Psy 101 final term papers

Restrictions were placed on accounts and foreign banks. It prohibited shell banks that are not an affiliate of a bank that has a physical presence in the . or that are not subject to supervision by a banking authority in a non-. country. It also prohibits or restricts the use of certain accounts held at financial institutions. [49] Financial institutions must now undertake steps to identify the owners of any privately owned bank outside the . who have a correspondent account with them, along with the interests of each of the owners in the bank. It is expected that additional scrutiny will be applied by the . institution to such banks to make sure they are not engaging in money laundering. Banks must identify all the nominal and beneficial owners of any private bank account opened and maintained in the . by non-. citizens. There is also an expectation that they must undertake enhanced scrutiny of the account if it is owned by, or is being maintained on behalf of, any senior political figure where there is reasonable suspicion of corruption . [50] Any deposits made from within the . into foreign banks are now deemed to have been deposited into any interbank account the foreign bank may have in the . Thus any restraining order , seizure warrant or arrest warrant may be made against the funds in the interbank account held at a . financial institution, up to the amount deposited in the account at the foreign bank. [51] Restrictions were placed on the use of internal bank concentration accounts because such accounts do not provide an effective audit trail for transactions, and this may be used to facilitate money laundering. Financial institutions are prohibited from allowing clients to specifically direct them to move funds into, out of, or through a concentration account, and they are also prohibited from informing their clients about the existence of such accounts. Financial institutions are not allowed to provide any information to clients that may identify such internal accounts. [52] Financial institutions are required to document and follow methods of identifying where the funds are for each customer in a concentration account that co-mingles funds belonging to one or more customers.

Psy 101 final term papers

psy 101 final term papers

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psy 101 final term paperspsy 101 final term paperspsy 101 final term paperspsy 101 final term papers