AML Task Force Group II:
CDD Module for RELJJ Bank
At RELJJ Bank, we are committed to customer satisfaction and ensuring that our customers banking activities are both private and safe for all parties involved. The banking institution community has evolved over the last decades thanks to the introduction of the internet and exposure to the national and international banking markets. As a standard procedure, our system of Customer Due Diligence (CDD) is updated every few years in order to stay in compliance and up-to-date with changing laws and regulations. The following report contains our company 's objectives of CDD, the risks and gaps in the processes, and recommendations.
OBJECTIVES OF CDD
Customer identity verification is a key component to maintaining an effective CDD program. Not only can a CDD module combat money laundering and fraud, but it can also help a firm gain insight to who their customers are and build lasting relationships. CDD completes the life cycle assessment and re-assessment of the customer risk which is the part of Know Your Customer (KYC) applicant on boarding and ongoing CDD processes which allows the firms to identify, manage, and mitigate customer-related risks. CDD helps the firm in ensuring consistency, improving efficiency and enhancing quality of AML programs. It also provides business value with customer centric approach.
Customer Identification Program
Our Customer Identification Program is composed of three points: acknowledge, verify, and engage.
Acknowledge Your Customer
Acknowledging your customer is the first step to a successful Customer Identification Program. During th...
... middle of paper ...
...s composed of 3 parts- acknowledges, verify and engage and KYC have been discussed.
This report has updated our CDD measures to detect and prevent money laundering or terror financing and be aware of all the known and unknown risks involved without CDD. Proper CDD will add substantial business value and ensure that the decisions about the customers, their past, present, and future account transactions are made on a well-informed basis. If we look at the J.P. Morgan Chase Bank example being discussed in the report, we can see how they did not identify the key requirements of the CDD and suffered million dollars loss.
BSA/AML. http://www.bankersonline.com/security/bsapenaltylist.html. 2011. BSA/AML Penalties List.
THE ECONOMIST. 11 01 2014. internet link. 14 01 2014.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Table of Contents ACKNOWLEDGEMENT 2 EXECUTIVE SUMMARY 3 INTRODUCTION 4 About Company 4 BODY 5 PERSONNEL MANAGEMENT 5 HUMAN RESOURCE MANAGEMENT 6 CAUSES OF PERSONNEL MANAGEMENT INTO TRANSFORMING TO HUMAN RESOURCES MANAGEMENT 8 CONCLUSION 9 EXECUTIVE SUMMARY This project assignment has been finished to fulfill the requirement for the module title : People Management. It is an individual group assignment. From this assignment we will know about the differences between Personnel Management and Human Resources Management.... [tags: employees, efficient, creativity]
1592 words (4.5 pages)
Accessing Finance From Conventional Financial Institutions And The International Finance Corporation
- Difficulty in Accessing Finance SMEs globally face difficulty in accessing finance from conventional financial institutions and the International Finance Corporation and World Bank efforts at improving the finance problems of SMEs reveals that different environment face contextual finance problems requiring home-grown, tailor made strategies to manage and overcome this predicament. SMEs in the two continents find it very difficult to access loans from the banks; most credit officers lack an in-depth understanding of SMEs business cycles, and averse to lending to them.... [tags: Unemployment, Economics, Lagos, Bank]
1262 words (3.6 pages)
- The event I attended was the Opiate Task Force Meeting and was located at the Cuyahoga Public Health Department in Parma, Ohio on April 26, 2016. I chose this event to help tie in the subject of opiate addiction in Cuyahoga County and the high drug use from East Cleveland in my Windshield survey. I wanted to hear what was happening on the other end, the “helping” portion for the addicts. The mission of the Opiate Task Force is “To serve the residents of Cuyahoga County by actively working to raise public awareness, promote community action, and provide education related to the dangers and devastating effects of drug abuse.” (Cuyahoga County Opiate Task Force, n.d.).... [tags: Drug addiction, Addiction, Heroin, Morphine]
1306 words (3.7 pages)
