What exactly is money laundering or in Chinese terms 洗黑钱? Is it just stealing of money or more? Interestingly, this term originated from the Italian mafia’s use of laundromats in the US to conceal their ill-gotten gains. Money laundering is the process of making illegally obtained funds – often from criminal activities like scams etc – look like they come from legitimate sources. 3 steps of money laundering 💰 placement 💰 layering 💰 integration Placement refers to the initial introduction of “dirty” money (typically in smaller amounts) into legitimate financial networks like banks. Layering involves the moving of money across a complex maze of transactions, accounts, companies and countries to hide its original source. Integration is when the money comes back as legitimate funds to the launderer who can then use it freely, to buy luxury items. With this high profile case, I expect increased vigilance from financial institutions going forward. There will be a need to unwrap corporate ...
I was looking for my rain boots but instead I found a bunch of heels that I have outgrown (yes, still growing at this age as pregnancy can up your shoe size). It would have been a lot easier to just throw them away but they were in good condition (some barely worn) so I decided to give them away on Carousell (just list at $0). It was easy to snap the photo and upload, and I found a taker in less than an hour. As such, I encourage all to give your old stuff a new lease of life and you can use Carousell Group or Olio • Share More, Waste Less to do giveaways. And I’ve also learnt to Reduce as well, by buying less as that’s the best R to practise. Sharing is caring, for others and for Earth. #esg #reducewaste #reusing #secondhand #preloved
This year, I’m sitting on the judging panel for the Monetary Authority of Singapore (MAS) Global Fintech Hackcelerator in the Singapore FinTech Festival again. This year, the theme is AI in Finance and there were so many impressive entries. To do justice to the entries, I not only read the proposals, but try to “test” the prototypes as well (where available). Interestingly, as I was doing my review, there was a nearby table where some folks were having a chat and one person was gushing about how AI has really helped his business become a lot faster and more efficient. Looks like AI’s effects are already onto us, not just in finance but spreading across many other use cases as well. Have you or your company started your journey yet? Do share. #ai #artificialintelligence #mas #fintech #data #automation #jenelim
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