...Anti Money Laundering http://www.antimoneylaundering.org/ HOME | ABOUT US | INDUSTRY | SERVICES | NEWS & MEDIA | EVENTS | CONTACT US Related Areas Know Your Customer (KYC) Services Online Political Corruption Data-File Terrorist Financing Filter Anti Corruption Enhanced Due Diligence (EDD) services Regulatory Compliance Country-Check Foreign Corrupt Practises Act Anti Money Laundering The word money laundering refers to the use of the financial system to hide the source of funds gained from illegal activity such as drug trafficking, bribery, extortion, embezzlement, theft or other criminal activity, as the criminals try to make their ill gotten gains appear genuine. Anti Money Laundering is the term used by banks and other financial institutions to describe the variety of measures they have to combat this illegal activity and to prevent criminals from using individual banks and the financial system in general as the conduit for their Proceeds of Crime. In all major jurisdictions around the world, criminal legislation and regulation make it mandatory for banks and financial institutions to have arrangements to combat Money Laundering, with harsh criminal penalties for non-compliance. The vast majority of criminal dealings are done in cash. Criminals need ways to dispose of the cash and have it reappear as part of their wealth with as little chance as possible of it being tracked back to the cash element. Criminals have to use the financial...
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...Registered Housing Finance Companies Dear Sir, GUIDELINES ON ‘ KNOW YOUR CUSTOMER’ & ‘ANTI MONEY LAUNDEERNG MEASURES’ FOR HFCs Please refer to our Circular NHB(ND)/DRS/POL. No. 13/2006 dated April 10, 2006 and circulars issued subsequent thereto from time to time on the above subject advising Housing Finance Companies (HFCs) to ensure that a proper policy framework on ‘Know Your Customer‘ and ‘Anti money Laundering Measures’ is put in place with the approval of their Board. In this connection we wish to inform that the said Guidelines have since been reviewed in the light of subsequent developments including amendments in the Prevention of Money Laundering Act and Rules framed there under.The revised Guidelines on ‘Know Your Customer‘ and ‘Anti money Laundering Measures’ that are to be followed are enclosed. HFCs are advised to amend their existing policy framework keeping the above Guidelines in view with the approval of their Board within one month from the date of issue of this circular and ensure their strict compliance. A copy of the modified policy should be sent to the National Housing Bank. Please acknowledge receipt. Yours faithfully, (R.S.Garg) General Manager Department of Regulation and Supervision Annexure : Guidelines on ‘Know Your Customer’ and ‘Anti Money Lending Measures’. GUIDELINES ON ‘KNOW YOUR CUSTOMER’ AND ANTI-MONEY LAUNDERING MEASURES 'Know Your Customer' Guidelines The objective of ‘Know Your Customer (KYC) Guidelines’ is to prevent housing finance companies...
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...difficulties for the banking sector. Consequently several big institutions such as HSBC and Citigroup have already been fined for failing to comply with AML laws. Regulations have changed the financial sector. This essay will analyse the impact of the 9/11 attacks on the regulatory framework as well as the effects of AML on the financial industry. Page 3 of 16 2. MEASURES TAKEN AML has been on the agenda of regulators well before 9/11. However, the actions of prosecutors were more focused on fighting organised crime, drug and weapon dealing as well as tax evasion. 9/11 shifted the attention towards fighting terrorism and initiated Counter Terrorist Financing (“CTF”) laws. It was not until 9/11, that strict reporting rules known as “Know Your Customer” were introduced in the US. Before, the banking lobby could prevent further regulations, however, the US PATRIOT Act 2001, in response to 9/11, took AML and CTF measures to a new level. Since 2001 a comprehensive due diligence for high-risk products and especially for so-called “Politically Exposed Persons” is mandatory in the US....
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...REQUIREMENTS Table of Contents Introduction Project Findings Due Diligence for Correspondent Accounts Wolfsberg Principles for Correspondent Banking Standard Due Diligence Information to be Provided Availability of the Standard Due Diligence Information Dissemination of the Standard Due Diligence Information Further Information on Establishment and Maintenance of Correspondent Banking Accounts Appendix I: Checklist of Core Information Required Appendix II: Templates of Forms (Blank) 14 15 16 3 4 5 6 7 10 11 12 Disclaimer: This guide was developed specifically to provide information and guidance relating to the application process for opening a Correspondent Bank account or responding to an inquiry from a counterparty bank undertaking a “Know Your Customer” compliance review. Each bank that offers banking services will have its own documentation requirements which may differ from what is set out in this guide. Hence, the procedures and standards set out in this guide do not guarantee the sufficiency of any information that may be provided to, or accepted by, another financial institution. This guide is also not intended to provide information regarding the preparation of policies and procedures relating to anti-money laundering or compliance with other relevant banking and other statutes and regulations that may be the subject of a correspondent or counterparty bank information request. This guide does not constitute legal advice. Users of this guide are urged to contact appropriate...
