...Effects of USA PATRIOT Act on Banking Privacy Introduction On September 11, 2001, the United States was attacked by the terrorists and the attack has completely changed the way we live and work. Its impact is so immense that it covers almost every aspect of our life including the privacy protection policy in the banking industry. After the September 11 terrorist attack, the U.S. Congress passed a law, the USA PATRIOT Act that makes it easier for government law enforcement and intelligence agencies to gather and share information related to terror-related investigations and it has changed how the banking industry or financial institutions handle the privacy of their customers’ personal information. The purpose of this research paper is to explore the effects of the USA PATRIOT Act on banking industry’s handling customers’ private personal information. Some Background Information and History of Banking Privacy The USA PATRIOT Act is not an official title of the law. It is the acronym of the very long title of the Act: Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001. It was signed into law by President George W. Bush on October 26, 2001. But, before 2001, do we have any law that provides guidelines for the privacy of banking industry in the United States of America? Surely, there are several laws that are related to the financial institutions and the privacy protection policy...
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...Is money laundering a real problem in the world today? Ashford University By: A’ Lexis Gailes BUS670: Legal Environment Professor Robert Tocker May 25, 2014 Abstract Money laundering the process whereby the proceeds of crime are transformed into apparently legitimate money or other assets has been recognized as a criminal activity which causes serious social and economic damages. The traditional method of money laundering is through financial institutions. However, with the development of new science and technology the approaches of money laundering have become more and more diverse. This paper is discussing the legal and ethical issues which surround this topic, as well as, develop an analysis for the ethical concerns raised by the laundering of money. The writer will then provide explanations from at least three relevant areas of law that have been discussed throughout the course and assess each area as it applies to money laundering. Finally, the write will provide recommendations on this situation to reduce liability exposure and improve the ethical climate or the overall ethics of money laundering. Is money laundering a real problem in the world today? I. Introductions There are many ethical issues that can arise in the course of operating a small business. A comprehensive understanding of the different types of ethical issues will help you to identify and handle this situation’s responsibility to maintain core business values. Let’s look at this scenario...
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...collaboration. Chapter 3, “Complexity, TOC and Terrorism”, was presented in an embryonic form at the ISA conference in Chicago, USA, March 2007. Chapter 4, “Organised Crime”, is the further elaboration of a chapter of the same title published in 2007 in the Oxford Handbook on the United Nations Statement of Length The dissertation does not exceed the word limit of 80,000 words Fieldwork Thailand (money laundering); Indonesia and Burma (deforestation); New York (US money supply); Washington DC and Fort Worth, Texas (Organised Crime linked to terrorist funding); Australia (Sydney, (APG) and Canberra (money laundering, South Pacific); and Rome, Italy (Chinese organised crime). Contact Frank.Madsen@cantab.net Abstract Through an analysis of the presence and nature of international monetary flows of non-declared origin and their relation to deviant knowledge, the thesis determines that both terrorism and organised crime are nurtured by a constant trickle from minor sources rather than by large financial transfers; and that anti-money laundering provisions are misapplied, taken too far, too expensive, and incapable of demonstrating their effectiveness. In lieu of more traditional policy recommendations, the thesis develops a complexity-theory based...
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...Advance Financial Reporting Christine Andrews January 11, 2015 1A. What is Money Laundering? Money laundering refers to activities and financial transactions that are accepted to disguise where the particular source or nature of the illicit activities cash flow is coming from. Usually, the money that is laundered is received from an illegal enterprise with the goal being to make it appear as though it is coming from a legitimate source. (“Overview - Money Laundering. (2014)”). 1B. Government Agencies or Other Organizations Involved These criminal actives may include, drug trafficking, smuggling, corruption and human trafficking, which usually generate large sums of profits for those individuals carrying out the act. Many governmental agencies are cracking down to help prevent these acts that have been associated with money laundering. The agencies are as listed: (“Other Government Agencies Combating Money Laundering and Terrorist Financing. (n.d.)”) * Federal Bureau of Investigation * Internal Revenue Service Criminal Investigation * Office of National Drug Control Policy * U.S State Department * Financial Crimes Enforcement Network * Office of Foreign Asset Control * Government Accountability Office 1C. Statistics and Reports of Money Laundering and Criminal Penalties Many investigations have started each year to look into possible acts of money laundering. As like most illegal acts, not all of them are caught however for the ones that...
