Wallet and Over-the-Counter Transactions: Understanding Financial IncentivesCGAP
How well do financial incentives encourage customers to opt for wallet transactions instead of over-the-counter transactions? To find out, CGAP looked at four diverse markets in Africa and Asia: Bangladesh, Ghana, Pakistan, and Tanzania.
Wallet and Over-the-Counter Transactions: Understanding Financial IncentivesCGAP
How well do financial incentives encourage customers to opt for wallet transactions instead of over-the-counter transactions? To find out, CGAP looked at four diverse markets in Africa and Asia: Bangladesh, Ghana, Pakistan, and Tanzania.
What is invoice definition, meaning and more..SalesBabuCRM
An invoice is a commercial document that itemizes and records the transaction of products or services between the seller and the buyer. An invoice is known as a professional way of asking for money. If the goods or services were purchased on credit, the invoice specifies the terms of the deal and provides the information on the available payment.
One wasteful place where money flows out the door in small businesses is in late fees. Invoices get paid late when they are out of sight. Having an accounts payable process in place that includes visual cues can reduce, even eliminate paying fees, fines and penalties associated with missed or past due invoices.
What is invoice definition, meaning and more..SalesBabuCRM
An invoice is a commercial document that itemizes and records the transaction of products or services between the seller and the buyer. An invoice is known as a professional way of asking for money. If the goods or services were purchased on credit, the invoice specifies the terms of the deal and provides the information on the available payment.
One wasteful place where money flows out the door in small businesses is in late fees. Invoices get paid late when they are out of sight. Having an accounts payable process in place that includes visual cues can reduce, even eliminate paying fees, fines and penalties associated with missed or past due invoices.
Nelito's FinCraft offers State-Of-The-Art Anti-Money Laundering and Anti-Fraud solution with real time monitoring and surveillance of operations to protect your assets.
FinCraft – AML covers a broad range of asset classes & transaction types by monitoring current transactional data, non-transactional or know your customer (KYC) data and historical data for suspicious trading patterns. Our extensive library of analytical foundation & detection models helps organization to be compliant with anti-money laundering (AML) regulations.
Features
1) Integration with Master tables/Reference Data
2) Sophisticated Scoring mechanism based on KYC, historical patterns, etc.
3) Integrated learning mechanism for refined alerts
4) Case Management and Multi Source Data
5) Inbuilt ‘Foundation Models’ for entity risk profiling
‘6) Scrutiny Models’ for suspicious / Unusual activity identification
7) Daily, Weekly, Monthly, Adhoc compliance Alerts
8) Visual link representation among multi-entity transactions
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
Summary of guidance for BSA/AML in USA and AML/CTF in Caymans. Compliance Officer and Money Laundering Reporting Officer. Banks & Financial Institutions. KYC and Transaction Red Flag tips. Board of Directors.
Opening an account with a bank creates relationship between the bank and the account holder. Anyone who can enter into a contract can open an account. Even minors can open account jointly with their guardians. Individuals, sole proprietors, partnerships, Hindu Undivided Family (HUF), trusts, associations and Limited companies are some examples of those who can open an account with the bank. As per RBI guidelines an account can be opened only if the person wanting to open an account has an introducer. The guideline further suggests that the introduction should be by an existing customer, a respectable person of the local community, and another banker. The bank can insist on a photograph before opening the account except in cases of savings account where no cheque facility is provided, fixed and term deposit upto an amount of Rs 10,000, accounts like cash credit and overdrafts etc. and staff members. Apart from furnishing a proof of address banks can also insist on a declaration that he/she does not enjoy credit facilities from other banks.
E-book: How to manage Anti-Money Laundering and Counter Financing of Terroris...Jitske de Bruijne
Financial Institutions continue to face heightened fines and regulatory scrutiny over their AML/CFT Programs. This e-book helps you to manage AML/CFT Programs.
Introduction to Know Your Customer (KYC)LoanXpress
Know your customer (KYC) is the process of a business, identifying and verifying the identity of its clients. The term is also used to refer to the bank regulation which governs these activities.
