...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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...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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...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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...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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...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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...and leaders have differing roles. Management involves coordinating and overseeing the work activities of others so their activities are completed efficiently and effectively. (Robbins & Coulter, 2014, p. 7) A leader is someone who can influence others and who has managerial authority. (Robbins & Coulter, 2014, p. 554) But the roles go far deeper than that. As a manager, your role includes four functions, planning, organizing, leading, and controlling. It was Henry Mintzberg who studied managers at work and came up with the concept that managers exhibited certain specific actions or behaviors. They held these roles, interpersonal roles, informational roles, and decisional roles. The roles of a leader differ slightly. A leader may not necessarily be in a management position and can be seen as a coach, liaison with external constituencies, a conflict manager, and a troubleshooter. (Robbins & Coulter, 2014, p. 548) This person is also a communicator, thinker, decision-maker, team-builder, and image-builder. (Greaves Esq., 2012) It is possible to be a manager and a leader, but the difference is not every manager can lead. To be a leader takes confidence and the ability to be able to take control of any situation. You need to be an excellent communicator and understand your organization’s mission, values and ethics, and understand your employees. You need to know how to be able to work with them, not only on a one on one basis, but also in teams and know how to manage a team when...
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...interview questions which you can expect to be asked during your HR interview with a way to answer them: 1. Did you face any difficulty in finding this place? The interviewer usually asks this question to initiate the talk and put the candidate to ease. You can smile and answer this question by saying: “It wasn’t difficult to find this place.” 2. Tell me something about yourself. This is the most commonly asked first question in any interview and the one which can set a ground for rest of your interview. Include details like: Your education background (not beyond 12th standard), some information about your family – father’s profession, mother’s profession, number of siblings (no need to get into their educational details) and some information about your extracurricular activities or hobbies. 3. Why does this role interest you? Or why have you applied for this job? The purpose of this question is to see if you are really interested in this job or you applied to this job just because you are jobless. Relate the job requirements with your candidature and explain why do you believe you are a suitable candidate for this job. 4. Why do you think should we take you for this job? This is another way of asking the last question. A company will want to hire you if you can add some value to it. So, focus your answer on your skills and how they can be helpful for the position you are being interviewed for. Also, tell them about your ability to grasp new things quickly, adjust well into...
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...Business Resources In this assignments I will talk about the employability skills, personal and communication skills as well for the job advertised below. Employability Skills. Employability skills is your qualification and experience. This job is advertised as a supervisor. They are looking for someone that wants to lead the team and reach their targets. This job role requires at least GCSE level. Also you should have experience either as a supervisor, team leader or deputy manager as it has also been stated on the job advert. So it also requires quite a lot of experience in order to be considered for the job. You should especially have experience in the same industry. It also requires for you to have experience on leading teams before and reaching your targets. They have simple employability skills requirements for the job which they want you to meet therefore it would be easier for you to understand what they are looking for as well as preparing you for the job. They are also looking for someone that is effective in meeting targets. This is because you would have to be the team leader that will have to motivate the other staff to achieve sales and targets. They are looking for someone with a positive attitude which creates a good atmosphere for everyone and motivates all staff to make their greatest contribution and reach their targets. It also requires you to have a knowledge of products and services especially when you are communicating face to face with customers...
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...child. In fact. I may as well be. I am so fed up of your behaviour lately and i dont want aby oathetuc excuses as you ehy you dont k ow how ti ve a giod brother. I hioe your friends are a good enough substitute because you ni longer have me by your side. I cannot rmrmever the last time i was avke to soek to you on a real level waqar becayse your too busy consumed by other oeople to care abiut me. The other day for instance. Putting tour fucking lesuireky WANTS (not needs) before me. Our roles are to make life easier for eachother when our parebts cannot. And you failed me. JUST THUBK. THINK. If it eas thr other way. Look little princess boy. I Hi there so called "brother" id just like ti point out that id rather be an only child. In fact. I may as well be. I am so fed up of your behaviour latelHi there so called "brother" id just like ti point out that id rather beHi there so called "brother" id just like ti point out that id rather be an only child. In fact. I may as well be. I am so fed up of your behaviour lately and i dont want aby oathetuc excuses as you ehy you dont k ow how ti ve a giod brother. I hioe your friends are a good enough substitute because you ni longer have me by your side. I cannot rmrmever the last time i was avke to soek to you on a real level waqar becayse your too busy consumed by other oeople to care abiut me. The other day for instance. Putting tour fucking lesuireky WANTS (not needs) before me. Our roles are to make life easier for eachother when our parebts...
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...” Warren Bennis composed a list of the differences: (a) The manager administers; the leader innovates. (b) The manager is a copy; the leader is an original. Keywords: Leadership, Management, Gurus ETC. 1. Concepts of Leadership I used to think that running an organization was equivalent to conducting a symphony orchestra. But I don't think that's quite it; it's more like jazz. There is more improvisation. —Warren Bennis Good leaders are made not born. If you have the desire and willpower, you can become an effective leader. Good leaders develop through a never ending process of self-study, education, training, and experience (Jago, 1982). This guide will help you through that process. To inspire your workers into higher levels of teamwork, there are certain things you must be, know, and, do. These do not come naturally, but are acquired through 310 Dr. Manoj Kumar Sharma et al continual work and study. Good leaders are continually working and studying to improve their leadership skills;...
