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Showing 1 to 7 of 7 (0.12 seconds)Spelling suggestions: "subject:"antimoney laundering (AML)"" "subject:"andmoney laundering (AML)""
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Anti-Money Laundering Compliance When Dealing with (Art) NFTsUhink, Konra, Gruel, Hendrik, Neuhaus, Yannick 28 November 2023 (has links)
The article discusses the intersection of anti-money laundering (AML) compliance and the handling of Non-Fungible Tokens (NFTs) under German law or EU law applicable in Germany. It begins by acknowledging the negative perception of cryptocurrencies in the context of money laundering, emphasizing the need to explore AML regulations for NFTs, which have gained attention for tokenizing art. The text delves into the legal nature of NFTs, examining whether they can be classified as securities, asset investments, or crypto assets. It also explores the implications of these classifications on AML compliance, detailing the specific obligations for entities dealing with NFTs. The article concludes by highlighting the legal ambiguity surrounding NFTs and emphasizing the importance of conducting a case-by-case risk assessment for AML compliance.
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A bank’s right to terminate its relationship with its customers in light of reputational riskHayes, Edward Jnr January 2020 (has links)
This dissertation examines a bank’s right to unilaterally terminate its contractual relationship with a customer on the basis of reputational risk. The law of contract allows a bank to terminate the bank-customer agreement when the customer is in serious breach of the contract. Over the years, however, a pattern has started to develop by which a bank can unilaterally terminate the bank-customer relationship of high-risk customers based on reputational risk. Banks are reluctant to facilitate the transactions of individuals surrounded by negative publicity, due to fears of how the bank’s investors, customers or counterparts might perceive the bank.
Compliance with anti-money laundering (AML) and counter financing of terrorism (CFT) requirements, as set out by both domestic and foreign legislation, results in higher costs for the bank. As such, the profitability of a particular bank-customer relationship may ultimately decline to such an extent that the bank rather decides to make an appropriate business decision by terminating the relationship.
Correspondent banking relationships are agreements in terms of which one bank will provide services for another in jurisdictions where the first bank lacks a physical presence. As such, whenever there is a perception that a local bank does not comply with the relevant AML/CFT laws as set out by its domestic legislation, the correspondent bank might decide to terminate its relationship with the local bank, leaving the latter financially excluded from the correspondent banking market. Such a situation would hinder the growth of the South African economy and may also cause a systemic event in the financial industry.
Adequate customer due diligence (CDD) measures assist a bank in formulating a clear understanding of the business of its customers. The information obtained through CDD may also assist the bank in determining the reputation of a particular customer. This information can also assist law enforcement in combatting financial crimes. In this regard, it is recommended that a bank should be able to trace the information that was shared with Financial Intelligence Units (FIUs) and law enforcement agencies, so that the bank may reasonably determine the level of reputational risk involved in the relationship. / Mini Dissertation (LLM)--University of Pretoria, 2020. / Mercantile Law / LLM / Unrestricted
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Evidence skutečných majitelů společnosti s ručením omezeným a akciové společnosti / Records of actual owners of limited liability companies and joint stock companiesGnědin, Arťom January 2018 (has links)
Records of actual owners of limited liability companies and joint stock companies This diploma thesis deals with the records of actual owners of limited liability companies and joint stock companies. The aim of the thesis is to introduce the basics of the institute of records of actual owners and then to discuss its key features and problematic issues associated with it. At the beginning, the thesis outlines the evolution of the institute of records of actual owners, and further evaluates the potential to meet the goals associated with the introduction of the evidence. At the same time, the thesis draws attention to the pitfalls that the records can bring in practice. The thesis also deals with the issues related to the extent of the mandatory information about the actual owner and the issues related to the storage and handling of such information. The thesis leads a discussion to interpret the relevant provisions to keep a balance between the necessary prerequisites for fulfilling the meaning and purpose of the records and the rights of a legal persons. In the following chapters, the thesis focuses on the definition of the actual owner and on the systematization of the ways in which a natural person or group of natural persons can be an actual owner. The thesis interprets the provision defining...
