29 June 2022  

Marijo Samneh Quote 9

Dear Chairpersons and CEOs,

Hiring people based on your personal interest or influencing the management into hiring them is not acceptable.

The act of influencing starts by throwing a name to a subordinate, especially if you surround yourself with “yes men”.

Hiring is a bottom-up procedure, not top down. 

Bear in mind two things:

1. These people you’re hiring will negatively impact the institution, because of the frustration they create among colleagues, especially if they don’t have enough decency to stay silent about their way of getting in. Let alone when they happen to be bullies who threaten colleagues of firing them in your name. (Corridor talks of “I am very close to Mr. X or my father is his best friend” is an implicit way of threatening.) 

2. When you disrespect the rules, you provide everyone around you with an excuse to do the same.

So, be mindful of the above before preaching about corporate governance in public. 

#corporategovernance #hiring #hr #ceo #Chairmen #favouritism #inanutshell #inanutshellbymj
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