Posted by
admin on September 29, 2009 |
No commentsThe USA PATRIOT act, Section 326 , applies to customers accounts opened on or after October 1, 2003. It requires banks and other financial institutions to have a Customer Identification Program (CIP) , which will apply to a risk-based approach at verifying customer provided information. The banks and other financial institutions are facing an ever increasing regulatory pressure to improve the Know Your Customer (KYC) programs, which not only confirms the CIP, but the sources and recipients of their funds.
Where many financial institutions are still struggling with the key requirements, like the CIP, many other financial institutions are improving documentation and KYC reviews for accounts opened before October 1, 2003, and match or exceed current practices and databases. This approach is comprehensive and ensures that organizations have a consistent institutional approach to the CIP, which will facilitate reviews in the future. It’s the absence of an effective CIP program that weakens critical components related to databases for certain accounts, which an institution’s anti-money laundering (AML) program, like the enhanced Due Diligence, becomes ineffective and creates a domino effect leading to non-compliance.
An effective Know Your Customer program must ensure that the institution has accurately confirmed CIPs, have properly considered a variety of risk factors and include processes to detect and deter potential suspicious activity. By implementing a KYC remediation project on a frequent basis will better enable a response to issues detected by the internal controls or when a regulatory agency orders an internal review.
KYC remediation projects include the involvement of senior management to establish an appropriate tone by clearly communicating individual responsibilities, priorities and accountability. Apply risk based approaches to monitor, identify and investigate all high-risk accounts. Use case-management technologies to plan a project, track and measure its progress and one that ensures individual accountability. Create tools to immediately identify customers utilizing high-risk products that will result in aggregation of dollar amounts. Finally, document all activities, this should include even the unproductive reviews concerning due diligence. As you can see, an effective KYC program involves a lot more than collecting documents and data, it requires a proactive atmosphere.
Tags: anti-money laundering, Customer Identification Program, Know Your Customer, USA PATRIOT act
Posted by
admin on March 29, 2009 |
No commentsThe government of the United Arab Emirates is working together with local businesses to bring more organic food to the area. Despite the economic slowdown, indicators suggest that the regional market for organic goods is growing. While there are still major hurdles, the outlook is good.
The higher costs associated with organic foods is a problem in the current global econony. An additional problem is Dubai’s location in a large desert. Most organic foods must be flown in and the air miles required to transport the food are a distinct ecological downside.
The government of Dubai has been working to encourage more local farms to begin producing organic crops. The committment to pesticide-free produce is important in a country with the second highest rate of diabetes in the world. To date, over 1400 hectares of farmland have been devoted to organic crops.
Some of the restaurants Dubai are taking advantage of the increased availability of organic foods. With the large hospitality industry in the area, hotels, restaurants, and other food businesses can distinguish themselves from the competition by offering organic and local foods.
There are twenty-four farms across the UAE currently producing organic foods and additional lands are converted every month. The government’s program provides incentives such as discounted machinery to farmers who go organic. They also provide education on the process for converting farmland and the real costs of organic farming.
Salah Abdullah, head of organics at the UAE Ministry of Agriculture and Water explained that organic farming can actually be cheaper. Farmers no long have to purchase artificial fertilizers and those with farm animals have their own ready-made natural fertilizer.
Globally, the organic food market is predicted to reach $70.2 billion (USD) by the end of next year.
Tags: Dubai restaurants, organic farming, organic food, UAE, United Arab Emirates
Posted by
admin on March 14, 2009 |
No commentsLast weekend a boat of foreign divers from Phuket sank of the island’s shore. During bad weather on Sunday night, the boat overturned near the Similan Islands.
Authorities reported on Wednesday that they had located four additional victims from the accident. The bodies were trapped in the boat when it sank. The boat is currently fifty meters below water, making extraction of the bodies difficult. An additional body was found at sea the day before.
Twenty-three individuals survived the accident, however there are still two people missing. Those still missing or unidentified come from Germany, Japan, Austria and Switzerland as well as a boat employee, a cook from Thailand.
Phuket is a popular tourist destination in Thailand comprised of a number of individual islands. It is famed for its beaches and water sports such as scuba diving. During the busy season every five star hotel Phuket is bursting with the rich and famous from around the globe.
Tags: five star hotel, Phuket, Phuket islands, Similan Islands