KYC360 Weekly Roundup - 16th Sep 2022

Welcome to this week's AML Roundup. This week's AML Roundup looks at "Web3," an umbrella term that describes a vision of a new online world based on blockchain, cryptocurrencies, and NFTs. For some, this means a shift from big companies controlling and monetizing content online to individuals sharing content and interacting with each other through a decentralized network. For others, however, the concept of a decentralized internet brings many challenges, especially in terms of detecting, prosecuting, and preventing financial crimes that blockchain supports.

Cryptocurrencies and cryptoassets are inextricably linked to the concept of Web3. As a result, we'll be covering the latest announcements in the world of virtual currencies and new efforts by authorities to identify and prevent atrocities in this field.

We'll also bring you the latest on mass disposals, growing interest in environmental, social, and governance (ESG) criteria, the latest reports, legislation, and governance, and conclude this week's education with a review of the latest news from the world of money laundering.

What exactly is Web3?

Web3 hasn't been delivered full-sized yet, so literally no one understands how it works. However, most of the concepts revolve around blockchain, the persistent ledger system that cryptocurrencies use to track transactions. Some say Web3 is just a rebranding of cryptocurrencies, while others say it's a dystopian vision of commerce online where every influence and social interaction is achievable and actionable.

Can a blockchain-based decentralised internet change the world?

The appeal of blockchain for Web3 believers is that it protects everything in a colorless and transparent form that cannot be edited or counterfeited. Blockchain's main problem is as bad as its usefulness. Since no one has the ability to edit the ledger and anyone can create as many crypto accounts as they want, it's not easy to fight and protect against fraud.

Webinar: Experts Take on FinCrime: Web3 and Digital Assets

While Web3 and digital assets are poised to provide value to society, cryptocurrencies and decentralized money protocols (DeFi) are considered central to cybercriminals' arsenal. In an upcoming webinar (Wednesday, September 21, 2022 at 9:30am BST), law enforcement experts and technology providers will discuss the ecosystem of digital assets as they relate to economic crime.

Helium: an example of Web3 in action today

Helium is a crowdsourced wireless network that allocates cryptocurrency for the joint deployment of the family network. In this way, a huge network of access points is formed, giving users every opportunity, and for these points there is the chance to receive rewards in the form of cryptocurrency tokens.

Crawley Town Football club: The “transformative sports success story of Web 3.0”

If at the beginning of the acquisition of Crawley Town Football Club, classical monetary methods were used, now the owners are trying to create an external society of fans using digital currency units. In July, Crawley launched a personal NFT, where for 0, 35 Ether (equivalent to 353 pounds at the time of issue), customers received a "virtual season ticket".

Money Laundering, Fraud & Corruption

Malta-based bank fined for anti-money laundering breaches

A Maltese bank owned by a Dutch billionaire has been fined by the Economic Intelligence Analysis Group (FIAU) for a number of serious shortcomings in the process of fighting money laundering. Novum Bank, owned by Dutch businessman Marcel Bekhoorn, was fined 89. 000 euros and ordered to tighten customer inspections.

Opinion: call for a European centre of excellence for regulatory compliance and anti-financial crime

In connection with the complication of the EU currency adjustment law and the fight against economic cruelty, employees are responsible for serious employees for compliance with legal claims and the transfer of money laundering information (MLRO). In this connection, there have been more frequent calls for the establishment of a modern skills center in the euro to study and give appointments on compliance with legal claims and the fight against economic cruelty, especially for small and medium-sized enterprises.

Report: The biggest money laundering risks must be given top priority

The accompanying bank published a report on the warning and the fight against economic cruelty. The report, entitled "Restoration to Balance", spoke about the need for rigorous testing of customers taking into account the risks and recommended concerns about the categories of buyers with the highest level of risk.

Money laundering through Payment Gateways and Buy Now Pay Later schemes

The pandemic "Covid-19" has thrown the Indian economy into chaos, and Chinese fraudsters, using data by flooding the bazaar with legitimate applications to obtain microloans and bets, turned out to be scandalous and deprived the resources of thousands of users. Almost all companies are currently under close attention, since their testing methods could not warn of transactions with artisans.

