...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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...When modification is introduced in the office it may also bring opposition from workers. This opposition arises from a modification in routines, anxiety about the unfamiliar, a reduction in a sense of safety, or even a danger to associations to name a few. While developing an interaction to workers, administration must try to train regarding the modification as well as contact as many employees as is possible. Doing so will likely reduce the opposition from workers and let approval of the modification. Administration must pick a type of interaction to convey administration modification at Riordan Manufacturing which will reach all workers with the same information. In this situation the best way to contact the most workers is to utilize a mix of a memo and e-mail. In these types of interactions, administrators must express why the modification is essential, what the modification will bring to the company, and develop a fresh mission. Describing the modification to workers will train them on why the modification must be made and provide them insight into the unfamiliar. The new administration mission will assist create company tradition that workers can buy into. Using a memo and e-mail is the most efficient way to convey the modification to the workers. This technique additionally permits the identical information to be sent. The information being sent is vital in order that workers aren't getting different info regarding the modification. While transmitting the message...
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... What is it exactly that you want to negotiate? Set out your objectives (e.g. I want more time to pay off the loan). You have to take into account how it will benefit the other party by offering some sort of reward or incentive (explained later). What is involved (money, sales, time, conditions, discounts, terms, etc)? Know your extremes: how much extra can you afford to give to settle an agreement? Although you are not aiming to give out the maximum, it is worth knowing so that you will not go out of your limits. Know what your opposition is trying to achieve by their negotiation. This is useful information that could be used to your benefit and may well be used to reach a final agreement. Consider what is valuable to your business, not the costs. You may end up losing something in the negotiation that is more valuable to your business than money. It could be a reliable client or your company reputation. Negotiating It is important that you approach the other party directly to make an appointment to negotiate should it be in person, writing or by phone (not through a phone operator, receptionist, assistant etc) as this will allow you to set the agenda in advance, and improve the prospects of the other party preparing sufficiently enough to make a decision on the day. Try to be fairly open about your reason for contact or they may lose interest instantly and not follow up on the appointment. Save all your comments for the actual appointment- don’t give away anything...
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...Kingdom) and Opposition. The speakers are similarly titled: 1. Opening Government (first faction): 1. Prime Minister 2. Deputy Prime Minister 2. Opening Opposition (second faction): 3. Leader of the Opposition 4. Deputy Leader of the Opposition 3. Closing Government (third faction): 5. Member for the Government 6. Government Whip 4. Closing Opposition (fourth faction): 7. Member for the Opposition 8. Opposition Whip Speaking alternates between the two sides and the order of the debate is therefore: 1. Prime Minister 2. Leader of the Opposition 3. Deputy Prime Minister 4. Deputy Leader of the Opposition 5. Member for the Government 6. Member for the Opposition 7. Government Whip 8. Opposition Whip ------------------------------------------------- [edit]Roles As British Parliamentary debates take place between four teams their roles are split into two categories, those for the Opening factions, and those for the Closing factions. [edit]Opening factions The first faction on each Government and Opposition team, known as the Opening Factions, has four basic roles in a British Parliamentary debate. They must: * Define the motion of the debate. * Present their case. * Respond to arguments of the opposing first faction. * Maintain their relevance during the debate. The Opening Government team has the semi-divine right of definition, preventing the opposition from challenging...
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...Proposition and Opposition Arguments Worksheet Cari M. Stephens, Greer Cimbalik, Tawni Brown, and Yolanda Martinez HUM/114 June 5, 2012 Mac Wrigley Proposition and Opposition Arguments Worksheet Proposition and Opposition Arguments Worksheet Detailed Initial Argument Preparation: For each of the 10 general arguments that you defined as supporting your stance on the problem or issue being debated in your Week Two Debate Plan Worksheet, research and list at least two facts that support each of the supporting arguments. Be sure to cite your source. Finally, determine how and what you are going to focus on for your debate by ranking the strength or importance of your arguments with 1 being the best or most important argument, and 10 being the weakest or least important argument. General arguments that support your stance on the problem or issue being debated“Proposition” | Two facts that support the argument | Rank of Argument Importance / Strength | Footprints have not been able to be disproven as credible evidence that Bigfoot does exist. | * Size of foot and distance between strides justifies that the footprint cannot be human. Footprints cannot be faked of staged due to size, (Big Foot And Yeti, ). * These footprints are bigger and are different shapes than any other animal on record, (Big Foot And Yeti, ). | 6 | Eyewitness sightings of the North American Bigfoot date back to the 1830’s. | * The fact that there are still eyewitness sightings...
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...For the completion of this assignment I chose the following two topics: COM106 The need to use social media in a job search, and PSY180 Benefits of sports in the lives of children. For the COM106 topic, the need to use social media in a job search, I will need to locate three sources that will aid in a response to a fellow student who is arguing for the need of social media in job searches. Since the purpose of the investigation is locating information to respond to a post that is already made I would research from three different angles. The first search will be meant to locate information in support of the fellow student, the second will be to identify information on how the student’s idea would work, and my third search will be to identify information that could possibly be used to rebut the student’s viewpoint. I will use Google for all of my searches, it is my preferred search engine because I feel secure in the algorithm the system uses to identify web sites, and it will aid my search for credible sources. Because I am choosing to research three different points for the response I will alter the search terms appropriately. For the information in support of the other student’s opinion I plan to use the search phrase “benefits of social media in job searches,” for the neutral, informative response I plan to use the phrase “use of social media in job searches,” and for the rebuttal response I am choosing to use the search phrase “dangers in the use of social media in job searches...