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Money Laundering Detection using Tree Boosting and Graph Learning Algorithms / Detektion av Penningtvätt med hjälp av Trädalgoritmer och GrafinlärningsalgoritmerFrumerie, Rickard January 2021 (has links)
In this masters thesis we focused on using machine learning methods for detecting money laundering in financial transaction networks, in order to demonstrate that it can be used as a complement or instead of the more commonly used rule based systems. The graph learning method graph convolutional networks (GCN) has been a hot topic in the field since they were shown to scale well with data size back in 2018. However the typical GCN models cannot use edge features, which is why this thesis combines the GCN model with a node and edge neural network (NENN) in order to solve this problem. This new method will be compared towards an already established machine learning method for financial transactions, namely the tree boosting method (XGBoost). Because of confidentiality concerns for financial transactions data, the machine learning algorithms will be tested on two carefully constructed synthetically generated data sets, which from agent based simulations resembles real financial data. The results showed the viability and superiority of the new implementation of the GCN model with it being a preferable method for connectivly structured data, meaning that a transaction or account is analyzed in the context of its financial environment. On the other hand the XGBoost method showed better results when examining transactions independently. Hence it was more accurately able to find fraudulent and non fraudulent patterns from the transactional features themselves. / I detta examensarbete fokuserar vi på användandet av maskininlärningsmetoder för att detektera penningtvätt i finansiella transaktionsnätverk, med målet att demonstrera att dess kan användas som ett komplement till eller i stället för de mer vanligt använda regelbaserade systemen. Grafinlärningsmetoden \textit{graph convolutional networks} (GCN) som har varit ett hett ämne inom området sedan metoden under 2018 visades fungera bra för stora datamängder. Däremot kan inte en vanlig GCN-modell använda kantinformation, vilket är varför denna avhandling kombinerar GCN-modellen med \textit{node and edge neural networks} (NENN) för att mer effektivt detektera penningtvätt. Denna nya metod kommer att jämföras med en redan etablerad maskininlärningsmetod för finansiella transaktioner, nämligen \textit{tree boosting} (XGBoost). På grund av sekretessanledningar för finansiella transaktionsdata var maskininlärningsalgoritmerna testade på två noggrant konstruerade syntetiskt genererade datamängder som från agentbaserade simuleringar liknar riktiga finansiella data. Resultaten visade på applikationsmöjligheter och överlägsenhet för den nya implementationen av GCN-modellen vilken är att föredra för relationsstrukturerade data, det vill säga när transaktioner och konton analyseras i kontexten av deras finansiella omgivning. Å andra sidan visar XGBoost bättre resultat på att examinera transaktioner individuellt eftersom denna metod mer precist kan identifiera bedrägliga och icke-bedrägliga mönster från de transnationella funktionerna.
