of the list of jurisdictions under increased monitoring. Also, the Monetary Authority of Singapore (MAS) had published the consultation paper on the proposed new AML/CFT Notice for precious stones and precious metals-related business activities. Click here https://bit.ly/3pJzDRE to read in detail about the week's top AML events, news, and regulatory updates.
This fortnight we have 37 regulatory documents from 29 jurisdictions, mainly applicable to the Sanctions, PEPs, UBOs, and Digital Assets. 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 OFAC issues directive prohibiting certain correspondent or payable-through accounts (PTA) with Russian banks; EU council amended regulation No 833/2014 concerning Russia's actions destabilizing the situation in Ukraine; The United Kingdom and Australia amended sanctions regulations on Russia and Ukraine. Notable regulations include amendment to the UK Money Laundering and Terrorist Financing Regulations; Changes in the UK Sanctions List format, HM Treasury, United Kingdom; release of Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Annual Report: 2020-21. Click here https://bit.ly/3MpTKOA to read in detail about the recent regulatory update
The AML Penalties team to proud to announce the release of its latest module - Global Anti-Money Laundering Regulations. If you ever wanted to search, research, monitor, and identify the relevant AML regulations for a region, country, event, or space - without having to painstakingly trawl through the internet - then this resource will prove to be critical and most useful. Search through almost 4000+ regulations, notifications, guidelines, laws and updates, covering more than 220 countries. Sign Up Today @ www.amlpenalties.com to get your limited-time free access.
This week we highlight the case of Raymond Dabo, Deputy Chairman of People's Democratic Party (PDP), Nigeria, who was sentenced to prison for money laundering. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
A non-fungible token (NFT) is a unique identifier that can cryptographically assign and prove ownership of digital goods. NFTs can represent real world items like artwork and real estate. "Tokenizing" these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud. By enabling digital representations of physical assets, NFTs are a step forward in the reinvention of this infrastructure. According blockchain data company Chainanalysis, the marketplace for non-fungible tokens surged to $41 billion in 2021. In this week’s Know Your Data {KYD}, we present you with a brief overview of non-fungible tokens (NFTs).
