Money laundering, at its simplest, is the act of making money that comes from Source A look like it comes from Source B. In practice, criminals are trying to disguise the origins of money obtained through illegal activities so it looks like it was obtained from legal sources. Otherwise, they can't use the money because it would connect them to the criminal activity, and law-enforcement officials would seize it. ¬The most common types of criminals who need to launder money are drug traffickers, embezzlers, corrupt politicians and public officials, mobsters, terrorists and con artists.
Priority Banking –A business unit of the Consumer Banking Division, of Standard Chartered Bank. Its business is that of managing the liability accounts of customers who hold deposit account balances over a threshold limit. The dedicated service managers provide enhanced and personalized services, while the Relationship Managers focuses on providing value add by managing the savings, current and term deposit accounts and the investment advisory proposition to the captive group of clients. This seems to be both a “service retention” and “service sales policy” adopted by the Bank. In addition it seems an attrition prevention and “new to bank” customer acquisition, methodology; given the competitive environment of the Banking Industry today. It needs to be kept in mind that the unit is a part of a Bank, providing financial throughput, involving large sums of money, hence a need for laws and practices that are regulated, standardized, and transparent ; to evoke trust in individuals and non-individuals who choose to avail of their services.
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[...] Free Personalized Self Carbonising At PAR cheque book KEY ANTI MONEY LAUNDERING PRACTICES IN PRIORITY BANKING UNIT OF STANDARD CHARTERED BANK (BASED ON KNOW YOUR CUSTOMER, APPROACH) 1. Know your customer at the time of account opening Monitoring customer transactions daily 3. Study trends in customer account behavior Standardized diary notes on customers. 1.KNOW YOUR CUSTOMER AT THE TIME OF ACCOUNT OPENING: The Priority Banking unit captures basic customer information at the time of account opening itself namely 1. Name Date of Birth / Date of Incorporation Address Permanent and mailing Introducer if any Registration of PAN / Registrations if any Requirements for Cheque Books, Internet Banking, Debit Card , Credit Card , Loans , e statements Educational Qualification, Occupation, Nature of Work/ Business Sources and value of Income / Revenue Value and Volume of Transactions in the stated account on a monthly basis. [...]
[...] Establish clear lines of internal accountability, responsibility and reporting Document, implement and maintain relevant local procedures and controls Verify the identity of customers Retain adequate identification, account opening and transaction records Refuse transactions where there is doubt or suspicion with regard to the legitimacy of the source of funds involved Report suspicious transactions promptly and to the relevant authorities, as required Raise staff awareness of money laundering issues and provide relevant staff training on money laundering prevention Provide information as required to relevant government and law enforcement agencies Support the anti-money laundering efforts of government, law enforcement agencies and international bodies such as FATF Report on and review money laundering issue on a regular basis , at senior management level IDENTIFYING YOUR CUSTOMER The first step in protecting our business from money laundering is to ensure that we know the clients with whom we are dealing. [...]
[...] My aim is basically to understand the money laundering prevention program followed by the standard chartered bank in its Priority banking division, keeping in mind the different segment of customers and the products being offered to them and also understanding how each step in this process helps the banks in safeguarding themselves against the risks of money laundering. INTRODUCTION . A bank's success lies in its ability to assume and aggregate risk within tolerable and manageable limits”. The future of banking will undoubtedly rest on risk management dynamics. [...]
[...] Money Laundering Issues In all, the training and information received by relevant staff needs to cover quite a wide range of money laundering issues. Customer identification KYC 'Know Your Customer' information Recognizing suspicious transactions Reporting suspicious transactions Using national and international findings on material deficiencies Identity and responsibilities of Country and Business MLPOs and Group MLROs Group anti-money laundering Policy and Standards Role and responsibilities of staff in relation to anti-money laundering Anti-money laundering procedures and controls for their business Local law relating to money laundering Consequences of non-compliance and / or breaches of local law Use Of Official Findings Standards for Money Laundering Prevention Some countries around the world set very high legal and regulatory standards for money laundering prevention. [...]
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