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...CAVEHILL SCHOOL OF BUSINESS | Code and Title: Business Research GEMA6160 | Lecturer: Professor Jason Marshall | | Student ID: | 3/28/2014 | | RESEARCH TOPIC: Preventing Money Laundering: An assessment of an indigenous and a International Bank operating in Antigua and Barbuda Table of Contents Executive Summary…………………………………………………………………………………………………………………………3 Introduction……………………………………………………………………………………………………………………………………4 Background………………………………………………………………………………………………………………………..5 Rationale……………………………………………………………………………………………………………………..…….5 Purpose of Study………………………………………………………………………………………………………………..6 Literature Review…………………………………………………………………………………………………………………………...6 Methodology………………………………………………………………………………………………………………………….………9 Research Design………………………………………………………………………………………………………………..9 Participants……………………………………………………………………………………………………………………….9 Material…………………………………………………………………………………………………………………………….9 Procedures………………………………………………………………………………………………………………………..10 Limitations…………………………………………………………………………………………………………………………11 Presentation of Findings…………………………………………………………………………………………………………………15 Analysis of Findings………………………………………………………………………………………………………………..………17 Recommendations………………………………………………………………………………………………………………………...18 Conclusion……………………………………………………………………………………………………………………………………..19 References……………………………………………………………………………………………………………………………………..20 Appendices…………………………………………………………………………………………………………………………….………21 Appendix A………………………………………………………………………………………………………………………...
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...Study Guide for the Certification Examination Fifth Edition ACAMS.org ACAMS.org/español ACAMSToday.org MoneyLaundering.com Study Guide for the Certification Examination Fifth Edition a publication of the association of certified anti-money laundering specialists Study Guide for the Certification Examination Fifth Edition Executive Vice President John J. Byrne, CAMS Editor Robert S. Pasley, CAMS Co-Editor Kevin M. Anderson, CAMS Contributors Joyce Broome, CAMS Heather Brown, CAMS Aub Chapman, CAMS Vasilios Chrisos, CAMS David Clark, CAMS Jurgen Egberink, CAMS Michael D. Kelsey, CAMS Saskia Rietbroek, CAMS Nancy J. Saur, CAMS Mansoor Siddiqi, CAMS Daniel Soto, CAMS Timothy White CAMS Production Assistant Catalina Martinez We would like acknowledge the following individuals for their contributions to the CAMS Exam, and the Online and Live Preparation Seminars: Kevin M. Anderson, CAMS Joyce Broome, CAMS Aub Chapman, CAMS David Clark, CAMS Josue Garcia, CAMS Hoi Luk, CAMS Ira Morales Mickunas, CAMS Robert S. Pasley, CAMS Karim Rajwani, CAMS Mansoor Siddiqi, CAMS Saskia Rietbroek, CAMS Ed Rodriguez, CAMS Nancy J. Saur, CAMS Wendy Steichen, CAMS Brian J. Stoeckert, CAMS Charles Taylor, CAMS Will Voorhees, CAMS Natalie Ware, CAMS Peter Warrack, CAMS Amy Wotapka, CAMS Crispin Yuen, CAMS Copyright © 2012 by the Association of Certified Anti-Money Laundering Specialists (ACAMS). Miami, USA. All rights...
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...A Survey of Electronic Cash, Electronic Banking and Internet Gaming 1 2 TABLE OF CONTENTS PREFACE ..........................................................................................................................5 FOREWORD ..........................................................................................................................7 INTRODUCTION ............................................................................................................... 11 ELECTRONIC CASH .......................................................................................................... 15 INTRODUCTION ................................................................................................... SMART CARDS/STORED VALUE CARDS........................................................ The Basics ..................................................................................................... Stored-Value Card Issuers ............................................................................ COMPUTER E-CASH ............................................................................................ The Basics ..................................................................................................... E-Cash Issuers ............................................................................................... REGULATORY POLICY ......................................................................................... SUMMARY OF ELECTRONIC CASH...