4. Uniform account opening Form
Account opening form:
Bangladesh Bank prescribed Unique A/C opening form (Ref: Policy 2324,
30th June, 2008)
Banks can incorporate more information in addition to Bangladesh Bank
prescribed Uniform AOF has been made mandatory from January 2009
Forms to be filled up for opening Account:
Account opening form
Personal Information form
Transaction Profile Form
Know Your Customer profile form
Signing Authority and Acceptance of Terms & Condition
No account will be opened in the system without providing mandatory &
conditional mandatory information. Moreover incomplete AOF will be send back
to business unit / source
5. MANDATORY FIELDS OF ACCOUNT OPENING
□ Mandatory Fields:
Introduction Part:
1. Account Open Date
2.Branch Name
3.Account Name
4.Currency
5.Type of Account
6.Mode of Operation
Personal Information
1. Father’s Name
2.Mother’s Name
3.Gender
4.Date of Birth
5.Place of Birth
6.Religion
7.Residence Status
8.Nationality
9.Marital Status
10.Present Address
11. Permanent Address
12.Work Address
13.Communication Address
14.Contact Details
Details of Profession
1.Profession
1.Name of Introducer
2.Account Number
3.Relationship
Introducer’s Information
1.Signature & Date
SMS/e-Statement Facility
1.e-statement Facility
Nominee Details
1.Name of Nominee
2.Date of Birth
3.Minor
4.Relationship
5.Permanent Address
Transaction Profile
1.Purpose of Opening Account
2.Source of Income
3.Nature & Volume of Transaction
4.Initial Deposit
For Bank Use Only
1.Cost Center
2.Customer Sector Code
3.Deposit Type Code
4.PSO
5.MPSO
6. MANDATORY FIELDS OF ACCOUNT OPENING
Conditional Mandatory Fields
1.Name of Spouse
(if married)
Personal Information
2. If provided as identity proof
National ID No.
Passport No.
Passport Expiry Date
Driving License No
3. If available
TIN
Other address
Details of Profession
1.If Working / Student
Organization’s name
Position/Designation
Nature of Business
Monthly Income
e-Statement Facility
1.E-mail address
Minor Details
1.Minor Name (If nominee is Minor)
2.Name of Guardian of Minor
3.Relationship
9. Identification of the risk involved with the Process;
KYC
KYC is an acronym for “Know your Customer”, a term used for customer identification
process. It involves making reasonable efforts to determine true identity and beneficial
ownership of accounts, source of funds, the nature of customer’s business,
reasonableness of operations in the account in relation to the customer’s business,
etc which in turn helps the banks to manage their risks prudently. The objective of
the KYC guidelines is to prevent banks being used, intentionally or unintentionally
by criminal elements for money laundering.
It is the due diligence and bank regulation that financial institutions and other
regulated companies must perform to
identify their clients and
ascertain relevant information pertinent to doing financial business
with them
It indicates:
Customer’s Identification
Customer’s Complete Full Address
Source of Income/Profession/Business Details
Purpose of Account
10. KYC: RISK CATEGORIZATION
Risk categorization – Based on Activity/KYC Profile:
When opening accounts, the concerned staff/Officer must assess the
risk that the accounts could be used for “money laundering”, and
must classify the accounts as either High Risk or Low Risk. The risk
assessment may be made using the KYC Profile Form given in
which following seven risk categories are scored using a scale of 1 to
5 where scale 4-5 denotes High Risk, 3- Medium Risk and 1-2 Low
Risk:
Occupation or nature of customer’s business
Net worth / sales turnover of the customer
Mode of opening the account
Expected value of monthly transactions
Expected number of monthly transactions
Expected value of monthly cash transactions
Expected number of monthly cash transactions
11. HIGH RISK INDUSTRIES
□ High Risk Industries (AML Perspective)
Gold /Jewel / Gem / Precious metal dealers
Gambling/Casinos
Exchange Houses
Courier Companies
Machine Parts /Art & Antique dealers
Reconditioned Car dealerships
Hotels & Restaurants
Manpower/Travel agencies
Real Estate agents
Export-Import company’s (trading houses)
Brokers / Dealers
Any cash incentive business
12. Check point of Transaction PROFILE
1. Legitimate &
Understable Purpose of
Account Opening
2. Legitimate Source of
Fund which consistent
with Profession
3. Customers declared TP is
consistent with his transaction.
4. Customers Profession
commensurate with his declared TP or
transaction.
13. IDENTIFICITION OF CUSTOMER & DUCUMENTS
Checking points:
Name of the account as per Documents or not.
Confirming de-dupe CIF & ensure checking of De-Dupe
Present & Permanent Address as per documents ( Proof of Address, NID, TIN Certificate etc) or
not
Customer’s name, Date of Birth, Father, Mother Name as per photo Id, or not
Valid NID/Passport / Driver’s License / / Campus ID photocopy.
Transaction Profile properly fill up or not
BM /CSM /RM sign & seal required along with customer sign if additional signature Page tagged.
Proper authentication done by business in the related page( self & business)
Self attestation form provide or not
Introducer information & relationship are taken as appropriate way. (Introducer’s account must be
at least 6 months old & guest photo is duly attested by the introducer
Telephone / contact numbers are correct.
All details of the account opening form have been completed and necessary documents are
obtained.
14. COMMON RETURN REASON
A/c holder information mismatch with photo ID
A/c holder information mismatch with existing CIF
AOF & KYC not approved/seal required
Mode of operation is not clear
KYC & Account opening forms profile not properly filled up
Transaction profile not properly filled up
Introducer signature not verified properly
Valid photo ID required.
Guest Self attestation required on supported documents