Rupam's Acams

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Difference between FATF vs. FTF

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Financial Action Task Force vs. Foreign Terrorist Fighter

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Straw Purchase meaning

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A straw purchase or nominee purchase is any purchase wherein an agent agrees to acquire a good or service for someone who is unable or unwilling to purchase the good or service themselves, and the agent transfers the goods or services to that person after purchasing them.

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NPO stands for

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Non-Profit Organization

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What is Charity Commission

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They are the regulator of charities in England and Wales and maintain the charity register

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HM Treasury (HMT)

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Her Majesty's Treasury, sometimes referred to as the Exchequer, or more informally the Treasury, is the British government department responsible for developing and executing the government's public finance policy and economic policy.

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HMT maintains a consolidated list of Designated Persons that are subject to financial sanctions applied by the...

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United Nations, European Union and United Kingdom.

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What is FCA

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Financial Conduct Authority. The Financial Conduct Authority is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry.

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What is FINRA?

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Financial Industry Regulatory Authority. In the United States, the Financial Industry Regulatory Authority, Inc. (FINRA) is a private corporation that acts as a self-regulatory organization (SRO). FINRA is the successor to the National Association of Securities Dealers, Inc. (NASD) and the member regulation, enforcement, and arbitration operations of the New York Stock Exchange. It is a non-governmental organization that regulates member brokerage firms and exchange markets. The government agency which acts as the ultimate regulator of the securities industry, including FINRA, is the Securities and Exchange Commission.

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What is SEC?

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The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government. The SEC holds primary responsibility for enforcing the federal securities laws, proposing securities rules, and regulating the securities industry, the nation's stock and options exchanges, and other activities and organizations, including the electronic securities markets in the United States.

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What is Spoofing?

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In the context of information security, and especially network security, a spoofing attack is a situation in which a person or program successfully masquerades as another by falsifying data, to gain an illegitimate advantage. Spoofing, in general, is a fraudulent or malicious practice in which communication is sent from an unknown source disguised as a source known to the receiver. Spoofing is most prevalent in communication mechanisms that lack a high level of security.

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What is CRS?

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The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding bank accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development(OECD) developed in 2014.Its purpose is to combat tax evasion. The idea was based on the US Foreign Account Tax Compliance Act (FATCA) implementation agreements and its legal basis is the Convention on Mutual Administrative Assistance in Tax Matters. 97 countries had signed an agreement to implement it, with more countries intending to sign later. First reporting occurred in 2017, with many of the rest starting in 2018.

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What is ECOFEL?

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Egmont Centre of FIU Excellence and Leadership (ECOFEL). ECOFEL has been created as an engine and hub to further assist FIUs as they strive towards effectiveness and excellence. ECOFEL’s goal is to protect, position and promote FIUs within their national systems as well as internationally.

ECOFEL has been active since April 2018 and is an operational arm of the Egmont Group’s Technical Assistance and Training Working Group (TATWG). It is fully integrated in the Egmont Group and located within the Egmont Group Secretariat in Canada.

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What is Egmont Group?

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The Egmont Group is a united body of 159 Financial Intelligence Units (FIUs). The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing (ML/TF).

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What is APG?

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The Asia/Pacific Group on Money Laundering is an inter-governmental organisation, consisting of 41 member jurisdictions, focused on ensuring that its members effectively implement the international standards against money laundering, terrorist financing and proliferation financing related to weapons of mass destruction.

http://www.apgml.org/about-us/page.aspx?p=91ce25ec-db8a-424c-9018-8bd1f6869162

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What is FinCEN?

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Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. The Director of FinCEN is appointed by the Secretary of the Treasury and reports to the Treasury Under Secretary for Terrorism and Financial Intelligence. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.FinCEN carries out its mission by receiving and maintaining financial transactions data; analyzing and disseminating that data for law enforcement purposes; and building global cooperation with counterpart organizations in other countries and with international bodies.FinCEN exercises regulatory functions primarily under the Currency and Financial Transactions Reporting Act of 1970, as amended by Title III of the USA PATRIOT Act of 2001 and other legislation, which legislative framework is commonly referred to as the "Bank Secrecy Act" (BSA). The BSA is the nation's first and most comprehensive Federal anti-money laundering and counter-terrorism financing (AML/CFT) statute.

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What is Yates Memo?

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On September 9, 2015, Deputy Attorney General of U.S. Department of Justice's Sally Quillian Yates issued a memorandum entitled, “Individual Accountability for Corporate Wrongdoing” to guide department attorneys when handling corporate matters. The memo outlined six significant steps in Department policy in order to ensure that corporate investigations are handled consistently across the department: To be eligible for any cooperation credit, corporations must provide the Department all relevant facts about individuals involved in corporate misconduct;Both criminal and civil corporate investigations should focus on individuals from the inception of the investigation;Criminal and civil attorneys handling corporate investigations should be in routine communication with one another;Absent extraordinary circumstances, no corporate resolution should provide protection from criminal or civil liability for any individuals;Corporate cases should not be resolved without a clear plan to resolve related individual cases; andCivil attorneys should evaluate whether to bring suit against an individual based on considerations beyond that individual’s ability to pay.

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What is a Junket operator?

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Junket operators reach out to wealthy gamblers directly and lure them to Macau or other Casinos by offering luxury travel and accommodation promotions and other personalized services. In essence, junkets are responsible for a large portion of the casinos' VIP revenue.

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What is TBML?

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Financial Action Task Force (FATF) defines Trade Based Money Laundering (TBML) as “the process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimise their illicit origin.” Trade based money laundering schemes often rely on the complexity of global trade as a means of obscuring the true origin of the funds. Proceeds of trade based money laundering can move through financial systems as straight “buyer to seller payments” (open account), or possibly through bank trade services such as letters of credit, documentary collections, etc.Common Practices in TBML SchemesA few common techniques used in TBML are over and under invoicing for goods and services. This scheme involves collusion between buyer and seller, often working for subsidiaries of the same parent company. In instances of over invoicing, seller will invoice buyer for a price above fair market value, resulting in increased value for the seller. Conversely, a scheme involving under invoicing would see the seller invoice the buyer for goods at a price below market value, allowing the buyer to resell the goods and receive an additional profit for the difference between fair market value and purchase price paid.Another common technique is phantom shipments, which occurs when the exporter invoices the buyer for goods that are not sent. The buyer, working in collusion with the exporter, will make payments on the good as if they had been shipped and received, by creating and sending false transport documents.Finally, false description of goods or services is a commonly used scheme. In this scheme, inexpensive goods can be invoiced as expensive goods, thus causing more money to be transferred than would occur in a legitimate transaction.

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Who are High roller?

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A high roller, also referred to as a whale, is a gambler who consistently wagers large amounts of money. High rollers often receive lavish "comps" from casinos to lure them onto the gambling floors, such as free private jettransfers, limousine use and use of the casinos' best suites. Casinos may also extend credit to a player to continue betting, offer rebates on betting turnover or losses, and salaries of employees may also contain incentive arrangements to bring in high rollers.

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https://en.m.wikipedia.org/wiki/High_roller

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How down trading used in used car dealership?

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Down trading means to trade something in (such as an automobile) for something less expensive or valuable of its kind. In case of ML the difference will be taken out as Cheque issued by the dealer.