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銀行業防制洗錢及打擊資恐機制之實務探討 / A Study on the Practice of Anti-Money Laundering and Counter-Terrorism Financing of Banking Sector謝雪妮, Hsieh, Hsueh-Ni Unknown Date (has links)
本國為因應2018年亞太防制洗錢組織（APG）相互評鑑事宜，相關單位陸續參照國際規範，如防制洗錢金融行動工作組織（FATF）2012年發布之「防制洗錢及打擊資恐與武器擴散國際標準40項建議」、巴塞爾銀行監理委員會(BCBS)2014年發布之「健全有關防制洗錢及打擊資恐之風險管理」文件等，以及他國作法進行有關防制洗錢及打擊資恐法制規約、監管措施及自律規範等之修正，並促請義務機構強化執行，以期順利通過第三輪相互評鑑。
銀行向為洗錢及資恐犯罪喜好之金流管道，基於銀行提供之金融服務具安全性、便利性及多元化、全球化等優點，不僅吸引一般金融消費者與銀行緊密往來，亦同時受到不良分子之青睞，致金融體系資源易遭不當利用。銀行為金融體系之核心主體，負有防制洗錢及打擊資恐之義務與責任，本文爰就銀行業防制洗錢及打擊資恐實務切入，針對本國銀行應採行之因應措施基本架構進行探討。
本文將先介紹FATF之評鑑流程及方法論，以立下銀行進行防制洗錢及打擊資恐工作之目標，復就達成前開目標為方向，引述金融機構防制洗錢及打擊資恐機制之國際標準，繼而回歸國內外對銀行實際作為之法規要求，試行建構銀行防制洗錢及打擊資恐基本機制，末則就銀行於執行面可改善空間提出重點觀察建議。
隨著工業4.0、Bank3.0及Fintech（金融科技）之快速演進，銀行客戶樣貌及交易型態正在改變，健全防制洗錢及打擊資恐機制是所有銀行業共同面臨之進階版挑戰，本文謹提出銀行機制基本實務報告，俾作為開展細緻化措施之參考。另本文為一般性原則之探討，並非針對特定機構主體之描述，併此敘明。 / For the Mutual Evaluation which will be conducted by the Asia/Pacific Group on Money Laundering (APG) in 2018, basing on the following consulting international norms, such as “International Standards on combating Money Laundering and the Financing of Terrorism & Proliferation (The FATF Recommendations)” published by Financial Action Task Force (FATF) in 2012, “Sound management of risks related to money laundering and financing of terrorism” published by Basel Committee on Banking Supervision (BCBS) in 2014 and foreign advanced practices, the Taiwan authorities have amended the legal system, laws and regulations, supervision measures and self-disciplines referred to Anti-Money Laundering (AML) and Counter-Terrorism Financing(CTF). Meanwhile, every relevant entity is enhancing the prevent measures and internal control on AML/CFT (Counter-Financing of Terrorism) as well. The satisfactory result of the Third Round Mutual Evaluation will be expected.
As people know, the banks are always the favorite cash flow channel of money laundering and terrorism financing, since the banks provide the financial services with advantages of safety, convenience, diversification and globalization, etc. Both general financial customers and criminals on ML/FT are attracted to make transactions with the banks. Thus, the financial system’s resources could be utilized improperly. Due to the role of the core of financial system, the banks should take the responsibility and bear the liability of Anti-Money Laundering and combating the financing of terrorism. In this paper, the primary framework on AML/CFT of domestic banks will be outlined according to the real practice.
First, this paper has an introduction of mutual evaluation process and methodology in order to set the goal related to AML/CFT of the bank. Next, the model practices of international standards are presenting to achieve the goal for references. Then, this paper will focus on domestic and foreign regulatory requirements on banking, and try to construct the bank’s primary internal system of AML/CFT. Finally, there are some observations of the bank’s performance related to this issue.
With the rapid evolution of Industry 4.0, Bank 3.0 and Fintech, the customers’ financial behaviors and transaction types are changing. Therefore, to keep sound internal system of AML/CFT is an advanced challenge to all the banks. This paper is trying to set a primary framework on AML/CFT of domestic banks, and to be taken reference for banks to start developing appropriate prevent measures. In addition, the statement of this paper is an approach to general principles, not indicating any specific institution.
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Legal and regulatory aspects of mobile financial servicesPerlman, Leon Joseph 11 1900 (has links)
The thesis deals with the emergence of bank and non-bank entities that provide a range of unique
transaction-based payment services broadly called Mobile Financial Services (MFS) to unbanked,
underserved and underbanked persons via mobile phones.
Models of MFS from Mobile Network Operators (MNOs), banks, combinations of MNOs and banks, and
independent Mobile Financial Services Providers are covered. Provision by non-banks of ‘bank-type’
services via mobile phones has been termed ‘transformational banking’ versus the ‘additive banking’
services from banks. All involve the concept of ‘branchless banking’ whereby ‘cash-in/cash out’ services
are provided through ‘agents.’
