Crime investigators are developing artificial intelligence systems to spot near real-time money laundering to try to cut the estimated $2 trillion of illicit cash flowing through the global financial system, officials said on Monday.
HSBC, one of the world’s largest banks, has invested in a system that attempts to gather and analyse vast amounts of its financial data to identify patterns of suspicious behaviour and prevent potential money flows.
The global bank revamped its anti-money laundering efforts after being stung by a $1.9 billion penalty in the United States in 2012 after Mexican drug cartels ran profits through the bank’s branches without detection. A US Senate investigation said the bank had been used by “drug kingpins and rogue nations”.
Anti-money laundering efforts have traditionally been among the weakest links in tackling organised crime with banks accused of failing to address the issue in case it damaged profits.
Gangs also employed the “brightest and best” to evade controls, Jennifer Calvery, a former US regulator and the HSBC’s global head of financial crime threat mitigation told website moneylaundering.com last year.
The new software is designed to make tackling financial crime more efficient with trade bodies claiming that British banks alone spend £5 billion a year on tackling financial crime but with only limited success. The European policing agency Europol said that some 99 per cent of organised crime profits in the European Union remained unseized.
The new project by British tech start-up Quantexa is just one being used by banks spurred to act by increasing fines by regulators for the failure of money laundering controls.
“We’re working towards trying to stop criminality before it happens,” said Tom Fairey, Quantexa’s chief commercial officer. “If you start to learn behaviour, if something starts to look dodgy, then let’s stop it from happening. That’s what we’re all working towards.”
Ms Calvery said in Quantexa video that the bank’s goal was to “get to a place in the future where we understand and can see criminal behaviour in as near real time as possible”.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
DUNE%3A%20PART%20TWO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Denis%20Villeneuve%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Timothee%20Chamalet%2C%20Zendaya%2C%20Austin%20Butler%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
What's%20in%20my%20pazhamkootan%3F
%3Cp%3E%3Cstrong%3EAdd%3A%3C%2Fstrong%3E%3Cbr%3EParippu%20%E2%80%93%20moong%20dal%20and%20coconut%20curry%3Cbr%3ESambar%20%E2%80%93%20vegetable-infused%20toor%20dal%20curry%3Cbr%3EAviyal%20%E2%80%93%20mixed%20vegetables%20in%20thick%20coconut%20paste%3Cbr%3EThoran%20%E2%80%93%20beans%20and%20other%20dry%20veggies%20with%20spiced%20coconut%3Cbr%3EKhichdi%20%E2%80%93%20lentil%20and%20rice%20porridge%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3E%3Cstrong%3EOptional%3A%3C%2Fstrong%3E%3Cbr%3EKootukari%20%E2%80%93%20stew%20of%20black%20chickpeas%2C%20raw%20banana%2C%20yam%20and%20coconut%20paste%3Cbr%3EOlan%20%E2%80%93%20ash%20gourd%20curry%20with%20coconut%20milk%3Cbr%3EPulissery%20%E2%80%93%20spiced%20buttermilk%20curry%3Cbr%3ERasam%20%E2%80%93%20spice-infused%20soup%20with%20a%20tamarind%20base%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3E%3Cstrong%3EAvoid%3A%3C%2Fstrong%3E%3Cbr%3EPayasam%20%E2%80%93%20sweet%20vermicelli%20kheer%3C%2Fp%3E%0A
Schedule
%3Cp%3E%3Cstrong%3ENovember%2013-14%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20World%20Youth%20Jiu-Jitsu%20Championship%3Cbr%3E%3Cstrong%3ENovember%2015-16%3A%20%3C%2Fstrong%3EAbu%20Dhabi%20World%20Masters%20Jiu-Jitsu%20Championship%3Cbr%3E%3Cstrong%3ENovember%2017-19%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20World%20Professional%20Jiu-Jitsu%20Championship%20followed%20by%20the%20Abu%20Dhabi%20World%20Jiu-Jitsu%20Awards%3C%2Fp%3E%0A
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
UAE currency: the story behind the money in your pockets
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Turning%20waste%20into%20fuel
%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
