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This week we have 17 AML events, involving 19 individuals and 4 entities, resulting in a total of USD 65.6 Mn penalties with incarcerations of 1,178 months. Notable events of the week include a penalty of USD 0.21 Mn imposed by the People's Bank of China on Zhongtian Securities Co. Ltd. for violating AML regulations. Next is a fine of USD 49 Mn and imprisonment of 144 months imposed on Muhammad Ateeq by the US Department of Justice for money laundering. Finally, a fine of USD 0.39 Mn was imposed on the National Savings and Financial Services Bank by the National Banking and Securities Commission (CNBV) of Mexico, for non-compliance with AML regulations. Finally, about regulatory updates, The AUSTRAC has released draft guidance to help reporting entities undertake source of funds and source of wealth checks on relevant customers. Also, The Government of the UK has released guidelines to help understand and prepare for the changes in the UK Sanctions List format and structure. Click here https://bit.ly/ to read in detail about the week's top AML events, news, and regulatory updates.
This week we highlight the case of John F. Casey, Former CFO of the Boston Grand Prix, who was sentenced to prison for money laundering, fraud, and tax fraud. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
A data dictionary is a centralised repository which holds information about data, mainly to be used for the purpose of information resource management. It is a list of key terms and metrics with definitions - a business glossary. The main reason companies use data dictionaries is to document and share data structures and other information for all involved with a project or database. Using a shared dictionary ensures the same quality, meaning, and relevance for all data elements for all team members. The future of the data dictionary is to combine it with data preparation to save teams time and resources and to make a project consistent across the board. According to Forrester Research, only 14% of business stakeholders make thorough use of customer insights because most companies don’t have access to their data; a data dictionary solves this problem. In this week’s Know Your Data {KYD}, we present you with a brief overview of data dictionary.
The Economist Intelligence Unit's Democracy Index provides a glimpse of the state of democracy in 165 independent states and two territories around the world. The Democracy Index 2021 measures how the world's democracies fared in 2021. For the second year in a row, the results show that the covid-19 pandemic continues to have a detrimental impact on democracy and freedom around the world. The majority of countries registered a deterioration in their average score or stagnated in 2021, with only 47 (28.1%) recording an improvement. Norway is ranked first with an overall score of 9.75, while Afghanistan is ranked last with an overall score of 0.32. This week’s OSIN {One Story In Numbers} represents the top ranked countries in democracy index 2021 with scores.
This week's Subject Matter is about Money Laundering Through The High-Value Art Market High-value art is a lucrative avenue for financial criminals because of the nature of transactions and market participants. As such, the United States Department of the Treasury has published a study on ML/TF occurring through the high-value art trade. This study examines the art market participants and sectors that pose significant ML/TF risks. It also discusses the measures that government agencies, regulatory authorities, and market participants could adopt to prevent ML through the high-value art market in the United States. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This week we have 18 AML events, involving 49 individuals and 2 entities, resulting in a total of USD 22.3 Mn penalties with incarcerations of 4,306 months. Notable events of the week include a penalty of USD 15.98 Mn imposed by the People's Bank of China on online payment platform 99Bill, along with its Chief Executive Dang Xiaoqiang and Asst. Vice President Teng Shijun for violations of AML laws. Next is imprisonment of 480 months imposed on Joshua Joseph Desorcy by the Western District Court of Virginia, US for money laundering. Finally, a fine of USD 16.64 and 624 months in prison was imposed on 11 Individuals by the Court of Appeal, Riyadh, for their involvement in USD 2.7 Bn money laundering. Finally, about regulatory updates, The Monetary Authority of Singapore has released a circular on Non-Face-to-Face CDD measures, encouraging the adoption of new technologies to mitigate ML, TF, and PF risks. Also, the FATF has released Ireland's AML/CFT progress report. Click here https://bit.ly/3oNbQjg to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/3rLqvNG This week, we begin with an article revealing Meta’s latest filing showing concern over India’s upcoming privacy legislation that requires local storage and in-house processing of data. Next is a piece analyzing some common rules of thumb for adopting master data management (MDM) by digital transformation (DX) programs. Then, we have an essay reviewing the alternative data sources used for credit scoring and the existing insufficient regulations to address the related issues. Following that, we have a story examining potential of alternative data in driving financial inclusion. Next is an article exploring how small data is becoming more approachable over big data. Lastly, we have an assessment of FAIR (Findable, Accessible, Interoperable and Reusable) framework adopted by Geospatial Commission for geospatial data.
This week we highlight the case of Jose Carlos Grubisich, CEO of a Brazilian petrochemical company Braskem S.A (Braskem), who was sentenced to prison for conspiracy to divert funds, money laundering, and bribery. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
January 2022 has been an active month for AML actions (300+). Total penalties (USD 202 Mn) are relatively low and total imprisonments (29,764 months) are relatively high, involving 460 individuals and 22 organizations. The United States of America, the United Kingdom continues to lead in AML actions in January 2022. Sign-up to AML Penalties app.amlpenalties.com/sign-up for more updates and insights.
Neural networks, also known as artificial neural networks (ANNs) are computing systems or mathematical models with interconnected nodes that use learning algorithms inspired by the human brain to store information. They have a number of use cases like facial recognition, stock market prediction, character recognition, healthcare, and defense etc. Neural networks can adapt to changing input, so the network generates the best possible result without needing to redesign the output criteria. MarketsandMarkets forecasts the global Artificial Neural Network Market size to grow from $117 million in 2019 to $296 million by 2024, at a CAGR of 20.5% during the forecast period. In this week’s Know Your Data {KYD}, we present you with a brief overview of neural networks.