Funds for MFS payments may available through a Stored Value Product (SVP), particularly through a
Stored Value Account SVP variant offered by MNOs where value is stored as a redeemable fiat- or mobile
‘airtime’-based Store of Value.
The competitive, legal, technical and regulatory nature of non-bank versus bank MFS models is discussed,
in particular the impact of banking, payments, money laundering, telecommunications, e-commerce and
consumer protection laws. Whether funding mechanisms for SVPs may amount to deposit-taking such that
entities could be engaged in the ‘business of banking’ is discussed. The continued use of ‘deposit’ as the
traditional trigger for the ‘business of banking’ is investigated, alongside whether transaction and paymentcentric
MFS rises to the ‘business of banking.’
An extensive evaluation of ‘money’ based on the Orthodox and Claim School economic theories is
undertaken in relation to SVPs used in MFS, their legal associations and import, and whether they may be
deemed ‘money’ in law.
Consumer protection for MFS and payments generally through current statute, contract, and payment law
and common law condictiones are found to be wanting. Possible regulatory arbitrage in relation to MFS in
South African law is discussed.
The legal and regulatory regimes in the European Union, Kenya and the United States of America are
compared with South Africa. The need for a coordinated payments-specific law that has consumer
protections, enables proportional risk-based licensing of new non-bank providers of MFS, and allows for a
regulator for retail payments is recommended. The use of trust companies and trust accounts is
recommended for protection of user funds.
| vi / Public, Constitutional and International Law / LLD
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Legal and regulatory aspects of mobile financial servicesPerlman, Leon Joseph 11 1900 (has links)
The thesis deals with the emergence of bank and non-bank entities that provide a range of unique
transaction-based payment services broadly called Mobile Financial Services (MFS) to unbanked,
underserved and underbanked persons via mobile phones.
Models of MFS from Mobile Network Operators (MNOs), banks, combinations of MNOs and banks, and
independent Mobile Financial Services Providers are covered. Provision by non-banks of ‘bank-type’
services via mobile phones has been termed ‘transformational banking’ versus the ‘additive banking’
services from banks. All involve the concept of ‘branchless banking’ whereby ‘cash-in/cash out’ services
are provided through ‘agents.’
Funds for MFS payments may available through a Stored Value Product (SVP), particularly through a
Stored Value Account SVP variant offered by MNOs where value is stored as a redeemable fiat- or mobile
‘airtime’-based Store of Value.
The competitive, legal, technical and regulatory nature of non-bank versus bank MFS models is discussed,
in particular the impact of banking, payments, money laundering, telecommunications, e-commerce and
consumer protection laws. Whether funding mechanisms for SVPs may amount to deposit-taking such that
entities could be engaged in the ‘business of banking’ is discussed. The continued use of ‘deposit’ as the
traditional trigger for the ‘business of banking’ is investigated, alongside whether transaction and paymentcentric
MFS rises to the ‘business of banking.’
An extensive evaluation of ‘money’ based on the Orthodox and Claim School economic theories is
undertaken in relation to SVPs used in MFS, their legal associations and import, and whether they may be
deemed ‘money’ in law.
Consumer protection for MFS and payments generally through current statute, contract, and payment law
and common law condictiones are found to be wanting. Possible regulatory arbitrage in relation to MFS in
South African law is discussed.
The legal and regulatory regimes in the European Union, Kenya and the United States of America are
compared with South Africa. The need for a coordinated payments-specific law that has consumer
protections, enables proportional risk-based licensing of new non-bank providers of MFS, and allows for a
regulator for retail payments is recommended. The use of trust companies and trust accounts is
recommended for protection of user funds.
| vi / Public, Constitutional and International Law / LL. D.
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