Regulator details “Frankly shocking” AML breaches at Sydney casino

Star Entertainment Group, 2 Australian Operator 2, which did not apply for a casino license in Sydney. An investigation carried out by Fresh Semi-United States Gambling Authority regulator in relation to breaches of anti-money laundering laws and criminal infiltration uncovered "systemic failings in controls, risk and culture".

Webinar: Money laundering through the property sector: Headline cases in review

Although real estate distribution around the world is accompanied by more strict money laundering prevention regulations, these standards are not well executed. In official documents, if the documents are centralized, networked, and can be searched, it will be useful for identifying and investigating suspicious real estate transactions. Participate in Webinar, which will be held at 1:00 pm on September 28 (Eastern the United States), and discuss money laundering in the real estate market and tracks for negligence real estate assets on the sayari chart.

Legislation, Regulation and Sustainability

Report: FATF and INTERPOL intensify global asset recovery

The Money Laundering Prevention Activity Committee (FATF) and the International Criminal Police Organization (Interpole) have launched a joint initiative with the aim of strengthening larg e-scale initiatives to collect illegal assets. However, asset collection is considered to be extremely important in fighting with money laundering and terrorism funding, and it is estimated that the state can stop and recover 1 % of the huge fraudulent fund flow. I am.

FATF Report: Japan strengthens measures to tackle money laundering and terrorist financing

Since the evaluation of 2021, Japan has taken many measures to strengthen its own system. As a result, FATF changed Japan's evaluation of the second board from "partially conform to" to "substantially conformity". Currently, Japan is compatible with four boards, in effect on 25 Boards, and is partially compatible with 9 Boards. Japan will continue to strengthen monitoring and report his progress to FATF.

Foreign Affairs Committee inquiry on illicit finance – evidence deadline 27 September

The J. The survey, which was published on February 1, 2022, evaluates the effectiveness of British measures to deal with unauthorized finances across borders, and is based on the Moscow Gold Report.

FCA calls on the financial industries to ‘embed’ the use of data and technology

FCA's CEO called on the economic sector to "accept" data and technology to protect himself from economic crimes. Sarah Prichard, a lecture at the Economic Crime Summit, warned that economic crime would increase as living expenses decreased, and advised companies to consider how to respond to the increase in increasing increases.

"What I want to convey to all companies is to introduce a financial threat test into the system and continue to evolve in accordance with the evolution of threats. ・ It is important to be cautious in situations where the warning system needs to be reviewed. "

Sarah Prochard, Executive Director in charge of FCA market

Quick Guide: Money laundering through the gambling industry

Basel management university has announced a short guide on how criminals use the gambling industry for illegal funding. Criminals explain the specific examples of various methods used for funding at casinos, online gambling sites, bars and clubs, real stores and online sports betting services. The guide also discusss how to more appropriately prevent and detect money launding in this field.

Dekleptification guide: Seizing windows of opportunity to dismantle kleptocracy

The guide was created as a resource for countries involved in corruption, especially for USAID employees working in countries with brave citizens that give opportunities for reform. It also intends to set an agenda for more wider donors, implementation partners, scholars, and other experts involved in the fight against cleptic and corruption.

OCCRP publishes a ‘Follow the Money’ handbook in Spanish

OCCRP has a book called "Sigan El Dinero!" This free guide (Spanish) is available here, and tools to find data and databases in the United States, Belize, and the British Virgin Islands, which are the representative Haven of the stolen money. , Guidance and guidance are posted.

Singapore: Strengthening AML/CFT practices for external asset managers

The Singapore Finance Bureau (MAS) has announced white papers that summarize the effective AML/CFT systems and management expectations, best practices, and examples.

Video: A whistleblower’s greenwashing allegations and their impact

Digire Fixler was fired from the Sustainability Officer of the German asset management company DWS. The dismissal later happened later after warning that the company exaggerated the company's characteristics of sustainable investment. However, DWS denied Fixler's claim each time, and her public remarks promote official investigations on both sides of the Atlantic Ocean.

"This series of stories that ended in a police investigation is a sign that the ESG market should be concerned about. Sustainability officers should be a compliance officer, not marketing officers."

