EL KHABAR-Some notaries have expressed concern as no database containing contracts and registrations of title deeds allowing them notifying real estate contracts, such a database will allowing them sealing contracts, and avoiding committing mistakes, while securing the law of the economical operations.
The legal security of the economic operations has been the main topic approached during a follow-up seminar sponsored by the Ministry of Justice, benefiting for notaries, such a seminar has been held in the framework of the cooperation program for justice reform, between Algeria, and the EU. Several notaries and real estate law specialists from Spain, and Algeria, have been present.
In its intervention, a Spanish specialist in real estate and economical operations contracts has stressed on the close relationship that should exist between notaries and the authorities, in view of baring the way to falsification operations.
According to a security services report, some terrorists have managed benefiting from leases, real estate contracts, and commercial investments. One of the main cases has been unveiled in Boumerdès central province, after a deep investigation, the money amount has been recuperated by the security services.
In his turn, another Spanish specialist has called on the notaries to learn the documents and the contracts thoroughly to avoid misinterpreting the content, to face up the organized crime group’s falsification attempts.
http://www.amlosphere.com/africa/aml/algeria-notaries-warn-against-mafia-and-terrorists-falsified-contracts-used-in-money-laundering.html
Rabu, 30 Mei 2012
Satyam Wins Pegasystems Partner Innovation Award for AML Solution
October 30, 2007: 12:33 PM EST
HYDERABAD, India, Oct. 30 /PRNewswire/ -- Satyam Computer Services Ltd. , a leading global consulting and IT services provider, announced today that it won the 2007 Pegasystems Partner Innovation Award in financial services. The announcement was made at PegaWORLD 2007, Pegasystems' annual conference, and one of the business process management (BPM) industry's flagship events.
Satyam won the esteemed award for its advanced Anti-Money Laundering (AML) solution, which enables financial institutions to intelligently track, manage and quickly resolve potentially fraudulent and criminal activity with greater speed and accuracy and to comply with stricter AML regulations. Satyam used Pegasystems' SmartBPM(R) Suite to create the new solution, which addresses a critical and underserved need in the market.
"Financial institutions now have an innovative way to fight fraud and financial crime, as well as stay in compliance with BSA/AML/KYCC statutes," said Anil Kumar, the Global Head of Satyam's Financial Services Business.
Integration among Satyam experts accelerated the solution's development and deployment.
"Satyam's business process management and banking experts leveraged Pegasystems' SmartBPM platform to rapidly deliver an advanced solution without additional and costly software development," said Joseph Lagioia, head of Satyam's Consulting and Enterprise Solutions Practice. "We are very proud and pleased to win this prestigious honor."
Satyam's AML solution optimizes a financial institution's existing transaction-monitoring systems-detecting suspicious activity such as the deposit of very large sums, multiple accounts for the same person, and suspicious names-while at the same time minimizing the number of false positives, which has been a nagging problem in the past. The solution also allows financial institutions to recognize suspicious transactions quickly, rather than waiting until the end of the day, which is the norm for institutions using case management systems.
"Satyam combines superior subject matter expertise in financial services with deep understanding of Pegasystems technology to deliver truly innovative business solutions in an accelerated fashion," said Douglas Kim, managing director of Global Alliances and Business Development for Pegasystems. "We're proud of our long-standing relationship with Satyam and are delighted to recognize them with this award."
About Satyam
Satyam , a leading global business and information technology services company, delivers consulting, systems integration, and outsourcing solutions to clients in 20 industries and 57 countries.
Satyam leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. The company's 45,700* professionals excel in engineering and product development, supply chain management, client relationship management, business process quality, business intelligence, enterprise integration, and infrastructure management, among other key capabilities.
Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve 599* clients, 173 of which are Fortune Global 500 and Fortune US 500 corporations. For more information, see http://www.satyam.com.
*As of Sept. 30, 2007
Safe Harbor
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward- looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading "Risk Factors" in our report on Form 6-K concerning the quarter ended June 30, 2006, furnished to the United States Securities Exchange Commission on July 28, 2006 and the other reports filed with the Securities Exchange Commission from time to time. These filings are available at http://www.sec.gov.
http://money.cnn.com/news/newsfeeds/articles/prnewswire/DCTU00430102007-1.htm
HYDERABAD, India, Oct. 30 /PRNewswire/ -- Satyam Computer Services Ltd. , a leading global consulting and IT services provider, announced today that it won the 2007 Pegasystems Partner Innovation Award in financial services. The announcement was made at PegaWORLD 2007, Pegasystems' annual conference, and one of the business process management (BPM) industry's flagship events.
Satyam won the esteemed award for its advanced Anti-Money Laundering (AML) solution, which enables financial institutions to intelligently track, manage and quickly resolve potentially fraudulent and criminal activity with greater speed and accuracy and to comply with stricter AML regulations. Satyam used Pegasystems' SmartBPM(R) Suite to create the new solution, which addresses a critical and underserved need in the market.
