KYC compliance

Know Your Customer (KYC) compliance regulation has proved to be one of the biggest operational challenges banks, accountants, lawyers and similar financial service providers worldwide have had to overcome.

World-Check, the industry standard KYC compliance solution, provides an overview of KYC compliance and its origins, and outlines the compliance mandate as applicable to banks, accounting firms, lawyers and other regulated financial service providers – not just in the UK, Europe and the USA, but all around the world. Relied upon by more than 3,000 institutions worldwide, this KYC database solution provides effective legal and reputational risk reduction.

Why “Know Your Customer?”


The 9/11 terrorist attacks on the World Trade Centre revealed that there were sinister forces at work around the world, and that terrorists activities were being funded with laundered money, the proceeds of illicit activities such as narcotics and human trafficking, fraud and organised crime. Overnight, the combating of terrorist financing became a priority on the international agenda.

For the financial services provider of the 21st century, “knowing your customers” was no longer a suggested course of action. Based on the requirements of legislative landmarks such as the USA PATRIOT Act 2002, modern Know Your Customer (KYC) compliance mandates were created to simultaneously combat money laundering and the funding of terrorist activities.

What is Know Your Customer (KYC)?


Know Your Customer, or KYC, refers to the regulatory compliance mandate imposed on financial service providers to implement a Customer Identification Programme and perform due diligence checks before doing business with a person or entity.

KYC fulfils a risk mitigation function, and one its key requirements is checking that a prospective customer is not listed on any government lists for wanted money launders, known fraudsters or terrorists.

If preliminary KYC checks reveal that the person is a Politically Exposed Person (PEP), for example, Advanced Due Diligence must be done in order to ensure that the person’s source of wealth is transparent, and that he or she does not pose a reputational or financial risk in terms of their finances, public positions or associations. Beyond customer identification checks, the ongoing monitoring of transfers and financial transactions against a range of risk variables forms an integral part of the KYC compliance mandate.

But to understand the importance of KYC compliance for financial service providers better, its origins need to be examined.

Origins of Know Your Customer (KYC) compliance


The arrival of the new millennium was marred by a spate of terrorist attacks and corporate scandals that unmasked the darker features of globalisation. These events highlighted the role of money laundering in cross-border crime and terrorism, and underlined the need to clamp down on the exploitation of financial systems worldwide.

Know Your Customer (KYC) legislation was principally not absent prior to 9/11. Regulated financial service providers for a long time have been required to conduct due diligence and customer identification checks in order to mitigate their own operation risks, and to ensure a consistent and acceptable level of service.

In essence, the USA PATRIOT Act was not so much a radical departure from prior legislation as it was a firmer and more extensive articulation of existing laws. The Act would lead to the more rigorous regulation of a greater range of financial services providers, and expanded the authority of American law enforcement agencies in the fighting of terrorism, both in the USA and abroad.

In October 2001, President George W. Bush signed off the USA PATRIOT Act, effectively providing federal regulators with a new range of tools and powers for fighting terror financing and money laundering. During July 2002, the US Treasury proceeded to introduce Section 326 of the PATRIOT Act, a clause that removed some key burdens for regulators and added significant enforcement muscle to the Act.

What 9/11 changed, in essence, was the extent to which existing legislation was being implemented. Using the provisions of the earlier anti-terrorism USA Act as a foundation, it included the Financial Anti-Terrorism Act, which allowed for federal jurisdiction over foreign money launders and money laundered through foreign banks. Significantly, it is this anti-terror law that would make the creation of an Anti Money Laundering (AML) programme compulsory for all financial institutions and service providers.

Section 326 of the USA PATRIOT Act dealt specifically with the identification of new customers (“CIP regulation”), and made extensive provisions in terms of KYC and the methods employed to verify client identities.

In accordance with this piece of updated KYC legislation, federal regulators would hold financial institutions accountable for the effectiveness of their initial customer identification and ongoing KYC screening. Institutions are required to keep detailed records of the steps that were taken to verify prospective clients’ identities.

Although current KYC legislation does not yet demand the exclusion of specific types of foreign-issued identification, it recommends the usage of machine-verifiable identity documents. The ability to notify financial institutions if concerns regarding specific types of identification were to arise, combined with a risk-based approach to KYC, proved to provide a robust mechanism for addressing security concerns.

Effectively, the risk-based approach to customer due diligence grants regulated institutions a certain degree of flexibility to determine the forms of identification they will accept, and under which conditions.

