...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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...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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...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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...Lynette Ryals, Iain Davies (2010). Do you know who your best sales people are? Article of Harvard Business Review Dec 1, 2010. Lynette Ryals and Lain Davies argue in their article despite the increase in the number of sales people taking on greater roles of business development and relationship management, they do not seem to be giving their best to achieve better results. To get a better picture, Lynette and Lain closely watched around eight hundred sales professionals during their live meetings which when completed brought to light eight different sales type. Among the eight just about three sales people were consistently successful in producing a desired result. The rest did not perform up to the mark. Lynette and Lain conducted a survey according to which the percentage of sales meetings conducted which successfully ended up with a sale came up to just about 9.1%. Salespeople who always were performers and exceeded their targets was just one out of every 250. Lynette and Lain identified seven behaviours, out of which only four were related to sales success. By mapping how salespeople relied on each behaviour, they came across eight types of salespeople. These eight different sales typewere categorized into two groups out of which the Experts, Closers and the Consultants were placed in the first category called The Best. The Storytellers, Focusers, Narrators, Aggressors and Socializers fell in the next category called The Rest. The effective skill set related...
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...Did you know what is dyslexia? Dyslexia is a disorder where it's difficult for you to read and interpret words,letters, and other symbols but they don't affect the general intelligence which is kind of weird because how can you not be able to read well and it doesn't affect your intelligence when you read and spell everyday so shouldn't it be affecting you? Well it doesn't affect you because when you have dyslexia they put you in a special class and in that class they take things little by little and it makes it easier for you to learn because your going slowly so while you're learning your learning how to fix you spelling and how to read at the same time. Kids Good Impact that still hurt them Dyslexia impacts the kids self esteem in...
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...2017 Internet safety Internet safety is one of the most important things to know about. Especially if you are a teen. Here are a few tips and tricks that you should know about the internet and its safety for teens. Main subtopic you have to be focused on is Social media alerts, Teen suicide and cyberbullying, Never trust a Predators, how to be safe on social media. Teen suicide When teens are on the internet some people are getting ridiculously, bullied and this bullying causes teen suicide Hurts people because of a post a judgment of what they feel The teen internet safety edgerly falls in with teen suicide Telling people your...
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...Why Build an Awesome Professional Network? People do business with people they know, like and trust. Companies don’t make decisions, people do. Your professional network can open doors for you that otherwise could not be opened. For better or for worse, it’s not just what you know or are capable of doing, it’s who you know, that’s important for career advancement and business development. You can also learn a tremendous amount from people in your network who have experience and expertise. How to Learn How to Build Your Professional Network After realizing the incredible importance of professional networking, I began scouring the web, Amazon, and bookstores for resources. I found there were resources on related topics, such as interpersonal communication, but not many great resources on business networking specifically. I began asking everyone I know who has had a successful career, built a successful business, or simply knows a lot of people for their advice on how to build a professional network. After compiling the best advice I received, studying every relevant book and resource I could find, experimenting, and practicing, I learned a lot about how to effectively make new contacts and build relationships. After years spent practicing and testing new techniques and strategies, making a lot of avoidable mistakes, and meeting and building relationships with lots awesome people, I’ve learned a lot and decided to write a book on it to share my knowledge. Here’s just 10...
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...What is your opinion on sororities? Do you think that they are treated unfairly? I don’t think so. I know there’s a few stereotypes for certain sororities but those are not made by people that really know anything about them. I know for a fact, some people think that sorority girls are easy to get with, sleep with whatever, they’re all bitchy, all they care about is themselves, and they only hang out with their sisters. Those are some of the stereotypes that we have but none of them are true, I’ve been around them for multiple years and I know plenty of them and enough of them to know that those aren’t true and it’s not fair for them to have people think about them like that. What are some stereotypes that you’ve heard about fraternity guys and sorority girls? I mean I did just touch on sorority girls, people say that they’re bitchy, they’re easy to sleep with, all they do is hang out with all their sisters, and they don’t care about anyone else or support anyone else and obviously none of...
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...Team Dynamics and Leading the Team Good leaders are made not born. If you have the desire and will power, you can become an effective leader. Good leaders develop through an ever-constant process of self study, education, training, and experience. This comes in very handy when dealing with teams due to the fact that the leadership hat is going to change according to each member's region of proficiency. The leader isn't necessarily going to issue instructions, procedures, goals, or monitor achievement levels, but to insure that the team has the assets it needs and to remove or limit any barriers that may appear. (Thompson, et al. 8) Leadership is crucial when it comes to forming teams. You can not expect a team to function just because you put some individuals in a group. The team has to build a working relationship, a trust in one another's skills, and the confidence that when it comes their turn to lead, they can succeed. A team's success is going to come from its members having trust in the leader, the team mission, and the significance of the team itself. (Dept. of the Army 3-2) A key point is whether or not the team members will follow the team leader. A confidence will have to be built within the team in order to establish any member as an effective leader of the team. This team confidence will only be formed from a mutual respect of each other and of the abilities that each member brings to the team. It will not be formed because one member is a stronger leader...