"Financial institutions now have an innovative way to fight fraud and financial crime, as well as stay in compliance with BSA/AML/KYCC statutes," said Anil Kumar, the Global Head of Satyam's Financial Services Business.
Integration among Satyam experts accelerated the solution's development and deployment.
"Satyam's business process management and banking experts leveraged Pegasystems' SmartBPM platform to rapidly deliver an advanced solution without additional and costly software development," said Joseph Lagioia, head of Satyam's Consulting and Enterprise Solutions Practice. "We are very proud and pleased to win this prestigious honor."
Satyam's AML solution optimizes a financial institution's existing transaction-monitoring systems-detecting suspicious activity such as the deposit of very large sums, multiple accounts for the same person, and suspicious names-while at the same time minimizing the number of false positives, which has been a nagging problem in the past. The solution also allows financial institutions to recognize suspicious transactions quickly, rather than waiting until the end of the day, which is the norm for institutions using case management systems.
"Satyam combines superior subject matter expertise in financial services with deep understanding of Pegasystems technology to deliver truly innovative business solutions in an accelerated fashion," said Douglas Kim, managing director of Global Alliances and Business Development for Pegasystems. "We're proud of our long-standing relationship with Satyam and are delighted to recognize them with this award."
About Satyam
Satyam , a leading global business and information technology services company, delivers consulting, systems integration, and outsourcing solutions to clients in 20 industries and 57 countries.
Satyam leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. The company's 45,700* professionals excel in engineering and product development, supply chain management, client relationship management, business process quality, business intelligence, enterprise integration, and infrastructure management, among other key capabilities.
Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve 599* clients, 173 of which are Fortune Global 500 and Fortune US 500 corporations. For more information, see http://www.satyam.com.
*As of Sept. 30, 2007
Safe Harbor
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward- looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading "Risk Factors" in our report on Form 6-K concerning the quarter ended June 30, 2006, furnished to the United States Securities Exchange Commission on July 28, 2006 and the other reports filed with the Securities Exchange Commission from time to time. These filings are available at http://www.sec.gov.
http://money.cnn.com/news/newsfeeds/articles/prnewswire/DCTU00430102007-1.htm
Bank of China ex-managers, wives convicted in Las Vegas
Two former managers of the Bank of China and their wives were convicted this afternoon of racketeering, money laundering, international transportation of stolen property and passport fraud, according to a statement from the U.S. attorney's office in Las Vegas.
Xu Chaofan, Xu Guojun, Kuang Wan Fang and Yu Ying Yi were convicted by a federal jury in Las Vegas at the conclusion of a trial that began nearly three months ago. U.S. District judge Philip Pro is scheduled to sentence them Nov. 24.
The indictment also charged Kwong Wa Po, who remains a fugitive.
The charges stemmed from an elaborate scheme to defraud the Bank of China of at least $485 million. According to the U.S. attorney's office, the scheme was orchestrated by Xu Chaofan, Xu Guojun and a third former bank manager, Yu Zhendong, who pleaded guilty in connection with the investigation and cooperated with the United States.
Source: Review Journal
Xu Chaofan, Xu Guojun, Kuang Wan Fang and Yu Ying Yi were convicted by a federal jury in Las Vegas at the conclusion of a trial that began nearly three months ago. U.S. District judge Philip Pro is scheduled to sentence them Nov. 24.
The indictment also charged Kwong Wa Po, who remains a fugitive.
The charges stemmed from an elaborate scheme to defraud the Bank of China of at least $485 million. According to the U.S. attorney's office, the scheme was orchestrated by Xu Chaofan, Xu Guojun and a third former bank manager, Yu Zhendong, who pleaded guilty in connection with the investigation and cooperated with the United States.
Source: Review Journal
Bank of China: Terror allegations 'unfounded'
By Lydia Chen
Bank of China today dismissed allegations that it helped terrorist groups by transferring millions of dollars and said the accusations are "sheer nonsense" and are "completely unfounded."
The bank has always "strictly" adhered to regulations regarding international money laundering and terrorism financing. Its internal rules also forbid providing any services to terrorist groups, Wang Zhaowen, a spokesman for the country's third largest lender said, Xinhua news agency reported.
Kent Henderson, who represents more than 100 Israelis, has alleged in a complaint filed on August 22 in the Los Angeles Superior Court, that from 2003, Bank of China conducted dozens of wire transfers worth several million dollars to Hamas and Islamic Jihad through branches in the United States, the Associated Press reported.
The banking services "caused, enabled and facilitated the terrorist attacks in which the plaintiffs and their decedents were harmed and killed," Henderson wrote in the complaint, which seeks unspecified damages.
Wang said the bank will clarify its position through legal process and reserves the right to file lawsuits or take other legal action.
"We trust that the US court will reach a fair verdict based on the facts," Wang said.
The Shurat HaDin Israel Law Center, which is backing the suit against Bank of China, began suing banks on behalf of victims of terrorism in May. It accused the financial institutions, including UBS AG, of providing financial services that ended up helping terrorist groups. Last month, five Lebanese banks were sued in the US and Canada.