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...Nova Southeastern University Wayne Huizenga Graduate School Of Business & Entrepreneurship Assignment for Course: – Legal, Ethical and Social Value of Business Submitted to: Professor Submitted by: Muzna Ali Date of Submission: March 2012 Title of Assignment: Term paper CERTIFICATION OF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledge and disclosed in the paper. I have also cited any sources from which I used data, ideas of words, whether quoted directly or paraphrased. I also certify that this paper was prepared specifically by us for this course. ************************************************************* Instructor’s Grade on Assignment: Instructor’s Comments: Integrating Values - The Legality, Morality, and Social Responsibility of Bodog Online Gambling- Legal and Moral Issues Table of Contents Abstract- Muzna Ali………………………………….………………………………………...…4 Introduction- Muzna Ali………………..………………………………...……………………….5 Introduction to Legal Section- Byron Creech……………………..…….………………..……….6 Utilitarian Ethical Analysis – Wendy Burrion……………….……………………………...
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...Historical Policy Comparison Jermaine Hunt, Jason McFadden, Kendra Williams, Michael Dasher CJA/464 December 10, 2013 Ken Jones Historical Policy Comparison Criminal justice policy over the past 50 has evolved. The key issues of criminal justice policies were gangs, drugs, juvenile, root causes of crime, and gun control. Currently, the key issues are terrorism, illegal immigration, and global organized crime. Traditionally, criminal justice policies were issued by state and local governments. However, the federal government plays an important role in implementation of criminal justice policy. The federal government provides grants to local and state governments to support these criminal justice policies. Criminal justice agencies at the local and state level have to enforce these policies made by federal and state officials. Nevertheless, the local and state governments still bear much of the responsibility. States operate law enforcement agencies, correctional systems, criminal courts system, whereas cities operate the local police departments. Within the past 50 years, criminal justice policies have affected the criminal justice system. The “war on drug” policy has poured billions of dollars into the criminal justice system, although drug-related violence and drugs remain a problem. The criminal justice policies have gone from drugs polices to sentencing policies and currently to globalization policies. Currently, the criminal justice policies go beyond the United States...
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...Information Technology Act Greg Bennett BIS/220 January 15, 2013 Nikia Johnson Information Technology Act Information technology continues to forge ahead and has done so from day one. Technology, moving forward, and becoming more advanced and sophisticated, adds growing concern over the ethical integrity of that technology. In correlation with those concerns, the United States government implemented various acts to aid control in these concerns and combat unethical behavior. Given the number of implemented acts, this paper focuses on two specific sections: the Fair Credit Reporting Act of 1970, and the U.S. Patriot Act of 2001. The implementation of the Fair Credit Reporting Act of 1970 enabled each American to be on an even plane with credit opportunities. The government executed the U.S. Patriot Act in 2001, in part because of the atrocity of 9/11, to lessen terrorist activities by the use of the Internet and cyberspace. Fair Credit Reporting Act of 1970 The Fair Credit Reporting Act (FCRA) ordained to “protect consumers from the disclosure of inaccurate and arbitrary personal information held by consumer reporting agencies” (Consumer Privacy Guide (2001). The Fair Credit Reporting Act (1970). 2001). At the time when this act was established, American citizens were not viewed equally by credit facilities when attempting to purchase homes or vehicles. This act was a means of governing and guaranteeing equal opportunity and consideration for these...
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...1.1Introduction to Training and Development Definition of Training: Training is a systematic development of knowledge, skills and attitudes required by an individual to perform adequately a given task or job. Training refers to efforts that help enhance employee skills for carrying out the present job. According to Edwin B Flippo, training is the act of increasing knowledge and skills of an employee for doing a particular job. Needs for training: • To improve the current job performance of employees • To familiarize employees with the policies and procedures of the organization. • To enhance the creativity, adaptability and versatility of the employees and to facilitate learning at the work place • To prepare employees for future job. • To change the skills, knowledge and attitudes of the employees on a permanent basis. • To help employees manage their careers. • To maintain knowledgeable work force. • To gain competitive advantage through a knowledgeable work force. • To promote organizational growth through individual growth. Areas of training: • Company policies and procedures • Human relations training • Skill based training • Problem solving training Onsite Workshops for Leadership Team Employees need more than bosses... They need mentors: Professionals skilled at assessing employee development needs and committed to guiding employees toward professional success. Leadership Training...
