...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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...fighting terrorist financing as another major objective among regulators. In subsequent years AML measures have constantly been revised to adjust to the complexity of the international financial markets. As a result financial institutions have to cope with additional costs, more difficult customer relations and legal as well as geographical constraints. More comprehensive customer due diligence and complex mandatory monitoring system in particular cause 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...
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...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 authorities...
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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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...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 of banking customers to maintain the integrity of the financial sector. 2 Introduction In a deregulated financial economy without transaction costs and costless enforceable contracts, the choice between the financial market instruments and products the institutions sell to buyers pose no risk implications to the value of the firm in spite of the capital structure the firm might...
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...EMPLOYEE ENGAGEMENT: A STRATEGY FOR TODAYS RETAIL BUSINESS TO SUSTAIN WITH THE COMPETITION Abstract “The unseen world is more truly real than the visible world” Recognizing and managing a single point by Indian retail sectors can provide a million ways for their success. Customer satisfaction, store outlook, advertisement etc., will add advantage to their business and employees’ also creates value to their business more than the above. One single and most needed point for today’s successful business is “engagement levels of their employees – towards the job, colleagues and finally with the company goals”. Employee engagement and supportive behaviors are the most desirable employee traits for any successful business organizations. They are also scarce and difficult to cultivate and measure. Due to this reason many of the organizations trying to benchmark employee engagement activities from the best practices done by their competitors and finally fall into losses due to lack of understanding their own employees requirements. Employee engagement is an understanding of the business context, works with colleagues to behave in a performance-enhancing manner for the benefit of the organization and in return, the organization has to look after employees to engage them at work and maintain a transformational relationship rather than transitional. Engagement is not a one day activity or a workshop in the company; it is a continuous process which involves each and every employee...
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...Following Followers 32,481 Follow SELL. SERVICE. MARKET. SUCCEED. The information provided in this e-book is strictly for the convenience of our customers and is for general informational purposes only. Publication by salesforce. com does not constitute an endorsement. Salesforce.com does not warrant the accuracy or completeness of any information, text, graphics, links or other items contained within this e-book. Salesforce.com does not guarantee you will achieve any specific results if you follow any advice in the e-book. It may be advisable for you to consult with a professional such as a lawyer, accountant, architect, business advisor or professional engineer to get specific advice that applies to your specific situation. © 2014 Salesforce.com. All rights reserved. 79% of salespeople who use social media as a selling tool outperform those who don’t. -Social Media and Sales Quota Survey If you had been told 10 years ago that your customers would write down all their wants, needs, opinions, and thoughts and then publish them for the entire world to see, including you, it would have seemed too good to be true. That’s the type of access that great salespeople dream about. It’s perplexing then, how many great salespeople are missing out on this opportunity by not pursuing social selling. Your prospects are handing you all the information you could need to make contact and close a deal, you just need to be...
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...there are some interesting observations that may not necessarily be new, but should nevertheless regularly be brought to the attention of business leaders. Why? So that they can keep track of the best way to develop and implement diversity in their organizations. Let us briefly look at the right reasons and the right way, beginning with the right reasons. The right reasons Often, organizations pride themselves in implementing diversity in order to accommodate customers. But there is only limited reason to be proud of this way of bringing diversity to the workplace. What these companies overlook is that they apply diversity only as a means toward an end, not as an end in itself: B They apply diversity with the primary mindset of profits. They reach out to their customers, but do not necessarily believe in diversity as the morally proper thing to do. Their main concern is that customers feel at ease in the store by recognizing salespeople on the floor who come from the same background or racial group as theirs. Engaging in the right reasons would entail applying diversity in the first place because it is morally correct. The world consists of human beings that are equal to...
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...Hi my name is Margie Lutvey.I am here today to provide recommendations and strategies for your business, Monsanto, through identifying the key problems and issues and provide you with a stakeholder management strategy that I find would be most effective for you and your organization. I will mainly be discussing the ethical dilemmas of sustainability faced by your company and the potential impacts its can have on you stakeholders. Stakeholders are any group or individual who can affect or is affected by a firms objectives. Firms and organisations are better able to achieve their strategic objectives if they engage with their stakeholders. With engaging with stakeholders it is also a building block for better decision-making and minimizing negative impacts on third parties and doing the right thing. Stakeholders don’t have to be equity shareholders. They can also be your employees, communities, pretty much anyone who has a stake in your company’s success and incentive for your products to succeed. They can be business partners, who rely on your success to keep the supply chain going. Therefore it is important to engage stakeholders in business activity as they have the power to hold a viable “stake” in your company. It is important to engage with stakeholders to keep a good relationship with them. Stakeholders can have a negative and or a positive effect on the organization. A positive attitude makes it easier for the organization such as Monsanto to create potential sponsors,...
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...demographic with your marketing efforts in some way to reach the most amount of people possible. 2. Be Current If you’re restaurant is stuck in 1992 in any way, you’ll be driving your customers away, one by one. Make sure you get your interior updated to be fresh and inviting, make your menu match, and understand what the price point is that your community can support. 3. Be Functional More people use the internet to research your restaurant more than any other method today. If you don’t have a useful website that gives people the information they need to know, you won’t get their business. From menus to ingredients to pricing information, even a simple map with directions to find you may be the one missing thing you need. 4. Get To the Top Implementing an effective SEO plan for your website is one of the most effective ways to get noticed. It’s not just about having specific keywords on your website or having a phone number – you need targeted, local content that will drive local searches to your cuisine first. 5. Have a Great Food Blog Restaurants ultimately need to establish value in some way for people to engage with them. One of the easiest ways to enhance the value you provide is through a useful food blog that can help people to cook at home, give them access to recipes, or just have a fun method of engagement. The more value you provide here, the better your overall SEO efforts...
