08 November 2022  

Trade-Based Money Laundering

Trade-Based Money Laundering – In a Nutshell

This video, in collaboration with Arab Bank (Switzerland) Lebanon S.A.L. summarizes the concept of Trade-Based Money Laundering and shows its most common techniques.

#compliance #aml #amlcompliance #marijosamneh #inanutshellbymj
28 September 2022  

Cross Border – New Collaboration

Cross Border – In Collaboration with Indigita SA
 
I am proud to announce my collaboration with Indigita SA a leading Swiss regulatory technology company, that is using the power of digitization to help Financial Institutions apply the relevant rules and provide them with guidance.
 
Ingigita’s e-Learning solutions is an easy tool containing cross border and compliance training. 
 
#inanutshellbymj #collaboration #marijosamneh #compliance #crossborder
26 September 2022  

September 26 is Compliance Officers’ Day

The Compliance function is primarily in charge of ensuring that business is carried out diligently, fairly and equitably in the overriding interests of clients and market integrity.
Therefore it is the line of defense protecting both Customers and the Institution.
30 August 2022  

Three Type of Sanctions – In a Nutshell

Types of Sanctions
Comprehensive Sanctions: These types of sanctions are usually applied to countries.
They prohibit institutions from dealing with certain countries, however, some exceptions concerning humanitarian aid may take place.
Sectoral Sanctions: Under this type of sanction, dealing with a country in a specific sector is prohibited, i.e. energy, petroleum, arms, etc.
However, it is permissible to deal with the targeted state in other sectors.
Targeted Sanctions: This type of sanction usually applies to individuals, entities, and groups, due to committing acts related to Money Laundering or Terrorism Financing.
 
06 July 2022  

CBI & RBI – In a Nutshell

CBI & RBI
“Citizenship by Investment” (CBI) and “Residence by Investment” (RBI) schemes are offered by a number of jurisdictions to foreign individuals wishing to obtain a citizenship or residence on the basis of local investments or against a flat fee.
CBI/RBI can be misused to undermine the Common Reporting Standard (CRS).
This occurs when a customer claims to be resident for tax purposes of the CBI/RBI jurisdiction to a Bank, instead of his/her real jurisdiction.
He/she can provide the Bank with supporting documentation issued under the CBI/RBI scheme, such as “certificate of residence”, or “passport”.

#compliance #bankingindustry #crs #inanutshellbymj #marijosamneh

29 June 2022  

Payable Through Account – by Marijo Samneh

Payable Through Account (PTA) – In a Nutshell

In some correspondent relationships, the respondent bank’s customers are permitted to conduct their own transactions, directly with the correspondent bank, without clearing these transactions through the respondent bank. These arrangements are called Payable Through Accounts (PTA)

PTA activities are very High Risk Correspondent Services that requires strengthened Due Diligence and Compliance monitoring. Banks that have an AML program will not permit these types of practices.

However, banks still want to make sure that other banks they deal with do not offer it. They can get confirmation of this via a yes/no question on their AML questionnaire.

#bankingindustry #aml #compliance #inanutshellbymj #marijosamneh