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...(CTS): 1. Identify what is important to the organization, Capital Mortgage Insurance Corporation (CMI). 2. Be willing to make small concessions towards CTS. This helps to establish a spirit of co-operation while allowing CMI to stand firm on its main issues and gain accommodation from CTS. 3. Plan for obvious reservations from CTS. Though the four CTS owners a in a positive frame of mind, negotiations can at times bring about the worst in others. Steps in the negotiation process to be utilized are: 1. Be prepared: know what your organization wants and understand what the opposition is seeking. 2. Presentation: open your side up for them and openly listen to their needs and wants. 3. Justification: support the needs of your organization and expose the weakness in theirs. 4. Explore: understand their organization’s needs and wants and find ways to make the needs of both parties come together. 5. Show: present areas in which your organization is willing to concede in order to form a better working relationship. 6. Present: possible solutions which take into consideration all points presented by both sides. 7. Wrap it up: form a plan in which the needs of both sides are met. 8. Take action: realization of the plan negotiated. Often times during this part I am reminded of persuasive public speaking. The three components of persuasive speaking are: need, plan, and practicality. You must first present a need for change in another (person or organization)...
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...2) The points of contention is something argued or stated. They can be identified by looking at the title, look for contention indicators, and location. 3) It’s important to know the stance of your opposition because by knowing your opposition, you can identify the weakness in your stance and how to remedy them 4) The difference between an argument and research writing is in an argument you pick a topic that Is controversial and debatable, whereas in a research paper, you do your research and only report what you find, while not trying to sway in either direction. Chapter 24 1. A good way to start a research process is to define a research question and sharpen it/ Develop a working thesis or hypothesis that offers your best guess about how you will answer the research question/ Devise a research plan to systematically collect the information needed to answer your research question and determine whether you’re working thesis is verifiable. 2. It’s important to have a sharp research question because sharper research questions will help you narrow the scope of your research. 3. A working thesis your working thesis is your best guess about how you will answer your research question. It’s used in research by your working thesis will change, eventually becoming the main claim for your project....
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...1. What are the four goals of Rogerian argument, and how do they differ from those of traditional argument? The four goals of Rogerian is for writers to let readers know they understand, show the readers have a valid point to a certain extent, show that both parties have the same principles in significant ways, and to propose solutions from both parties that can be agreed on. The difference in Rogerian and traditional is that traditional stand on its belief and attempts to sway the audience whereas Rogerian stands at the view of the audience and try to reel in the audience. 2. What are some of the advantages and disadvantages of Rogerian argument? The advantages of Rogerian that it is a good way to grasp the attention of the audience to semi show them the opposition but the disadvantage is that you will have to pretty much take the opposition side to even get a grip of your own beliefs. 3. In what type of argumentation situation do you think you might find Rogerian argument more productive than traditional argument? Describe an issue, along with the rhetorical situation, which might prompt you to resort to Rogerian argument. Even though the topic may be very controversial Rogerian would be better in the argument of same sex marriage whereas using rhetorical situation could make it an audience feel very uncomfortable. 4. In what type of argumentation situation do you think you might find traditional argument more productive than Rogerian argument? Describe an issue...
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...accountable for what you’re trying to accomplish. You must take charge or your actions by practicing discipline and using time management skills. If you can master this art, it can be translated to any aspect of your life, including college success. Informal Outline: I: Personal responsibility, in my opinion, is the key to being successful. To effectively achieve personal responsibility you must hold yourself accountable for what you’re trying to accomplish. You must take charge or your actions by practicing discipline and using time management skills. If you can master this art, it can be translated to any aspect of your life, including college success. II: Take charge of your actions by practicing self-discipline A. Set goals 1. Make a plan 2. Short term goals 3. Long term goals III: Time management skills are imperative A. Meeting deadlines 1. Set specific goals for completing tasks 2. Stick to your schedule III: Accountability A. Be organized 1. Use calendars 2. Use reminders or alarms 3. Make checklists B. Know your resources 1. Online tools 2. Study groups C. Be committed D. Manage stress 1. Reward yourself along the way a. Take breaks b. Treat yourself when short term goals are met E. Procrastination is greatest opposition IV: In conclusion, because procrastination is the greatest opposition to responsibility, you should practice self-discipline for two main reasons...
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...Hello and good morning ladies and gentlemen, honorable judges, worthy opponents, and our wonderful teacher. First, I would like to say thank you to side opposition for your wonderful speech. As the second speaker for side affirmative, I will begin by refuting and deconstructing some of the arguments put forth by side opposition, and then I will continue with the affirmative case. As side opposition has said that we should help starving and homeless people by ending the funds towards space research, and yes, there are issues that do plague us as a race. There is poverty and injustice in the world. While these issues exist and should certainly not be ignored, the funds put forth to space exploration have a major impact and are no less of a priority. Remember, our goal here is to create a balance, not completely give...
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