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How to assess a general-purpose AI model’s reliability before it’s deployed | MIT News

Foundation models are massive deep-learning models that...

El Salvador: Rights Violations Against Children in ‘State of Emergency’

El Salvador’s state of emergency, declared in...

Vietnam: New decree on cashless payments

On 15 May 2024, the Government officially...

Money Laundering

Trident Trust Company (Guernsey) Limited and Mr Mark Wilson Le Tissier, Mr Ryan Daniel Dekker and Mrs Boonyasinee (“Kwan”) Queripel — GFSC

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey)) Regulations,...

Office of Public Affairs | Sweepstakes Operators Plead Guilty to Bank Secrecy Act Violations

Two Missouri men pleaded guilty yesterday to conspiring with bankers to willfully fail to implement appropriate anti-money laundering (AML) controls at a Missouri bank, as required by the Bank Secrecy Act (BSA). Kevin Brandes,...

Introduction of Enhanced Anti-Money Laundering Bill in Parliament

The Anti-Money Laundering and Other Matters Bill was introduced for its First Reading in Parliament today. Background The Government continually updates laws to ensure they effectively combat evolving criminal activities. The Anti-Money Laundering...

FATF Monitoring Update: Jurisdictions Under Increased Surveillance

Jurisdictions under increased monitoring are actively collaborating with the FATF to address strategic deficiencies in their anti-money laundering, counter-terrorist financing, and anti-proliferation regimes. When the FATF places a jurisdiction under increased monitoring, it indicates that...

Money Laundering

Trident Trust Company (Guernsey) Limited and Mr Mark Wilson Le Tissier, Mr Ryan Daniel Dekker and Mrs Boonyasinee (“Kwan”) Queripel — GFSC

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey)) Regulations,...

Office of Public Affairs | Sweepstakes Operators Plead Guilty to Bank Secrecy Act Violations

Two Missouri men pleaded guilty yesterday to conspiring with bankers to willfully fail to implement appropriate anti-money laundering (AML) controls at a Missouri bank, as required by the Bank Secrecy Act (BSA). Kevin Brandes,...

Introduction of Enhanced Anti-Money Laundering Bill in Parliament

The Anti-Money Laundering and Other Matters Bill was introduced for its First Reading in Parliament today. Background The Government continually updates laws to ensure they effectively combat evolving criminal activities. The Anti-Money Laundering...

USA
Events: 10,500 events
Fines: USD290 Bn
Imprisonment: 1,245,000 months
Entities (including individuals and organizations): 17K

UK
Events: 1,750 events
Fines: USD18 Bn
Imprisonment: 150,000 months
Entities: (including individuals and organizations): 3K

India
Events: 510 events
Fines: USD45 Mn
Imprisonment: 3,800 months
Entities: (including individuals and organizations): 400

South Africa
Events: 120 events
Fines: USD32 Mn
Imprisonment: 20,090 months
Entities: (including individuals and organizations): 190

Screening

IDAHOT 2024: freedom and equal rights in Europe | News item

Together with the Council of Europe, the Netherlands is hosting the European IDAHOT+ Forum in The Hague from 14 to 16 May. The forum is an important conference on the position and human...

AMLYZE and Plumery Join Forces to Redefine FinTech: Fusion of Cutting-Edge Anti-Financial Crime Tech with Next-Gen Digital Banking

AMLYZE, a distinguished RegTech specializing in combating financial crimes, and Plumery, a leading provider of digital banking solutions, have announced a strategic partnership. This collaboration aims to reshape the FinTech landscape by integrating...

ESG

European Union: CSDDD – No escape for the financial sector?

The EU Corporate Sustainability Due Diligence Directive (CSDDD) exempts financial institutions from due diligence to identify, mitigate and remedy potential adverse impacts, whether human rights or environmental, in their downstream “chain of activities”. In practice, however, it will be hard to escape entirely, not least as the sector will still need to adopt and implement transition plans. As recognized in the Paris Climate Agreement, financial institutions are critical players in the transition to a carbon-neutral economy and, because of their role in allocating capital, they can act as a catalyst in achieving better sustainability outcomes in society generally. When reflecting on their role, those in management at financial institutions should...

Crypto

J5 Issues Advisory on Crypto Asset Risks to Combat Financial Crime

The Joint Chiefs of Global Tax Enforcement (J5) released an advisory note on Thursday warning financial institutions about five risk indicators associated with cryptocurrency assets that could indicate money laundering, cybercrime, tax evasion,...

Check out other categories:

Fraud, Bribery & Corruption

Office of Public Affairs | Pharmaceutical Marketer Sentenced for Compounded Medications Fraud Scheme

A Texas pharmaceutical marketer was sentenced today to two years and five months in prison and ordered to pay over $59 million in restitution for conspiring to defraud the United States, receiving illegal...

Regulations

Big 4 Corner

Sanctions

Sanctions Notice – Russia — GFSC

Please be advised that the Policy & Resources Committee has issued the attached general licence under regulation 64 of the...

Human Rights

US: Drug-Linked Deportations Soar Despite State Reforms

Thousands of people are being deported every year for...

Iran: New President Should End Abuse of Border Couriers

(Beirut) – Iranian authorities under the new president should halt...

Lithuania: Don’t Leave Global Ban on Cluster Munitions

(Berlin) – Lithuania’s parliament should reject a government proposal...

Office of Public Affairs | Joint Communique From the 2024 U.S.-Canada Cross Border Crime Forum (CBCF)

The United States and Canada have a longstanding and...

AI / ML

How to assess a general-purpose AI model’s reliability before it’s deployed | MIT News

Foundation models are massive deep-learning models that have been...

Reasoning skills of large language models are often overestimated | MIT News

When it comes to artificial intelligence, appearances can be...

MIT researchers introduce generative AI for databases | MIT News

A new tool makes it easier for database users...

Brazil Prevents Meta from Using People to Power Its AI

Yesterday, Brazil’s National Data Protection Authority issued a preliminary ban...

Australia: Children’s Personal Photos Misused to Power AI Tools

(Sydney) – Personal photos of Australian children are being used...

How to assess a general-purpose AI model’s reliability before it’s deployed | MIT News

Foundation models are massive deep-learning models that have been pretrained on an enormous amount of general-purpose, unlabeled data. They can be applied to a...

El Salvador: Rights Violations Against Children in ‘State of Emergency’

El Salvador’s state of emergency, declared in March 2022, has led to severe human rights violations against children of low-income communities.Many children have been...

Vietnam: New decree on cashless payments

On 15 May 2024, the Government officially issued the new Decree No. 52/2024/ND-CP to regulate cashless payments (“Decree No. 52“). Decree No. 52 takes...

European Union: CSDDD – No escape for the financial sector?

The EU Corporate Sustainability Due Diligence Directive (CSDDD) exempts financial institutions from due diligence to identify, mitigate and remedy potential adverse impacts, whether human...

US: Drug-Linked Deportations Soar Despite State Reforms

Thousands of people are being deported every year for drug offenses that in many cases no longer exist under state laws, harming and separating...

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