KYC compliance: Implications for banks, lawyers and accounting firms


The KYC compliance mandate, for all its positive outcomes, has burdened companies and organisations with a substantial administrative obligation. Additionally, KYC compliance increasingly entails the creation of auditable proof of due diligence activities, in addition to the need for customer identification.
With the ever-increasing emphasis on being able to demonstrate adequate anti money laundering procedures and prevention techniques, plus the draconian penalties for those failing to maintain suitable evidence of such activity, no financial institution can afford to be without an automated system such as MLTrac.

MLTrac is part of our portfolio of banking software and is dedicated to identifying, tracking and regulating potentially suspicious or illegal activities in respect of money laundering and/or the proceeds of crime.


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MLTrac enables financial institutions to improve their internal disciplines,supplement their policies and procedures, and make a clear statement to the authorities about their commitment to effective anti money laundering controls.

MLTrac's functionality is based upon a combination of our experience, together with contributions from our customer base and the relevant international financial authorities. Regular updates also take account of any future changes in market requirements and legislation.

Functions:


KYC Document Management - The definition, scanning, management and tracking of customer documentation, and reporting of any deviations.

KYC Account Monitoring -The tracking of movements over account(s) looking for deviations outside of a pre-determined profile.

Manual Watch List Checking. Enter a name and the system will check to see if the name, or like sounding names, appear on any of the watch lists (e.g. OFAC, Bank of England and others) that the system monitors
Message Monitoring. MLTrac can be configured to check all inbound and outbound messages, irrespective of format, to see whether any field (normally the Ordering Customer and Beneficiary) appears on one of the supported checklists. The bank has control over the granularity of the name checking so as not to create too many false alerts. Messages that fail Watch List Checking are put to a quarantine queue for manual intervention. Full Audit Trails of all checks and actions taken is maintained by the system.

Cash Remittances. For the many institutions that originate from a country with a large overseas population the problems associated with accepting cash for remittance back home when taken against the potential ramifications of anti money laundering legislation means that the business is very risky and, often, not worth doing. The Cash Remittances module does away with this fear. Information concerning the remitter is maintained as part of the KYC Documentation Management module and is displayed and made available to the teller at the point of capturing data. A full record off all remitters and beneficiaries is maintained. Limits can be placed upon the individual remitter and upon the ultimate beneficiary (irrespective of source). The resulting SQL database can be interrogated for unusual payment patterns

Hotel Atitlan

With Brian (Nathan's Friend who had come to join us for a week) in tow we visited Lake Atitlan for a couple of days and stayed at the beautiful Hotel Atitlan just outside of Panajachel. Atitlan is definitely one of the most beautiful lakes in the world with amazing volcano views and a magical aura about it. Hotel Atitlan groundsHotel Atitlan groundsAfter sipping on wonderful margaritas for a day, we took a boat tour around the lake, first visiting the most important indigenous town of Santiago Atitlan. The highlight was probably the indigenous culture and also Maximon, a fun Mayan god who drinks lots of Alcohol and smokes like crazy.Shadyside Inn Suites is different. Your idea of staying in a hotel is about to change. Our suites are not typical hotel rooms. In fact we do not have rooms; we only offer suites. Why are we different? Your suite is a fully furnished apartment with the same amenities as a hotel located in a residential neighborhood. It’s not just any neighborhood, it's Shadyside, Pittsburgh’s most quaint, trendy, and upscale urban area. Picture Boston’s Newberry Street, or New York’s East Village and you will get an idea of what the Shadyside area is like.Imagine having your own apartment in the best location in Pittsburgh for as little as a day or for as long as a lifetime. Shadyside Inn Suites is as flexible as you need. Only going to be here for a night? Why not have your own fully equipped apartment? Need somewhere to stay for a month while your house is renovated? Shadyside Inn Suites is your answer. Looking to attend the University for only nine months? Shadyside Inn Suites can accommodate. Think this is going to cost you more than a hotel? Not even close. Our rates are lower, our suites are double the size of any hotel in the area, our parking is free, and our location is unrivaled.Our suites are located within a block or two of some of the best dining, entertainment, and shopping in Pittsburgh. At your door are 135+ shops, 15+ restaurants and some of the best nightlife in the area. Shop in small boutiques, visit your favorite national store, and dine on cuisines from all over the world. Shadyside living is unmatched.Stay in Shadyside and still be approximately 4 miles from Downtown Pittsburgh and the Convention Center and less than 1 mile from the following hospitals: Presbyterian, Montefiore, Magee Women's, Falk Clinic, West Penn, Children's, Shadyside Hospital, and Western PsychiatricWithin 1 mile of the Shadyside Inn Suites is The Carnegie Museum of Art, The Museum of Natural History, The University of Pittsburgh, Carnegie Mellon University Chatham College, and Carlow College.Besides coming for a visit, the best way to learn about our story is read what other people have said about us.
Hotel Atitlan groundsHotel Atitlan groundsAfter sipping on wonderful margaritas for a day, we took a boat tour around the lake, first visiting the most important indigenous town of Santiago Atitlan. The highlight was probably the indigenous culture and also Maximon, a fun Mayan god who drinks lots of Alcohol and smokes like crazy.Shadyside Inn Suites is different. Your idea of staying in a hotel is about to change