Digere Fixler, former DWS Resilience Worker

New Royal warrants will require proof of commitment to sustainability and the environment

Cadbully and Heinz are one of the 800 companies that need to r e-apply for Royal Walant, because Elizabeth's death has disabled the elite signal. You must prove that there is an action project, which is the standard of sustainability.

ESG policies should take note of the consequences of illegal wildlife trade and poaching

Beast illegal transactions include not only the loss of biodiversity, but also the consequences of fresh viral diseases, deterioration of finances, violence and other criminal acts.

Crypto & Virtual Assets

Metaverse: Danger and profit

Companies that provide financial offers are increasingly looking for the possibility of using Metavernaya to provide fresh products and offers. As is the case with the introduction of any new technology, this involves risks and issues. Also, Metavselnaya and Web3 are relevant, and all types of objects in Metavselnaya may become NFT, for example, avatar and virtual real estate.

Why cryptocurrencies get the attention of criminals

Recently, the tracking of cryptocurrencies such as bitcoin has become easier, the main platforms of the dark net have been destroyed by the law enforcement agencies, and internal divisions that investigate financial opposition to prevent financial abuse. Improved my own technical conclusion. At least, the amount related to illegal acts is still more than the authorities want.

See the tools to fight crimes in the development of cryptocurrency and blockchain for Europaol.

Europaul actually accepts it in case of cryptocurrency, and they are growing so that they are used, but in fact blockchain technology investigates network laundering and crimes. It means that the authorities have revealed new skills in the authorities to fight.

Podkast: Future of banks in the encryption zone

In this podcast, how the potential of cryptocurrencies, including the change in the Fiat currency unit, and the facet between banks and cryptocurrency, are eroded. Explain if you are stuck. The most important thing is the light of the tools and research necessary for cryptocurrency to the cruel compliance of money, and to the tools and research necessary to counter illegal activities.

Australian Federal Police announces new units to eradicate cryptocurrency

The Australian Federal Police has established a new special disposition team specializing in tracking and seizure of cryptocurrencies related to illegal labor as well as money laundering and offshoring. The ambitious criminal seizure group has preferred to end the filthy cryptocurrency since 2018, but the new dispatch can track cryptocurrency transactions via a blockchain.

Sanctions

EU leader: "Russian sanctions continue

During his own place, the chairman of the EU Committee has actually approved the introduction by the EU vs. Russian Federation for the penetration of the EU Committee to be "about the situation of the office in the coalition". In Ukraine, it remains in the relics.

"I'm trying to understand that the disposal will continue. It's time to show my determination, not peace."

Chairman of the Ursla Field del Lehine Union

The end deadline for each year's educational program with frozen assets of OFSI

The office (OFSI) for the use of cash penalty has appealed to a designated person/ organization (subject to British penalty), or owned or controlled or controlled or controlled or controlled or controlled it. We hope to declare from the thorough information about these assets until Friday, November 11, 2022. Click here for absolute information

The United States had a $ 45 million expense Lukoi l-an airplane arrest warrant

The United States has arrested a jet owned by Lukoil PJSC, a Russian multinational oil and gas company. According to court documents, the Boeing 737-7EM aircraft had been back and forth with the Russian Federation until violating the penalties of the Ministry of Commerce.

Consideration: Russian entrepreneurs seem to accept difficult conclusions

As the punishment by the western countries is getting more and more involved in the Russian business chapter (some believe that they were actually selected by the target), the supporters of the personal section are the risks to enter the list. How do you have any chance to lower? The notebook considers the balance between employees, owners, suppliers, buyers and commitments to Kremlin, and the strict choices they need to make.

While Taiwan puts pressure on the EU, the United States evaluates the possibility of punishment for China to delay the impact on Taiwan.

The United States evaluates the possibility of a package of punishment for China to stop the penetration of Taiwan, while the EU is monitoring the diplomatic pressure of Thai bay to solve the same.

Introducing a new punishment for the United States and Iranian and corporations

The United States has introduced punishment for many physical and legal organizations that are likely to be related to the Iranian Revolutionary Defense Force. < SPAN> "I'm trying to understand that the disposal will continue. It's time to show my determination, not peace."