Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
A concise overview of the retail banking business in the United States. Part of a continuing series of presentations on the financial services industry.
This white paper outlines how the functionality provided by Transformer from Trace Financial can greatly assist in managing the difficulties of integrating diverse and complex message
standards, with specific relevance to SWIFT message handling.
Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
A concise overview of the retail banking business in the United States. Part of a continuing series of presentations on the financial services industry.
This white paper outlines how the functionality provided by Transformer from Trace Financial can greatly assist in managing the difficulties of integrating diverse and complex message
standards, with specific relevance to SWIFT message handling.
Charles E. Merrill (18851956), foi o fundador da Merrill Lynch, Pierce, Fenner e Smith, a maior corretora do mundo. Um analista de mercado brilhante e vendedor, ele reorganizou a indústria de investimentos para atrair os pequenos investidores no mercado de ações. Em 1945, eles eram apenas 16% da população. Hoje metade dos americanos investe em ações.
Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel ConferenceAnglo American
We aim to deliver a future with real and sustainable value. Read our presentation as delivered by Cynthia Carroll, Chief Executive, Anglo American, at the Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference.
You can find out more about Anglo American here:
http://www.angloamerican.com/
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EastNets en.MoRe - Mobile Remittance SolutionEastNets
The new en.MoRe mobile remittances solution from EastNets is designed to enable cross-border person-to-person mobile initiated payments. It interconnects global Mobile Network Operators (MNOs) and banks over en.MoRe’s unique platform using SWIFT worker remittances standards
more at: http://www.eastnets.com/Solutions/MobileRemittances.aspx
With a wide range of DeFi expertise, RWaltz is leading the edge over competition offering decentralized finance development services. The DeFi development company delivers various DeFi projects to the financial sectors through cutting-edge technologies.
Hosting 9 of the top 10 U.S. banks, many of the most important emerging payment companies, large payment processors, and the 3 largest card networks, Equinix is at the cross roads of payment and global commerce.
Currency Cloud has recently signed a number of Prepaid card providers and this overview explains how we plug into that work flow and create the best opportunity for settling FX.
How does works trace swift messaging servicesTrace Software
The best Services in Swift Messaging Services now in India Trace Software. Today, We are handling many Projects in many Different Countries Like- USA, U.K, UAE, Europe, Asia and the Services are Mobile Apps Development, Software Development and Product Development, Offshore and Outsourcing, Website Designing, Software Testing. For more Queries Contact us:- info@tracesoftware.in
Novatti International Remittance brochureselnekave
The Novatti International Remittance solution is a stored value account system that creates a “digital wallet” linked to a consumer’s mobile phone that is reliable and easy to use. The application enables a mobile phone to become a secure transaction gateway. In conjunction with operators and banks, this can be used to provide mobile money transfer, remittance and other mobile money services.
Business rules include:
• Minimum & maximum transaction value limits
• Transaction types available
• Fees & commissions for cash-in and cash-out agents
• Settlement frequency with external agencies
• Periodic transaction control limits (daily, weekly, monthly)
• and many more...
If you are looking for highly configurable solution for your remittance offer, then look no further!
The Novatti International Remittance solution is a stored value account system that creates a “digital wallet” linked to a consumer’s mobile phone that is reliable and easy to use. The application enables a mobile phone to become a secure transaction gateway. In conjunction with operators and banks, this can be used to provide mobile money transfer, remittance and other mobile money services.
Business rules include:
• Minimum & maximum transaction value limits
• Transaction types available
• Fees & commissions for cash-in and cash-out agents
• Settlement frequency with external agencies
• Periodic transaction control limits (daily, weekly, monthly)
• and many more...
If you are looking for highly configurable solution for your remittance offer, then look no further!
Straight Through Processing - UK online payment methodsAccessPay
AccessPay offers 100% cloud-based payment solutions with Straight Through Processing to transform cash management and treasury systems for businesses and banks alike.
Faster Payments Service is a popular UK based payment system as it operates 24 hours a day, 7 days a week. 8 simple steps described in this infographic by AccessPay on how to setup such a payment process.
SEPA has been designed to improve the efficiency of cross-border payments, and make it easier for organisations to do business throughout the eurozone.
AccessPay has designed a handy SEPA infographic with a few key facts and benefits of SEPA. We hope you find it useful!
AccessPay is a Bacs Approved Solution Supplier (BASS), giving you access to all the Direct Debit and payment capabilities of Bacs from one central, easy-to-manage dashboard.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
2. What is SWIFT ?
SWIFT is the Society for Worldwide Interbank Financial Telecommunication.
SWIFT enables financial institutions throughout the world to send and
receive information about financial transactions in a secure, standardised
and reliable environment.
Member-owned cooperative.
• Headquartered in Belgium
• One of the largest financial messaging systems in the world.
• Over 40 years old…
3. SWIFT – 40 years and going strong
In 1973, banks created SWIFT. Their aim was to provide:
1) A shared worldwide data processing and communications link.
2) A common language for international financial transactions.
SWIFT began with 239 banks on board. It is now a vast global network…
More than 10,000 organisations in 212 countries now use SWIFT to
exchange millions of financial messages every day.
As of February 2013, the average daily SWIFT network traffic was 19.5
million messages!
4. How does SWIFT work?
SWIFT transports financial messages in a highly secure way; but it is not
a financial institution. It does not hold accounts for its members and
does not perform any form of clearing or settlement.
• Messages leaving a customer site are encrypted before their
transmission over SWIFT’s network.
• The sender defines and controls the information in a SWIFT message.
• SWIFT cannot see it without explicit authorisation, and only for
defined reasons.
• SWIFT takes full liability for each message once they have accepted it.
5. Key benefits – standardisation
SWIFT simplifies and standardises bank communications for businesses
around the world.
For businesses doing global trade, having numerous bank accounts in
different countries can make things complicated…
SWIFT gives them a ‘single window’ for their financial messaging,
allowing them to:
• Improve their connectivity with banks in different countries.
• Get full global visibility of their cash position.
• Make better informed global cash management decisions.
6. Key benefits - security
SWIFT guarantees the delivery of messages, and has a network and system
availability greater than 99.999%.
SWIFT has elaborate contingency plans including data encryption, audit
tracing and intrusion detection to ensure data confidentiality and integrity.
Businesses who use SWIFT to exchange financial information safely and
securely can:
• Lower their costs.
• Reduce operational risk
• Eliminate operational inefficiencies.
7. The AccessPay/SWIFT agreement
In October 2013 AccessPay announced the signing of an agreement with
SWIFT…
This agreement positioned AccessPay as first in the market to offer a cloud-
based payments and cash management application with SWIFT messaging
connectivity fully integrated, adding value to AccessPay’s SEPA, Bacs and
Direct Debit Management solutions.
“With SWIFT financial messaging integrated seamlessly into our cloud-based
platform, our clients can now communicate securely with banks all over the
world.”
Ali Moiyed, AccessPay CEO
8. AccessPay’s SWIFT Payments Module
The AccessPay SWIFT Payments Module enables businesses to send funds
securely across a range of currencies and enjoy faster, more efficient global
payments.
The module gives AccessPay clients the power to leverage the full potential
of the SWIFT for corporates network, allowing them to:
• Design straight-through-processes for payments and statements.
• Convert file formats into the single SWIFT standard.
• Rationalise current internal banking software.
• Maximise cash visibility
• Optimise cash flow.
9. AccessPay
CEC Winchester - Crawford Place,
259-269 Old Marylebone Rd,
London
NW1 5RA
Any Questions?
Tel: +44 (0) 203 282 7152
Email: info@accesspay.com
Website: www.accesspay.com