Andrew Janssen, a 37 year old man from Garland, Texas in the USA is hoping someone will stump up his USD50,000 bail. He can't do it himself after he was held on Wichita Falls on charges of money laundering and his stash of cash seized.
"The U.S. Department of the Treasurys (sic) Financial Crimes Enforcement Network (FinCEN) today issued a finding and notice of proposed rulemaking (NPRM), pursuant to Section 311 of the USA PATRIOT Act, seeking to prohibit the opening or maintaining of a correspondent account in the United States for, or on behalf of, ABLV Bank. FinCEN is proposing this action based on its finding set out in the NPRM that ABLV is a foreign bank of primary money laundering concern," says an e-mail from FinCEN. FinCEN says there are links to North Korea and the case is a warning to all banks that do business with NoKo or representatives of its regime. But the USA is mightily cross at links with several other countries with which relations are souring.
Thanks to The Harvey Boys, Phil and Rob, for providing us with outstanding service for almost two decades at their company UK Servers Limited, trading as Virtual Names. It's only right that I publicly thank them for all the support they have given me and my companies over the years, says Nigel Morris-Cotterill.
Sixty-four year old Dharam Prakash Gopee has been convicted of being an illegal money lender. At Southwark Crown Court in London last week he was sentenced to three and a half years in jail. But it's the Financial Conduct Authority's action that makes the case interesting.
Courts have long had the power to make Orders in relation to assets, usually to prevent their disposal and/or destruction. They are known by a variety of names, and sometimes names mean different things in different jurisdictions.
As we get ever closer to the launch of a new service under the GlobalKYC.com banner, we have today added six new domains to help users navigate directly to the relevant sections.
A report in the Vancouver Sun details the amazing failure of a project called "Statistical Analysis Software", currently in its fourth year and so far costing CND7.3 million, to design and implement money laundering risk identification and assessment software at the British Columbia Lottery Corporation's casino business which is deeply embroiled in money laundering investigations by the RCMP. It's a case study in how to stuff up = and now questions relating to the software and its failure are being added to the investigation.
The British government has announced the introduction of software to "detect terrorist content" on "any online platform." According to a statement issued yesterday "Tests have shown this new tool can automatically detect 94% of Da'esh propaganda with 99.995% accuracy. " That's amazing - and one has to ask how such figures can be quantified and proved. But there is good news: while large platforms have developed their own tech, smaller companies will be able to use that developed by the British government and ASI Data Science.
The entire premise of Web 2.0 was that access to content (and content services) would be free for users and that the value of web-based businesses depended on the nebulous concept of "eyeballs" and how "sticky" they could be made to be. The theory was that advertisers would flock to the busiest websites and that money could be made for click-through adverts (or adverts paid-for according to the number of times it was displayed). It was always a bad model, relying as it did on fickle "traffic" And the situation has become ever worse as those eyeballs have become harder to attract and even harder to both retain and make return.
The World Bank, the leading provider of natural disaster risk insurance for emerging and developing countries, has issued catastrophe bonds that will provide a total of USD1,36 million in earthquake cover to Chile, Colombia, Mexico and Peru.
There's much jargon flying around in the world of counter-money laundering. It starts with the mistaken name of "anti-money laundering," via the equally erroneous "red flags" to the current vogue terms of "artificial intelligence" and "machine learning." As FinTech and RegTech have passed their media bubble phases, the next wave is so-called "AI AML."
Think about this: when you install any form of AI, you are outsourcing to the software providers the function that the law requires that your staff perform.
Before you even meet the representatives of the start-ups that want to either bolt onto or supplant your existing technology provider, there are several questions you must ask. Here they are.
Last night the Taipei metro area suffered from substantial earthquake damage resulting from a 6.4 on the Richter scale shock under the sea nearby. Reports on the number of casualties differ - within two hours, local Chinese language media was reporting that there had been 29 deaths while national media, fed from state sources, reported two deaths and about 100 hospital casualties. It's all horribly reminiscent of the events of December 2006 and the lessons learned.
Religions (which in this context are often misdescribed as "faiths" often restrict what are often termed "inter-faith" relationships including marriage, even where restrictions also apply to marriages between those of different religions or even sects within the same faith. Compulsion is by a variety of means, in some countries backed by national law and in others by authorised religious police or by the clergy. But, as a new age of radicalism develops across parts of the world, there is increasing denouncement to the authorities and, even, calls for vigilantism.
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