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...Case Study: United Way of America, 1992 Prepared by Dr. Martha Dede Spring, 2008 A MATTER OF GOVERNANCE: UNITED WAY OF AMERICA, 1992 Organization Thumbnail United Way of America (UWA) was incorporated in 1932 with the mission “[t]o improve lives by mobilizing the caring power of communities”. Since, UWA has been a significant constituent in the flywheel of American philanthropy. Headquartered in Alexandria, Virginia, UWA is comprised of 1,400 dues-paying and another 700 non dues-paying affiliates which, in aggregate, raise about $3.1 billion annually, and fund approximately 50,000 service-providing health and human service agencies nationwide. (1) In 1992, UWA President William Aramony brought the organization to its knees for, variously, being a “sloppy President”, a serial womanizer, of exercising “poor judgment” (2) and of “haphazard” management practices. (3) Brief Chronology In late 1991 and extending into February 1992, the UWA Board of Governors ordered an independent internal investigation of long-time UWA President William Aramony for allegations of misuse of funds, fraud, tax evasion and illegal operation of satellite businesses. The investigation emerged in response to information provided (anonymously) by UWA staffers to LaSalle D. Leffall Jr., Chair of UWA’s Executive Committee, to inquiries from a Washington Post investigative reporter, and to demands from several UWA affiliate officials that Aramony be removed. At that time, several United...
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...ITMM – 571: Project Management for ITM. CASE STUDY 3: Article Title: SAIC to Pay $500 Million to Settle New York CityTime Fraud. Topic: Case Study on a real-life IT Failed Project: SAIC’s CityTime Project with New York City. Author: Bob Van Voris. File Name: Potula_ITMM_571 Case Study_03_.doc About The Author: Bob Van Voris is the Legal Reporter at Bloomberg News in the Greater New York City Area since 2002. He worked as a reporter at National Law Journal from 1997 to 2002 for a period of 5 years. He worked as Associate in Patterson Belknap Webb & Tyler LLP from 1995 – 1997 for 2 years and as Associate in Lord Day & Lord, Barrett Smith from 1992 – 1994 (2 years). He completed his B.A in Political Science from Union College and received his J.D. from New York University School of Law. Introduction: The New York City made a decision of implementing an automated timekeeping system that would enable a more efficient, secure, and accurate payroll for the employees in the City, in the year 1998. The Office of Payroll Administration (OPA) was designated as the agency to handle the project. Interested contractors submitted proposals for the design and implementation of the CityTime system. OPA selected MCI Systemhouse, Corp. (“MCIS”) for the project upon review of the submitted proposals. In 2002, the City named Science Applications International Corporation (“SAIC”) as the contractor to provide the timekeeping system at an initial contract...
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...Ever since the puritans established their Massachusetts Bay colony in the early 1600’s, gambling has been one of the biggest controversies that this country has had to deal with. As time passed and land based gambling became more and more regulated and legalized, the demand for gaming increased along with it. With the relatively recent creation and advancement of the Internet, this demand was soon transferred to Americas quickest growing craze… Online gambling. Online gambling and its legality have caused a great deal of controversy in the recent past. The industry is so profitable and the demand is so high, that despite government acts to make it illegal, people still find their way around it. There are those that argue that online gambling should be government regulated and taxed in the U.S., while there are also those who believe that legalizing it will only lead to an increase in addiction rates and be detrimental to our society. By legalizing online gambling in the United States, not only would the government amass a massive profit margin from the regulation and taxing of the industry, but also thousands of new jobs and businesses will be created, and it would make for a more safer and social gaming experience. As there are different forms of land based gambling, there is almost the exact same amount of games when it comes to online gambling. These games can be classified in two different categories, games of chance and games of skill. Any type of casino based game...
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...BA 310 Case Study #1 In any business instances whether it be directly dealing with money, or any type of contract or agreement it is imperative to have trust between the two parties. This is to ensure that the process is successful and handled correctly. In the case study Madoff gained an insane amount of investors by promising them they would have a guaranteed return on their investment. Later on, the investors figured out that the money they invested was in fact put towards a fake company resulting in no return on the investment after all. Greed is very apparent in this study as shown all throughout the case. Greed is the obsessive desire to want money far beyond the basic survival and comfort. This definition sums up Madoff and his ill intentions completely. Ponzi schemes are still very prevalent in today’s society. Although the consequences of the scheme are very harsh and scary, the con artist still believe they are able to come out with a better outcome if they follow through with the scheme. Ponzi scheme’s are a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors. Charles Ponzi first introduced the Ponzi scheme to the American public. Simplicity] is the trait that seems to make all of this easier and more gullible to believe. There have been several people that attempted to this act of scheming. Martin Frankel...
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