INTRODUCTION Globalisation and Industrialisation have brought the entire world together. In today’s fast changing technologically advanced world, individuals and organizations are able to move and trade their goods, services and capital quite easily without much of hassle. However, along with the positive impact and globally technological advancement, the world is facing challenges such as money laundering, drug trafficking, terrorist financing and many other criminal activities for which criminals are using banks and other financial institutions to channelise their funds for this destructive and illegal activity. “Of the many public policy challenges facing the law-making and the law enforcement communities today, none represents as significant …show more content…
Know Your Customer (KYC) which is also known as Customer Due Diligence9 (CDD) is an important activity which banks undertake to know/understand their customer's background and their financial transactions including beneficial ownership details. The collated customer information helps the bank to serve the clients in a better way and manage its risks prudently. Depending on the customer type, CDD needs to be performed during new client onboarding and periodically for high-risk customers. “Client onboarding involves several important activities such as evaluating new clients, setting up credit process compliance, ensuring agreement on legal terms, opening of a new account and making the client “trading enabled” in line with the bank’s business policy as well as industry regulations” (Mohanty, 2013) (see appendices B and C). Based on FATF guidelines and recommendation on May 2010, Ireland Central bank approved and implemented the “Money Laundering and Terrorist Financing Act 2010” to deal with the AML and Terrorist financing activity and to safe guard the interests of the financial sectors such as credit institutions, insurance/assurance and non-banking financial …show more content…
As per CJA guidelines, “Customer due diligence measures means— identifying the customer and verifying the customer’s identity on the basis of documents, data or information obtained from a reliable and independent source; identifying, where there is a beneficial owner who is not the customer, the beneficial owner and taking adequate measures, on a risk-sensitive basis, to verify his identity so that the relevant person is satisfied that he knows who the beneficial owner is, including, in the case of a legal person, trust or similar legal arrangement, measures to understand the ownership and control structure of the person, trust or arrangement and obtaining information on the purpose and intended nature of the business relationship” (UK Legislation,
Due to this, the confirmation process has become of high risk. Third party intermediaries have been established to assist in this process by securely transmitting information to the bank and validating the authenticity of the respondent. The use of third-party intermediaries makes it more difficult for anyone to alter confirmation requests. There are risks that come with the use of third party intermediaries because the intermediary’s control weaknesses or deficiencies fall on the auditors as well when relying on confirmations received through them. Auditors must assess that the intermediary’s system of internal control has been designed and is operating effectively to meet the PCAOB
Colombia’s trade agreement with the United States opened new doors to foreign direct investment and growth in the manufacturing and industrial sectors. One major issue that Colombia deals with is that a major sum of that money and investment goes through what is called money laundering; which is a method used by criminals including FARC to clean the money that they made through the drug trade or illicit weapons trades. Due to the restrictive Colombian currency controls and tax laws, a black market to exchange currency has existed for decades for Colombian businessmen. As banks around the world became stricter about money laundering laws, Colombian traffickers began avoiding using the legitimate bank system and started infiltrating the black peso exchange to launder their drug money. This sophisticated method would eventually become known as the Black Market Peso Exchange, and is still one the most successful money laundering methods ever devised. “Fanny Kertzman, the former chief of Colombian Customs, says the black peso exchange launders almost $5 billion dollars of drug money a year for the Colombian traffickers”. Raymond Kelly, Commissioner of the US Customs Service stated that it’s the ultimate nexus between crime and commerce, using global trade to mask global money laundering. “Money Laundering is a gateway for the drug traffickers, FARC
From drug dealing to high-tech computer crimes, international organized crime is unique to every organization and each fraction of the organization. Despite the wide range in histories, structure, and activities, overlap does occur, and it is always seen in the lack of effort to stop the organized crime groups. On a local level, the authorities have tried to stop the expansion of organized crime. However, on an international level, little is being done to prevent, stop, and bring justice to offenders.
In the 21st century, crimes have been and remains as one of the post-major threats towards
Wanting to understand and be involved with putting the right criminal behind bars has always been a passion. Getting a better understanding of the criminal justice system explained how innocent can be convicted. During, this learning process it has been obvious that there are new and lethal forms of criminality, which can range from international terrorism to transnational syndicates.
White collar crime has been discussed more frequently in the last few years. The news has made society aware that white collar crime occurs almost as often as other criminal activity. In fact, white collar crime is one of the most costly crimes. It is a billion dollar criminal industry. White collar criminals seem to continue to engage in the criminal practices because there is no set standard in the penalties given to those that are caught. A look into the public’s perception on whether the penalties given is harsh enough for white collar criminals since most types of crimes have a set of standard penalties for those convicted. A standard set of penalties needs to be looked at for white collar crimes to help in eliminating the criminal behavior and saving society billions of dollars a year.
