The Practice and Importance of Knowing Your Customer

In today’s world of business and international transactions, the importance of the ‘know your customer’ concept is becoming increasingly important.  Corruption has been addressed and combated throughout history, and with the advances made in the world of technology, this has become an element that companies must not overlook, and must continue to educate themselves about.  This involves the thorough practice of due diligence, by all members of the workforce.  This has become standard practice for the financial institutions, not only in the United States but throughout the entire world.  Clients, their intentions, and their actions must be identified.

This is in large part due the last few decades of the rise in terrorist activities and in the continued growth in the various ways to go about conducting the crimes of money laundering, bribery and extortion.  This has been an … Read the rest

Regulatory Compliance and the Gramm-Leachy Bliley Act

The Gramm-Leachy Bleley Act or the GLBA was passed ten years ago, in 1999 by the United States Senate.  This was an act that was created in order to facilitate a reform of financial institutions and the services in which they provide.  This was the brainchild of the Texas Senator, Phil Gramm.  Gramm set out to ensure that the services that were, and now are, being offered by the banking industry had a framework, a regulatory compliance guideline, from which to work.

This act extends to the firms and other financial providers along with the business conducted by the banks themselves.  The goal was to modernize the world of financial transactions and services and to put and end to the merger of insurance companies, banks and stock broker firms.  The removal of the policies and the regulations was … Read the rest

The Combined Efforts of Government Agencies

The U.S. Patriot Act was signed into law along with the Executive Order 13224, both of which grant new means and tools to enforcement agencies which are intended to assist in the combat against terrorism.  The law holds the financial institutions to responsibilities that they did not have previously.  Banks and financial institutions world wide are now required to monitor new and pre-existing accounts and clients, and they must share information they learn about their clients with other financial institutions as well as with the United States Government.  Transactions are forbidden with shell banks.  Shell banks are institutions that are not physical institutions.  Some shell banks are under the provision of banks that do exist physically in the United States, this is the only exception.  Foreign banks must also comply to the rules and regulations of the U.S. Patriot Act.  … Read the rest

Door Locks, the Perfect Deterrent to Home Burglary

According to law enforcement statistics, an average thief will not spend too much time trying to break into a house, up to five minutes perhaps, before moving on to the next location.  The main consideration is in the door locks.  A secure lock will give a burglar pause, to wonder just how worth it, it is to risk taking the time and the possible chance of getting caught in the act.  According to statistics and facts, most burglaries occur during the daylight hours, when many people are at work.  However, even though most are at work during these times, not everyone is, so the thief must practice effective time management in order to get in and get out without raising suspicion.

There are many steps one may take to create a more secure home.  For starters, the moment one moves … Read the rest