BioCatch’s Post

In a blog post for BioCatch, Global Advisor Edgar Zayas applauds Thailand's shut down of 200k money laundering accounts, but points out the operation only targets a few of BioCatch's money mule personas. Multiple mule accounts remain, and extra work is required to find and close them. Take a look at his considerations: https://okt.to/7NfhPj #FinancialCrime #FraudPrevention #BankingIndustry

In a blog post for BioCatch, Global Advisor Edgar Zayas applauds Thailand's shut down of 200k money laundering accounts, but points out the operation only targets a few of BioCatch's money mule personas. Multiple mule accounts remain, and extra work is required to find and close them. Take a look at his considerations: https://okt.to/KkRne9 #FinancialCrime #FraudPrevention #BankingIndustry

🆕 RFBerlin/CReAM DP: Fabrizio Colella, Keith E. Maskus and  Alessandro Peri explore whether #moneylaundering regulations in offshore financial havens may inadvertently spur incentives to launder money domestically. Their study exploits #regulations targeting financially based money laundering in Caribbean jurisdictions to uncover the creation of front companies in the United States. They find that counties exposed via offshore #financial links to these jurisdictions experienced an increase in business activities after the tightening of anti-money-laundering regulations. The effect is more pronounced among small firms, in sectors at high risk of money laundering, and in regions with high intensities of drug trafficking. The paper provides the first empirical evidence of the real effects of policy-induced money-laundering leakage. https://lnkd.in/detY7nZs

Read more about Thailand's closure of 200k money laundering accounts acknowledged byCatch's Global Advisor Edgar Zayas. Further efforts are necessary as not all mule accounts have been addressed. Learn more here: https://okt.to/TOYv8x 💪💪💪 #FinancialCrime #FraudPrevention #BankingIndustry

𝐓𝐡𝐞 𝐂𝐚𝐮𝐭𝐢𝐨𝐧𝐚𝐫𝐲 𝐓𝐚𝐥𝐞 𝐨𝐟 𝐗𝐚𝐯𝐢𝐞𝐫 𝐉𝐮𝐬𝐭𝐨 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐓𝐫𝐮𝐞 𝐂𝐨𝐬𝐭 𝐨𝐟 𝐒𝐩𝐞𝐚𝐤𝐢𝐧𝐠 𝐎𝐮𝐭 While he's not well known in the Southern Hemisphere, former Swiss banker Xavier Justo's story is one worth knowing. Long story short: - Justo worked in banking for 20 years before joining PetroSaudi, a company involved in a deal with 1MDB, Malaysia's sovereign wealth fund. - Justo became suspicious of vast sums of money being passed around and later discovered that $1.5 billion had been diverted from 1MDB to PetroSaudi, so he blew the whistle. - In retaliation, Justo was arrested in Thailand in 2015 and forced to make a false confession. He was sentenced to three years in a Thai prison under harsh conditions. - Even after his release 547 days later, Justo faced continued legal challenges, including an industrial espionage inquiry in Switzerland. He went bankrupt and ended up struggling to pay rent. Justo's story reminds us why protecting whistleblowers is crucial. It's not just about uncovering wrongdoing—it's about safeguarding those brave enough to speak up. It's also a stark reminder of the risks whistleblowers face—why we are dedicated to helping organisations better support and protect whistleblowers. *We were reminded of Xavier's story by Institute of Directors in New Zealand CEO Kirsten (KP) Patterson writing about it in the latest IoD newsletter - thanks, Kirsten! #Whistleblowing #CorporateEthics #Transparency #1MDBScandal #XavierJusto

The AUSTRAC Money Laundering national assessment was released on 9th July: https://lnkd.in/eJW2t3Zf It is very evident from the comments made by the Attorney General (Mark Dreyfus) at the National Press Club that AML2 is coming and everyone needs to prepare for it: https://lnkd.in/ekwwTUev Despite the inevitability of this and the fact that this legislation has been very well telegraphed for the last 18 months. Several industries are nowhere near close to being ready for this implementation. The time for talking is well past. The time for preparing for implementation is now. Australia needs to have this in force in the very near future to avoid being grey listed by FATF when they do their next full evaluation and assessment of Australia in 2025/26. The cost of implementing this will be significant – but it will equally drive substantial benefits for Australia. The cost of ignoring this will be significantly more. Speak with Emma Britten, Simon Rippon or Greg Collyer to discuss how Momenta Group is able to provide options and support in managing this process. #financialservices #moneylaundering #financialcrime #FATFgreylist

What are Regulatory Sandboxes and how do they impact Nigeria's tech landscape? Discover in this #TMTThursdaybyDOA article how these controlled environments foster innovation while ensuring regulatory compliance and consumer protection in the rapidly evolving tech industry. #MobileMoney #DOALaw #RegulatoryFramework #FinancialInclusion #NigeriaBusiness #TMTThursday #DataPrivacy #DOAArticles #LegalJournal #RegulatorySandboxes #TechInnovation #NigeriaTech #ConsumerProtection

Examine the evolving dialogue on cannabis legislation in 2024, reflecting on historical perceptions, current federal rescheduling discussions, and the potential impacts of the SAFER Banking Act and Farm Bill on the industry and societal views. - https://lnkd.in/eibATT_g

#ClientAlert 📢 The EU anti-money laundering package has been finalized! The rules on the ultimate beneficial owner will be more standardized. At the same time, the requirements for companies subject to transparency obligations will become much stricter. Obliged parties must obtain and submit even more extensive information.   Read more about this topic in our recent Client Alert, authored by our German Transparency Register team Tobias Beck, LL.M., Stefanie Tesch and Dr. Robin Haas, LL.M.: https://lnkd.in/eUbDK3MY #BakerMcKenzie #transparency #EU #antimoneylaundering #package

1. What impact does illicit tobacco trade have on public health? The illicit tobacco trade undermines public health by increasing access to harmful tobacco products, which can lead to higher rates of tobacco-related diseases and deaths. 2. How to combat illicit tobacco trade? Combating illicit tobacco trade involves multiple strategies, including enhancing legal frameworks, improving enforcement to disrupt supply chains, raising public awareness about the risks, and fostering international cooperation to tackle cross-border trade. 3. How to verify public health data? To verify public health data, consider taking courses that teach evaluation and access to public health data sources. These courses often cover how to identify reputable sources and appraise the quality of information collected, crucial for ensuring data accuracy and responsible use. Data verification is crucial for ensuring the accuracy, completeness, and consistency of data. It helps in making informed decisions, maintaining data integrity, and identifying errors early. In contexts like public health, accurate data is vital for effective policy-making and interventions. 4. Why is data accuracy critical in decision-making? Data accuracy is critical in decision-making because it ensures reliable insights, minimizes risks of errors, and supports effective strategies. Accurate data guides informed decisions, enhancing operational efficiency and strategic planning. 5. How to improve data accuracy? Improving data accuracy can be significantly enhanced by implementing data validation rules. This involves identifying and correcting errors in your dataset, such as incorrect entries or misrepresentations. For example, in your role as an International Independent Expert, applying data validation could ensure the integrity and reliability of the data you analyze or present in your consulting projects, thereby enhancing decision-making processes. 6. Why is data integrity crucial in consulting? Data integrity is crucial in consulting because it ensures the reliability and accuracy of data analysis, fostering trust with clients and supporting informed decision-making. It's fundamental for maintaining high-quality standards in consulting services.