As globalization continues to flourish and evolve, this creates further opportunities in which individuals are able to launder money with greater ease, efficiency in profit and sophistication. Through the forms of economic globalization, people may use new forms of travel to their advantage and personal gain. It is widely recognized (Pfaller, A & Lerch, M 2005, Auernheimer, L 2003) that this is becoming a significant challenge in the international sphere. Through globalization, criminals are able to create new means to commit crime for an economic benefit and avoid prosecution through new forms of travel. This allows them to spread transactions across multiple nations around the globe, thus increasing the number of obstacles that need to be overcome for an investigation to be completed (Karofi, U, Mwanza, J). For example, this can be explained through the new forms of money laundering. Money laundering is ‘the process by which one conceals the existence, illegal source, or illegal application of income, and disguises that income to make it appear legitimate’ (President’s Commission on Organised Crime 1984, p. 7). This can be achieved through the process of transporting diamonds or gold or even through wire transfers (Morris-Cotterill, N). The lack of risk that is involved in these contemporary crimes is increasing the appeal for crimes such money laundering to occur. This is due to the fact that criminals know that it will prove to be difficult to investigate and prosecute their activities when it occurs on a transnational basis. This, in turn, gives more individuals the opportunity to commit these crimes with little risk that they will be caught. Furthermore, this targets potential naïve victims into partaking in these forms of c...
The Movie “Client 9” is a about a man name Eliot Spitzer, who become extremely known in New York for having the highest reputation of ethical standards and unearthing wrong-doers. They called him the “Sheriff of Wall Street” do to his prestigious repute for changing the way many Wall Street firms do business. He was New York’s attorney general of Investment Protection Bureau. Eliot was reputable not only for the justifications he accomplished, but more for his aggressive yet lawful manner that required sophistication and nerve.
1.1 Explain the value of customer service as a competitive tool Customer service is valued as a competitive tool by many organisations. It gives you the ability to gain customer loyalty while meeting the customer’s expectations. Staff will have the skills and knowledge that will provide a competitive edge. Most organisations are known for the quality of their customer service. This means that they are known for good customer service or poor customer service.
According to Jay Albanese organized crime is a continuing criminal enterprise that is rationally working to produce profit through illicit activities based on demand, where its existence is kept through force, threats, and corruption (Albanese 2004). When looking at transnational organized crime, we are looking at crimes that involve crossing national borders and individuals who work within more than one country to complete illicit business endeavors. I argue that political and systemic issues as well as outside influences leave weaker governed countries more exposed to the risks of transnational organized crime. I will be exploring four different areas related to this topic in order to understand why these countries experience an abundance of transnational crime; how it has become available through globalization, whereby the world has become an increasingly smaller place; factors that allow for countries to become more susceptible to criminal activity; the international moral panic that allows for policy control and global influence; and a link between organized crime and terrorism and its use to larger countries. This is an important topic because as the world shrinks our connection to one another grows and the influence one faces may cause repercussions upon all of us one day.
This system helps all of these banks provide financial secrecy which is that only you and your banker would legally be allowed to know the financial activity within your account. The financial secrecy, completely different from financial privacy, includes many regulations to maintain this asset of secrecy. For example, many banks would n...
With the world changing and advancing with technology, criminal organizations are taking advantage of new opportunities. The advancement of travel, ease of communication, and an increase in demand, has all contributed to the globalization of crime. Every nation has been affected by the globalization of crime and the problem continues to grow.
Before taking this course, marketing was all about product and the promotion of that product. I took a marketing course during my undergrad about 7 years ago that emphasized the 4 P’s. Building a strategy around promoting a product and/or service seemed to be the most fundamental concept of marketing to me. My narrow thinking soon changed after going into the workforce and after taking this course. Marketing is more than just telling potential and current consumers about your products and why they should buy it. Marketing truly encompasses all areas of business. A great marketing strategy needs to focus on all the new strategic marketing elements of positioning, product, logistics, price, integrated marketing communications, and service. It’s
I am a customer service representative at a health company funded by the state. I hear a lot and a lot is expected from me. My job description consists of talking to members over the phone. I explain about their benefits, services that we offer, obtain personal information, I verify authorization, look for provider and etc. With being the first point of contact I try hard to deliver the best customer service that I possibly can; so that I can show that I really cares about the members. The three core values that help me work with my customers are respect, honesty, determination, these three values has shaped me into the young lady that I am today, but most importantly they help me provide great customer services.
Customer Service is the act of dealing with the customers needs by giving and delivering professional, helpful, high quality service and help some time recently, amid, and after the customer's requirements are met.