KYC procedures are the underlying principles for recognizing unusual and suspicious transactions or instructions. These transactions or instructions would be inconsistent with a normal customer's transactions or attitudes.
Describe what constitutes "suspicious activity" for a bank customer and a corporate customer.
Describe a real-life money laundering scheme that involved layering, placement, and integration.
Describe what those terms mean and how they are used in money laundering. How was the money launderer caught?
Describe the red flags.
Could the launderer have been caught before most of the crime was committed?
Money Laundering is a crime whereby the proceeds of an unlawful activity are transacted or attempted to be transacted to make them appear to have originated from legitimate sources (http://www.amlc.gov.ph/amla.html). In a simple term, money laundering may be considered as cleaning dirty money.
To avoid being an instrument of this illegal activity, a bank or a corporation must apply the highest level of due diligence to the following suspicious activities as indicated by the AMLC (Anti -money Laundering Commission): http://www.amlc.gov.ph/amla.html
1. Single transactions in cash or other equivalent monetary instrument involving a total amount in excess of a certain amount identified in the AMLA (Five Hundred Thousand (P500, 000) Pesos or equivalent currency in another country) within one (1) banking day.
2. Suspicious transactions or transactions with covered institutions, regardless of the amounts involved, where any of the following circumstances exists:
- there is no underlying legal/trade obligation, purpose or economic justification and the client is not properly identified;
- the amount involved is not commensurate with the business or financial capacity of the client;
- the transaction is structured to avoid being the subject of reporting ...
This solution helps with problems regarding transactions or instructions.
Case Study: Google in China and the Chinese business negotiation process
See attached files.
Review the case study of Ericsson's negotiations with the Chinese telecommunications organisations. Drawing on the topics and theories that you have studied in this course, write a Discussion posting that describes what Ericsson did that was effective and what it did that was ineffective in its approach to cross-cultural management. In explaining your answer, make specific reference to at least two of the following cultural dimensions: communication, ethics, relationships, marketing, human resource management, and cultural characteristics (using any of the models that you have studied) specific to the Swedish or Chinese culture.
Please see the link below to the TI corruption index which should help with the DQ in this final week.
http://www.transparency.org/policy_research/surveys_indices/cpi/2010View Full Posting Details