High Flow Range Mass Coriolis Flow Meter

High Flow Range Mass Coriolis Flow Meter Ideal for the measurement of flow, density and temperature of liquids and slurries, such as aggressive or contaminated, sanitary or particle-filled fluids.Features:

• Flow ranges from 60 to
  60K Kg/Hr (2.2 to 1650 lb/min) 
• Accuracy up to 0.25% of reading
• Materials: flow tubes -
  316 L, splitter flanges -
  316 Ti, housing - cast iron
• Process temperature
  -40°F to 356°F 
• Ambient temperature
  -40°F to 140°F
• Wide flow ranges

ACCURATE AND RELIABLEThis meter has the ability to
maintain high accuracy,
despite changing viscosity conditions, with accuracy of +0.25% of reading.

 

EASY CLEANING

The ACM series has smooth stainless steel tubes and no moving parts, and is therefore very easy to flush and clean.

 

MULTI-TASKING
The ACM series of mass coriolis flow meters measure flow, density and temperature.

 

MATERIAL COMPATIBILITY

Because of the meter's 316 stainless steel flow tubes, the ACM series can measure a wide range of materials.

 

VARIETY OF ELECTRONICS

Electronics available for the ACM series include a local, hazardous rated display and a remote, panel-mount digital display.

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Kahve nerde yetişir

Bir çok meyve gibi,kahvede ağaçlarda yetişir.kahve aslında,kahve ağacının kiraza benzeyen kırmızı meyvesinin çekirdeğidir.bu çekirdeklerin kahve halini alıp bardaklarınıza gelebilmesi için bir çok farklı işlemden geçmesi gerekir.kahve ağacının çiçeği yasemin gibi kokar ve bu ağaçlar en fazla bir metre uzunluğuna ulaşır.kahve ağacı sadece tropikal iklimin hüküm sürdüğü ekvator kuşağında yetiştirilir.anavatanı yabani olarak yetiştiği Etiyopya ve Arabistan yarımadasıdır.tarımı ilk defa yemende yapılmıştır.dünyanın diğer bölgelerine nakledilmesi ise Hollandalı tacirler ve diğer başka kaşifler aracılığıyla olmuştur.bazı kahve ağaçlarının boyu 130 cm ye kadar büyüsede kolay toplanabilmesi amacıyla büyük  çoğunluğunun boyu uzamadan budanır.bir kahve ağacı her bir sezonda ortalama yarım kiloyla sekiz kilo arasında kavrulmuş kahve üretilecek kadar meyve verir.toplanan bu çiğ meyveler 60-70 kg lık çuvallara doldurularak kavurma işlemi için kavuruculara götürülür. Kahve ağacının etrafını çevreleyen bitkiler ve yetiştiği bölgedeki toprak iklim ve yükseklik o ağacın meyvesinin çekirdeğinin lezzeti üzerinde etkilidir...

kahve nerde yetişir

Orgu Kirlent

This black and white afghan and pillow set is great for any room. It's easy to make and it's a free knit pattern just for you. The gray color also offsets the black and white.

MEASUREMENTS:
Afghan: Approx 42 ins x 56 ins [106.5 cm x 142 cm].
Pillows: Approx 14 ins [35.5 cm] square.

MATERIALS

Afghan: Approx 48 ins x 54 ins [122 cm x 137 cm].
Pillows: Approx 16 ins [40.5 cm] square.

Bernat® Harmony(Solids: 100 g/3.5 oz / Ombres: 80 g/2.8 oz)
Afghan (Pillow A-Pillow B)
Main Color (MC) (Black) 8 (2-2) balls
Contrast A (White) 3 (0-2) balls
Contrast B (Grey) 3 (2-0) balls
Size 10 mm (U.S. 15) knitting needles or size needed to obtain gauge.
2 pillow forms 16 ins [40.5 cm] square.
Pattern

GAUGE
8 sts and 12 rows = 4 ins [10 cm] in stocking st with 2 strands tog.