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...Theory and Practice of Regulation of Anti-Money Laundering for Banks and NonBanks Hayford Kwesi Annor Manager, Risk & Compliance/AMLRO, ABii National Savings & Loans Ltd. Doctorate of finance student, SMC University, Switzerland. FAAFM, Ch.FE, ACCPA, MBA, BSc, HND h.k.annor@gmail.com Abstract A deregulated financial sector is free to accumulate and allocate funds from anywhere irrespective of the nature, form, intent and source. Without regulatory oversight, this poses zero risk to banks and nonbanks no matter how they finance the capital structure. In the real world, banking is an outcome of interactions between the regulator and the regulated. Regulatory consequences apply for failure to comply with the acceptable standards of best practices of banking regulation which include fines, sanctions, jail terms and revocation of the banking license for willful or non-willful noncompliance. The physical disposal of proceeds of funds’ from crime with aim of separating same, through creation of layers to disguise trails of the source and make it seem legitimate undermines the integrity of the financial system. It is required of the banking sector to build a comprehensive framework that identifies, assesses, monitors, mitigates and reports perceptions of suspicious activities of money launderers under the discipline of the regulator to avoid being sanction for the related offences. This paper reviews theory to link practice towards money laundering risk assessment...
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...responsibility you are responsible for the promotion of Equality and Diversity on the ward in which you work. This involves updating displays and leading staff training exercises related to equality, diversity and non-discriminatory practice. Date of issue: Date of submission: Learning outcomes On completion of this unit, you should: 1. Know diversity of individuals in society. 2. Understand beliefs and practices in different religious or secular groups. 3. Understand factors that influence the equality of opportunity for individuals in society. 4. Know the role of legislation, codes of practice and charters in promoting diversity. Refer to the assignment task sheet and the criteria tick sheet to ensure that you meet the standards for pass, merit and distinction for Unit 6. There are FOUR tasks to complete for this unit. Assignment Task Sheet Task | Activities | Assessment criteria | 1 | Factors that Make People DifferentDate task set:Deadline: Imagine you are a learning disabilities nurse on a Children’s ward at the QMC. You have been asked by your manager to...
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...750BC when the Celts invaded and set up to live here, bringing over iron and new farming techniques. However ‘with multiculturalism comes prejudice’ once said by Through out my coursework I will be investigating the question ‘Education or Legislation?’ Which will be the most effective strategy in overcoming prejudice and multiculturalism in society? This is the question I will be asking the public to determine whether enforcing more laws or educating children from a younger age about immigration, human rights and equality. My prediction is that the most popular opinion will be to educate as it could have a more effective impact. Prejudice is a perceived opinion on someone/ something based on reason or experience. In order to gather these options I have devised a questionnaire to hand out and analyse the results in order to come to a conclusion. Some of the questions I asked are; ‘Do you think where you’re brought up has an effect on your attitudes to a multicultural society?’ ‘Do you think there are enough laws in place to reduce decimation?’ ‘Do you think there is enough being done in schools to decrease discrimination amongst a younger generation?’ ‘Who do you think is to blame for increase in prejudice’ ‘Would you be happy with your child being taught about prejudice and living in a multicultural society?’ To complete this investigation effectively I will be looking at studies from professors, results from questionnaires, personal opinions from primary teachers,...
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...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwer...
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...independence and the wellbeing of adults are promoted through a person-centred multi-agency approach. In order to make sure that you complete the unit on time and meet all your deadlines, you will find that the assignment is broken down into key tasks. Each task will start with the part of the grading criteria that the task relates to, example P1, P2. It will finish with a deadline for the task to be completed. Introduction This unit looks at ways in which adults are supported and protected within the health and social care sector by practitioner’s whose main job role is working with adults. The unit covers sensitive subjects including physical, psychological, sexual and financial abuse. It aims to develop your understanding of the differing needs of people who use health and social care services. You will gain understanding of how to develop supportive relationships that respect individual rights, and also an understanding of how such relationships can be abused within health and social care contexts, and the strategies that have been developed to minimize this abuse. The tasks that you complete will involve you doing many different things, such as giving a presentation, writing an essay, and preparing and presenting posters. The learning outcomes of the unit are for you to: 1 Know types and indicators of abuse 2 Understand...