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...|4/30/2013 | | | Practical intelligence is the intelligence related to the overall success in living. Emotional intelligence stems mostly from your emotions. Emotional intelligence is the set of skills that underline the accurate assessment, evaluation, expression and regulation of emotions. Emotional intelligence deals with how you control your emotions in certain situations . I believe you need practical intelligence because although some problems can be solved by the academic intelligence you may have built, you need practical intelligence for the common sense portion of the solution. Solving everyday problems may allow you to come up with solutions before they may reach the workplace. For example, knowing that you may have situations in which your workers might need some time off because of personal problems, you have to learn how to balance...
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...you like it. Anyone can do that. Focus instead on your history with that particular industry, and if you can, tell a success story. Good answer: “I’ve always loved shopping, but my interest in retail marketing really started when I worked at a neighborhood boutique. I knew our clothes were amazing, but that we weren’t marketing them properly. So I worked with management to come up with a marketing strategy that increased our sales by 25% in a year. It was great to be able to contribute positively to an industry I feel so passionate about, and to help promote a product I really believed in.” 2. Tell us about yourself. Bad answer: “I graduated four years ago from the University of Michigan, with a Bachelor’s in Biology – but I decided that wasn’t the right path for me. So I switched gears and got my first job, working in sales for a startup. Then I went on to work in marketing for a law firm. After that, I took a few months off to travel. Finally, I came back and worked in marketing again. And now, here I am, looking for a more challenging marketing role.” Instead of giving a chronological work history, focus on your strengths and how they pertain to the role. If possible, illustrate with examples. Good answer: “I’m really energetic, and a great communicator. Working in sales for two years helped me build confidence, and taught me the importance of customer loyalty. I’ve also got a track record of success. In my last role, I launched a company newsletter, which helped us...
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...ten steps that may not get you the role of a lifetime, but they will help you to treat your acting career as a career and not simply as something you choose to do for fun. Keep in mind that if you're hoping to become a theater actor, some of these may not apply to you. However, all ten steps are good to keep in mind no matter what type of acting you decide to pursue. Step 1: Learn How to Act Seems like a given, doesn't it? But I can't tell you the number of people that come out to Hollywood thinking that all they need to do is get a job as a waiter at some popular restaurant, meet an agent, get "discovered" and then it's nothing but champagne and caviar from there. Uh...no. Acting is first and foremost a craft. The best of the Hollywood actors understand this and no matter how far they have come in their careers, they are constantly looking to improve upon their craft. They take classes, work with acting and dialogue coaches, they study life experiences, etc. They know full well that even after a lifetime of work and study, they may never reach absolute perfection. So, for you, it's imperative that you take a wide variety of acting classes. Work in a wide variety of styles with a as many different groups of people that you can find. Try it all. From Shakespeare to comedy, from improv to cinema verite -- the more you know, the more well rounded you'll be and ultimately, the better prepared you'll be for whatever roles...
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...Mintzberg's Management Roles Category | Roles | Interpersonal | Figurehead Leader Liaison | Informational | Monitor Disseminator Spokesperson | Decisional | Entrepreneur Disturbance Handler Resource Allocator Negotiator | Interpersonal Category The roles in this category involve providing information and ideas. 1. Figurehead – As a manager, you have social, ceremonial and legal responsibilities. You're expected to be a source of inspiration. People look up to you as a person with authority, and as a figurehead. 2. Leader – This is where you provide leadership for your team, your department or perhaps your entire organization; and it's where you manage the performance and responsibilities of everyone in the group. 3. Liaison – Managers must communicate with internal and external contacts. You need to be able to network effectively on behalf of your organization. Informational Category The roles in this category involve processing information. 1. Monitor – In this role, you regularly seek out information related to your organization and industry, looking for relevant changes in the environment. You also monitor your team, in terms of both their productivity, and their well-being. 2. Disseminator – This is where you communicate potentially useful information to your colleagues and your team. 3. Spokesperson – Managers represent and speak for their organization. In this role you're responsible for transmitting information about your organization...
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...looking at the group project and how to develop an effective team. The other sections look at the different forms of study groups that you may encounter at university. All group work extends your inter-personal skills and this guide will help you identify what these skills are. Learning Outcomes 1. Recognise how groups form and function. 2. Relate your knowledge of groups to team projects and other study groups. 3. Identify the inter-personal skills developed through group work. 4. Evaluate your developing inter-personal skills. Contents 1.0 About groups and teams 1.1 How do groups function as teams? 1.2 How do individuals become team players? 1.3 The importance of ground rules 2.0 Project teams 1. Get to know yourself and the individuals that make up your team 1. Establish your team’s profile 2.2 Develop a team spirit 2.3 Understand the task and develop a plan 4. Maintain the team 1. Things that worry you about team work 3.0 Study groups 3.1 In class 3.2 Peer learning groups 3.2.1 Helping a friend – coaching 3.2.2 Private study groups 3.2.3 Peer assisted learning 3.3 Avoid plagiarising from each other (collusion) 4.0 Reflect on your developing skills ______________________________________________________ The material in this guide is copyright © 2003 the University of Southampton. Permission is given for it to be copied...
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