INSTRUCTIONS
Afghan
Strip A (make 2)
With 2 strands of MC, cast on 32 sts.
Work Chart I in stocking st to end of chart, reading knit rows from right to left and purl rows from left to right.
Work Chart II in stocking st to end of chart, reading knit rows from right to left and purl rows from left to right.
Work Chart I in stocking st. Cast off.
Strip B
With 2 strands of B, cast on 32 sts.
Work Chart II in stocking st, substituting B for A.
Work Chart I in stocking st, substituting B for A.
Work Chart II in stocking st, substituting B for A. Cast off.
FINISHING
Sew strips in following sequence: A, B and A.
Upper and lower borders: With RS of work facing, 2 strands of B and beg at bottom left corner, pick up and knit 90 sts across lower edge of Afghan.
Work 3 rows in garter st (knit every row). Cast off loosely knitwise.
Rep for upper border.
Side borders:With RS of work facing, 2 strands of B and beg at bottom right corner, pick and knit 100 sts up right edge of Afghan.
Work 3 rows in garter st. Cast off loosely knitwise.
Rep for other side.
Tassels: (make 4). Cut a piece of cardboard 4½ ins [11 cm] wide. Wind
MC around cardboard 25 times. Break yarn leaving a long end and thread end through a needle. Slip needle through all loops and tie tightly. Remove cardboard and wind yarn tightly around loops ¾ inch [2 cm] below fold. Fasten securely. Cut through rem loops and trim ends evenly. Attach 1 tassel to each corner of Afghan.
Pillow A
FRONT and BACK (make alike)
With 2 strands of MC, cast on 32 sts.
Work Chart III in stocking st to end of chart reading knit rows from right to left and purl rows from left to right.
Cast off.
FINISHING
Sew 3 sides of pillow. Insert pillow form. Sew last side.
Tassels: (make 4). Work as given for
Afghan, substituting B for MC and attach to corners of pillow.
Pillow B
FRONT and BACK (make alike)
Work as given for Pillow A, substituting A for B.
Finishing and Tassels:Work as given Pillow A, substituting A for MC for tassels.

http://www.favecrafts.com/Knit-Afghans/Black-and-White-Afghan-and-Pillow-Set-from-Bernat

Örgü kırlent modeli, örgü yastık modeli, kırlent modelleri

Mum Yapımı

Wrap fragrant pillar candles in homemade paper for a romantic look. Brass hearts add extra romantic appeal. You can vary the look of the paper for different occasions.

Supplies:

• Arnold Grummer's Heart & Flowers Ceramic Casting Mold
• Arnold Grummer's Papermill Complete Kit
• Arnold Grummer's Angel Wings: Multi Color Mix
• Arnold Grummer's Flame Free for Paper Crafts
• Arnold Grummer's Cotton Linter Casting Squares: 2 oz package
• Wastepaper to recycle: pink, white
• Blender
• Dishpan
• Ruler
• Paintbrush
• Craft glue
• Large needle
• Purple metallic ribbon
• 3 small round brads
• 5 brass heart brads
• Pillar candle with concave top

Steps:

1. Follow the instructions in any Arnold Grummer paper making set to make one sheet each of white and pink handmade paper. For botanical look: remove seeds from 1 to 2 Angel Wing petals; add to pulp in blender for last few seconds of blending.
    
2. Make lines on handmade sheets using a ruler and fine paintbrush dipped in water. Tear along the wet lines to make 'torn edge' pieces in these sizes: white - 2 1/2" x 8 1/2" and 3 1/2" x 3 1/2"; pink - 3" x 3".
    
3. Follow directions on Arnold Grummer's Cotton Linter Casting Squares to create heart paper cast. Gently tear excess paper from heart cast to leave a 1/4" torn edge border around image.
    
4. Use craft glue to attach strip of handmade paper around candle, 1/2" up form the bottom of candle. There will be a gap, but the paper cast will cover the gap between ends of the strip.
    
5. Wrap metallic ribbon around the handmade paper strip several times. Secure with craft glue.
    
6. Layer and attach white and pink torn edge paper squares, and paper cast as shown.
    
7. Use a needle to poke holes at top right, bottom right, and bottom left of casting on candle. Insert small round brass brads into holes. Poke four holes around the strip of paper and insert heart brads.
    
8. Attach a ribbon bow to the top left corner. Cut off brad prongs from the remaining heart and secure to the center of the bow with craft glue.

Note: Never leave a burning candle unattended. Pillar candles with concave tops normally do not drip. To prevent wax from dripping, refrigerate candle 1 to 2 hours before burning and keep lit for only 1 to 2 hours at a time. Use Arnold Grummer's FLAME FREE for PAPER CRAFTS on any paper candle wrap used in a display at a restaurant or hall.

http://www.favecrafts.com/Candles-Soap/Paper-Wrapped-Love-Candle

Romantik bir Mum, Mum Yapımı, Mum Resimleri