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...MARKET SEGMENTATION: As cited by Donald and Malcolm (2012) “market segmentation is the process of splitting customers, or potential customers, in a market into groups or segments”. Market segmentation is a process which defines and targets specific markets. It is method of dividing market into different groups of buyers which requires different products of marketing fixes. Market segmentation is concerned with identifying and satisfying specific user needs. It can include many types such as one product for all, some products for some and different products for everyone. TYPES OF SEGMENTATION BASES: According to Wedel and Kamakura (2000), there are four segmentation bases. They are geographic, demographic, psychographic and behavioral base. Geographic base depicts about dividing the market into different geographical units such as nations, regions, countries, cities and districts. Demographic base depicts in splitting the market into groups based on demographic, socio-economic variables like age, ethnicity, and gender etc. Psychographic segmentation explains in fragmenting the market into groups based on social class, life-style, values etc. Behavioral base segmentation is dividing the market into groups based on attitude, consumer knowledge, service offering, and response of product. TARGETING OLD GENERATION: In UK old people has a large customer base. Provided that there are more adults in UK over 50`s, delineating a huge market for business. Research by direct...
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...IMPLEMENTING CUSTOMER RELATIONSHIP MANAGEMENT AS A CORE BUSINESS STRATEGY Presented to Adrian Lim School of Business Management Nanyang Polytechnic February 13, 2014 EXECUTIVE SUMMARY This report provides an analysis and evaluation of the current customer relationship management of Singapore Café Ptd Ltd. The purpose of this report is to enhance the existing customer’s experience at Singapore Café and to increase our presence in the F&B Industry. Sources of data collection include search engines and websites of the companies. The report finds that it is important for Singapore Café to focus on our one-to-one marketing management and knowing who our customers are, where they are and what they need. However, in order to nurture better relationship with customers and retaining them, Singapore Café needs to keep a consistent system of collating information from returned feedback forms and take a step further in enhancing our programme and activities in engaging with our customers. Recommendations discussed include: * Leveraging on Social Media * Develop a centralised customer database. TABLE OF CONTENTS IMPLEMENTING CUSTOMER 1 RELATIONSHIP MANAGEMENT 1 AS A CORE BUSINESS STRATEGY 1 TABLE OF CONTENTS 3 INTRODUCTION 5 STATEMENT OF PROBLEM 5 STATEMENT OF PURPOSE 5 SCOPE OF REPORT 6 SOURCES AND METHOD 6 FINDINGS AND ANALYSIS 7 CONCLUSION 14 RECOMMENDATION 15 LIST OF FIGURES Figures 1 Costa Coffee Six-Months Sales Projection...
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...Employee Portfolio: Motivation Action Plan Determine the motivational strategy or strategies that would likely be most appropriate for each of your three employees on basis of their individual characteristics. Indicate how you would leverage their employee evaluations to motivate each of the three employees. Describe one or more of the motivational theories and explain how the theories connect to each of your selected motivational strategies. |Team Member Name |Summary of Individual Characteristics |Motivational Strategy and Action Plan |Relevant Theory | | |Self-motivator, engaging, positive, polite, |Robin your motivational strategy is to accomplish the task |The theory that is relevant to this strategy is | | |responsible, hard worker, punctual, technology |assigned In a timely manner. You will team up with your front |the Self-Efficacy Theory because Robin is an | |Robin Molina |savey, resolve task in a timely manner, and |end supervisor and learn to do all the weekly reports that |individual who believes that he can perform any | | |organized. |belong in your shrink binder. |assigned task and complete it in a timely manner.| | | ...
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...INTERACTIVE MARKETING THROUGH FACEBOOK The term interactive marketing has been coined to describe a customer focused marketing process that is based on using the internet, intranet and extranet to establish two-way transactions between a business and its customers or potential customers. Brands are applying their years of experience of applying interactive marketing and broadcast marketing to the social web and it shows. With the natural inclination to brand and broadcast, we see these same behaviors in the “Facebook” Marketing. Yet, despite these existing strengths, brands are missing the two way aspect or ‘social aspect’ of social network marketing. Interactive Marketing refers to the evolving trend in marketing whereby marketing has moved from a transaction-based effort to a conversation. Interactive marketing is not synonymous with online marketing, although interactive marketing processes are facilitated by internet technology. The ability to remember what the customer has said is made easier when we can collect customer information online and we can communicate with our customer more easily using the speed of the internet. Interactive Marketing allows customers and prospects to participate in the process of building a brand's image in a certain market or target group's minds. Thanks to the consumer's ability to "interrupt" a brand's communications and to complement or modify its messages to fit his or her perception, the process of building the brand itself is crowd...
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...as rankings, badges, and leaderboards. Gamification is about engaging your customers, employees, or any other community of interest. It does so by working on the intrinsic motivation of people; even if a task isn’t motivating by itself, reaching the goal of the game is motivating. Potential benefits Gamification is all about increased engagement, whether it is your customers, employees, or any other community of interest. By engaging people you motivate them to change behaviors. That it is successful is shown by the figure that the top 20% of major firm in terms of engagement, on average have a revenue growth that is 250% higher than their competitors. It can increase employee satisfaction, innovation, skills development, and even change behaviors of employees. However we will look into what it can do for our firm to engage more customers and to keep the current ones satisfied and loyal. * First of all, gamification allows for collection of customer data. Most platforms require users to log in and create an account. As a result each player will be connected to clicks, achievements, etc., which all create big data. This will give us valuable customer insights, which we can use to satisfy our customers better. * By having customers participate on your website, gamification can lead to crowdsourcing if we use this customer feedback from the games. For example, Volkswagen Group invited its customers in China to...
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