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...tribunal. This guide should be used in combination with detailed training in administrative law. Common examples of administrative decision makers are ministers, officers working within government departments or local councils, and people authorised to make decisions on behalf of those ministers or officers. WHAT IS ADMINISTRATIVE LAW? Administrative law is a set of principles contained in both court decisions and legislation. It sets out how administrative decision makers must make decisions and provides affected people with a way to challenge those decisions. Administrative decisions are usually made under legislation and are directed towards a particular person (or organisation). They are different from contractual and commercial decisions and policy and political decisions. Examples of administrative decisions include: ●● ●● Issuing a licence to a taxi driver; Granting or refusing access to documents under freedom of information laws; ●● Administrative law applies to government officers who make decisions under legislation that affect the rights and interests of others. It may also apply to people who work for a private entity and make decisions on behalf of the government. A User’s Guide to Administrative Decision...
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...id You Know? The term 'net neutrality' was coined by Tim Wu, a professor at the Columbia Law School, and first used in his paper 'Network Neutrality, Broadband Discrimination' in 2003. Net neutrality, also referred to as 'Internet neutrality' or 'network neutrality', is a regulatory concept which eliminates any type of discrimination in transmission and access of content on the Internet. It is based on the principle that websites which provide content and users who access this content are equal, and nobody should be given preferential treatment at the cost of others. The advocates of net neutrality believe that the Internet should remain an open marketplace, for which it is important that the Internet service providers stay neutral. Net neutrality -- based on the open marketplace principle -- already exists, and that's why everybody gets equal access to the Internet. In its current form, however, it is nothing more than a set of professional ethics - with no concrete legislation, and therefore no compulsion of implementation. It may not seem a problem today, but what if someone decides to do away with the ethical part tomorrow. Say, for instance, what if the broadband carriers get to decide what you get to access on the Internet? What if your service provider decides that you will be charged more if you want access to Facebook and YouTube? It would definitely be unfair, and that's where a proper net neutrality legislation would come to your rescue. The proponents of net...
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...| | |INDUSTRIAL RELATIONS AND | |LABOUR LEGISLATION | | | | | | | | | |[pic] | | | |SKILLS BASED ...
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...Product Assessment: Is Bookstores History? Eric Webb Professor Donna Manley MKT 100 October 28, 2012 Is Bookstores History? Well everyone knows what a book is and how much information you can get from a book but, are bookstores becoming a thing of the past as technology advances and we have e-readers and online stores like Amazon who sell book at bargain prices (Bosker, 2010). E-readers are now replacing bookstores so you no longer have to travel to a bookstore to wait for your books. E-reader might cost a hefty penny at first but it saves space and you can have multiply books at once without worrying about having a bookstore in your house. So the question is are bookstores becoming obsolete and if so what countries would benefits from having bookstores instead of e-readers. The current target market and demographics for bookstores would be readers of all ages and sex as they use bookstore to purchase all types of books; for their personal enjoyment or research. Bookstores are declining in popularity because technology is making it possible for consumers to read book on their e-readers and laptop computers. While technology is taking over this generation people are becoming more concise of the environment and being green. When readers are into green products they realize e-readers are more useful then book and going to a book store. Also when you have places like Starbucks and Panera Bread that give you that bookstore feel you no longer are in need of a bookstore. ...
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...must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment. Your Task This task is designed for you to demonstrate your understanding of legal and ethical requirements of property sales to complete agency work. In part 1 you will investigate core functions of sales practice, including land ownership, the sale process, ethical conduct and legislative requirements. In part 2 you will complete a standard agency form to demonstrate your practical understanding to compliment the theoretical knowledge you have gained through completing the scenarios and readings. Responses to these questions can be found in the CD learning resource, relevant legislation, third party readings, resources and web links. NOTES: 1) When answering questions related to legislation you should quote the relevant section and Act (e.g. Section 32.1 Property Stock & Business Agents Act 2002) and describe the legislation IN YOUR OWN WORDS. Do not copy the legislation as your answer. 2) Questions 1 to 5 all relate to the sale of Andy’s property in Turramurra mentioned in Q1. 3) If you refer to legislation in a state other than NSW be sure to state which state or territory you are referring to in your answer. Part 1 – Short answer questions ...
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...must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment. Your Task This task is designed for you to demonstrate your understanding of legal and ethical requirements of property sales to complete agency work. In part 1 you will investigate core functions of sales practice, including land ownership, the sale process, ethical conduct and legislative requirements. In part 2 you will complete a standard agency form to demonstrate your practical understanding to compliment the theoretical knowledge you have gained through completing the scenarios and readings. Responses to these questions can be found in the CD learning resource, relevant legislation, third party readings, resources and web links. NOTES: 1) When answering questions related to legislation you should quote the relevant section and Act (e.g. Section 32.1 Property Stock & Business Agents Act 2002) and describe the legislation IN YOUR OWN WORDS. Do not copy the legislation as your answer. 2) Questions 1 to 5 all relate to the sale of Andy’s property in Turramurra mentioned in Q1. 3) If you refer to legislation in a state other than NSW be sure to state which state or territory you are referring to in your answer. Part 1 – Short answer questions ...
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