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...“Hey, guess what! I saw Justin Timberlake today!” “I know… You’ve posted it on your Facebook…” “And I bought a pair of really nice shoes today!” “I know… You’ve posted it on your Twitter…” “I…” “Let me save you sometime, I know every detail of your life, because, you know, I have your Facebook.” Have you ever got conversations like these? I’ve heard a lot of them. Nobody can deny that social network plays a more and more important role in our daily life. For some reason, some people like to post literally everything on the Internet. Forming doing this they get great sense of satisfaction. But it maybe never occurs to them that the posting will cause them some dangers. I once read a piece of news that a girl was found raped and murdered on her way to Yoga class. The suspect is one of her admirers and the way he found out her itinerary is, obviously, by these social networks. It IS an extreme example and shouldn’t happen frequently. However, without any doubt, people could get to know you by the information you offer voluntarily on social networks. Of course, you can share your amazing experience with your friends online, but you should aware that there can and will be some unwilling audience. I understand that social network offers us some convenient to sharing our lives faster and more convenient and I am doing it sometimes. But we shouldn’t overdo it. According to my understanding, there are two reasons for why people are addicted to social network. The first one is they...
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... What is friendship? People have been asking this question for centuries, and we can never know the exact answer that will fit everybody’s definition of friendship. Friends are people without whom your life wouldn’t be complete. They are the people who you know for ages, or even if you don’t you feel like you were born on the same day. They will always be by your side and will help you with any troubles. In the dictionary you can find three definitions of friendship: 1. The quality or condition of being friends 2. A friendly relationship 3. Friendliness, good will In order to know what all these definitions mean we need to figure out what is the definition for friends. A friend is defined as a person whom one knows, likes, and trusts. So friendship is when two people know each other well, and trust each other. Friendship is the relationship between two people who really care about each other. Your friendship will keep you happy, but it is not easy. Friendship demands time and effort, and sometimes you have to step over your pride and put yourself on the place of your friend, and see what she feels even if you think you are correct. But in exchange, a friend can provide a lot of support and comfort in good times and bad. Many things are needed to make friendship a real one, including trustworthiness, support, honesty, and loyalty. Friendship is supposed to make both people happy, and enjoying their relationship...
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...Introduction: Everyone has had some experience with gossip. In this lab, you will explore how well rumors (or secrets) spread when this information is passed on to other people. Scenario A: At noon, you get some great news but you need to keep it a secret. It’s just too good to keep to yourself; so 5 minutes after you get the news you call 2 friends and tell them, but swear them to secrecy. They understand how important it is to keep a secret, so they don’t tell anybody. After 5 more minutes you call 2 more friends, and again they keep your secret. You are just so excited that after 5 more minutes you make your third set of calls and tell two more friends. Fill in the table below to show how many people are told and how many people know the secret after each 5 minute interval. (10 points) Time | 5 minute interval | Number of people told | Number of people who know | 12:00 | 0 | | 1 | 12:05 | 1 | | | 12:10 | 2 | | | 12:15 | 3 | | | 12:20 | 4 | | | 12:25 | 5 | | | 12:30 | 6 | | | 12:35 | 7 | | | 12:40 | 8 | | | 12:45 | 9 | | | 12:50 | 10 | | | 12:55 | 11 | | | 1:00 | 12 | | | Scenario B: Suppose you call the first two friends at 12:05 and you are satisfied because you’ve shared your secret, so you don’t tell anybody else. Unfortunately, none of your friends can keep a secret. Like you, they just need to tell two friends, but then each of those friends...
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...How to Become an Effective Sales Manager Building Your Sales Plan - Top 10 Assumptions If your business has a strong and achievable sales plan, your sales staff (whether that's you as a small business owner or your employees) will be able to focus on selling to the plan. As a manager of sales people, it's your responsibility to build the sales plan. Building the sales plan means more than just in-putting numbers into a spreadsheet; and that's why many small business owners and sales managers get stumped and why sales plans are often far from reality. Most sales plans are created with only the sales numbers in mind. But to build an effective sales plan, you need to consider more than the numbers. The sales plan needs to be valid and real; you will use it to plan many other aspects of your business (such as cash flow, capital expenditures, hiring, expansion and more). Test your sales numbers against the market: you need to know market size and your share of the market for this to be effective. First, your sales plan must define the time period for your sales forecast (1 year, 2 years, and 5 years). Second, it must consider the products you will sell (and potential new products you will develop and need to sell) over the determined period of time. Third, it must identify the number and type of customers you will sell to. Finally, it will identify the resources (human and equipment) you will need to supply to support your plan. And in these four steps, what must be thoroughly...
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