- The Internet Engineering Task Force (IETF) is an open international community with no formal membership, it is composed for network designers, operators, vendors, and researchers. The main goal is study, analyze, and develop the evolution of the Internet architecture as well as the smooth operation of the Internet. It is open to any interested individual. The Internet Engineering Task Force (IETF) Mission Statement is documented in RFC 3935 which essentially is to make the Internet work better. The IETF (Internet Engineering Task Force) is responsible for the analysis and development of the different protocols used in IP-based networks.... [tags: OSI model, Ethernet, Logical Link Control]
1163 words (3.3 pages)
- The source I read was A Time Bomb Inside of You which involves the testimony of three representatives from social service organizations in 1983. The three representatives that provided testimony against Reagan and his administration for their lack of response to AIDS are Virginia M. Apuzzo (Executive Director of National Gay Task Force), Alan Brownstein (Executive Director of National Hemophilia Foundation), and Mel Rosen (Gay Men’s Health Crisis). AIDS was initially thought to be associated with only gay men but other groups were also affected.... [tags: Homosexuality, LGBT, AIDS, Gay]
821 words (2.3 pages)
- Defining Inclusion Module 2 Task 2a Inclusion, what does it really mean. Why is it used in the classroom today. How is it used. In this paper, I will discuss my understanding of inclusion, what it might look like in my classroom, and give a few of the positives and negatives that I consider important to know. An important fact to note is that inclusion is rooted in the “Individuals with Disabilities Education Act” (IDEA) where the student with disabilities are to be educated in the least restrictive environment (LRE).... [tags: Education, Special education]
859 words (2.5 pages)
- Joint Terrorism Task Force What it is A Joint Terrorism Task Force, or JTTF, is an anti-terrorist program formed by various law enforcement agencies that include: Federal Bureau of Investigation, Department of Homeland Security, U.S Coast Guard Investigative Service, U.S Immigration and Customs Enforcement, U.S Customs and Border Protection, the Transportation and Security Administration, U.S Secret Service, Department of State Diplomatic Security Service, state and local law service, and specialized agencies such as the railroad police.... [tags: anti-terrorist programs, law enforcement agencies]
624 words (1.8 pages)
- Our task force, Generation-X, is working to solve the invariant problem, retention, affecting many first-generation students here at the University of Florida by improving upon it through our campus resources. One resource in particular that is not commonly taken advantage of is the Counseling and Wellness Center. The Counseling and Wellness center is the main “provider of counseling, mental health, and psychiatric services for UF students” (https://www.counseling.ufl.edu/cwc/Our-mission.aspx).... [tags: University, Student, Anxiety, College]
1140 words (3.3 pages)
- In my second interview I would like to introduce Mike Taylor of the Romulus police department task force division. Mike is 25 years old and has no kids, he has a K9 that is his partner and works with him only a daily basis at work. Mike was born and raised in Jacksonville, Florida but moved to Romulus to be with his family that lived in the area. Shortly after arriving in Romulus mike started taking criminal justice classes at Wayne State University, About two years later mike graduated from Wayne state and earned his Associate 's degree in criminal justice.... [tags: Police, Crime, Criminal justice]
806 words (2.3 pages)
- Conventional warfare follows the single battle concept, where two or more well defined forces using weapons that target the opposing force. The contiguous battle-space is well defined with a deep, close and rear area allowing the force commander to array forces that can be visually displayed in a linear graphic. This does not hold true in an unconventional warfare, where the rear area may also be the close and deep fight and forces may target the civilian population either through direct, indirect or propaganda attacks.... [tags: Warfare]
1376 words (3.9 pages)
- Leadership Theories For Group Leadership
- Are We Raising A Generation Of Deluded Capitalists?
- `` Hills Like White Elephants `` By Ernest Hemingway And Gilman Inserts Female Characters
- What Would Be A Better Way Of Starting The Second Part Of The Best?
- Issues That Affect Criminal 's Families
- Sexual Orientation And Race : The United States Equal Employment Opportunity Commission