Source: Shangai Daily
Bank of China today dismissed allegations that it helped terrorist groups by transferring millions of dollars and said the accusations are "sheer nonsense" and are "completely unfounded."
The bank has always "strictly" adhered to regulations regarding international money laundering and terrorism financing. Its internal rules also forbid providing any services to terrorist groups, Wang Zhaowen, a spokesman for the country's third largest lender said, Xinhua news agency reported.
Kent Henderson, who represents more than 100 Israelis, has alleged in a complaint filed on August 22 in the Los Angeles Superior Court, that from 2003, Bank of China conducted dozens of wire transfers worth several million dollars to Hamas and Islamic Jihad through branches in the United States, the Associated Press reported.
The banking services "caused, enabled and facilitated the terrorist attacks in which the plaintiffs and their decedents were harmed and killed," Henderson wrote in the complaint, which seeks unspecified damages.
Wang said the bank will clarify its position through legal process and reserves the right to file lawsuits or take other legal action.
"We trust that the US court will reach a fair verdict based on the facts," Wang said.
The Shurat HaDin Israel Law Center, which is backing the suit against Bank of China, began suing banks on behalf of victims of terrorism in May. It accused the financial institutions, including UBS AG, of providing financial services that ended up helping terrorist groups. Last month, five Lebanese banks were sued in the US and Canada.
Source: Shangai Daily
BIMSTEC agree on convention against terror
India and six other members of a grouping of South Asia and South East Asia today agreed to firm up by November a convention to deal collectively with terrorism which is haunting these two regions.
Under the proposed convention, the member-countries of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) would cooperate in intelligence sharing, legal and law enforcement issues, combating financing of terrorism and prevention of illicit trafficking of narcotic drugs, psychotropic substances and precursor chemicals.
"We expressed the hope that the draft BIMSTEC Convention be finalised as soon as possible for signing during the next BIMSTEC Summit," said the grouping which comprises India, Bangladesh, Sri Lanka, Myanmar, Nepal, Bhutan and Thailand in a joint statement issued after Foreign Ministerial meeting here.
The next Summit is expected to be held here in November this year.
In the field of trade and investment, the grouping resolved to conclude the negotiations on trade in goods under the proposed FTA at an early date, preferably before the next BIMSTEC Summit.
The Ministerial meeting also approved memoranda of association for setting centres for energy, weather and climate in India, tourism working group and BIMSTEC joint working group. PTI
Source: The Press Trust of India
Under the proposed convention, the member-countries of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) would cooperate in intelligence sharing, legal and law enforcement issues, combating financing of terrorism and prevention of illicit trafficking of narcotic drugs, psychotropic substances and precursor chemicals.
"We expressed the hope that the draft BIMSTEC Convention be finalised as soon as possible for signing during the next BIMSTEC Summit," said the grouping which comprises India, Bangladesh, Sri Lanka, Myanmar, Nepal, Bhutan and Thailand in a joint statement issued after Foreign Ministerial meeting here.
The next Summit is expected to be held here in November this year.
In the field of trade and investment, the grouping resolved to conclude the negotiations on trade in goods under the proposed FTA at an early date, preferably before the next BIMSTEC Summit.
The Ministerial meeting also approved memoranda of association for setting centres for energy, weather and climate in India, tourism working group and BIMSTEC joint working group. PTI
Source: The Press Trust of India
Japan to Fully Enforce AML Law on March 1
The Japanese government decided at Tuesday's cabinet meeting to fully enforce the money laundering prevention law on March 1.
Currently, the law obliges financial institutions to notify regulative authorities of transactions that are seen linked to illegal money and terrorist funds and to confirm customers' identities.
From March, similar obligations will be applied to other businesses such as realtors, jewel traders and private mail box management firms. Professionals like judicial scriveners and certified public accountants will only need to check customers' identities.
Identification with publicly issued cards like drivers' licenses will be required in land transactions, trading in jewelry worth 2 million yen or more and concluding contracts to use private mail boxes. Transaction records must be kept for seven years.
Violators of the law may face up to two years in jail or a fine of up to 3 million yen. Negligent companies will be fined maximum 300 million yen.
The National Police Agency refrained from imposing on lawyers the report obligation because of a strong backlash from the Japan Federation of Bar Associations.END
http://www.blackenterprise.com/yb/ybopen.asp?section=ybaa&story_id=114086985&ID=blackenterprise
Currently, the law obliges financial institutions to notify regulative authorities of transactions that are seen linked to illegal money and terrorist funds and to confirm customers' identities.
From March, similar obligations will be applied to other businesses such as realtors, jewel traders and private mail box management firms. Professionals like judicial scriveners and certified public accountants will only need to check customers' identities.
Identification with publicly issued cards like drivers' licenses will be required in land transactions, trading in jewelry worth 2 million yen or more and concluding contracts to use private mail boxes. Transaction records must be kept for seven years.
Violators of the law may face up to two years in jail or a fine of up to 3 million yen. Negligent companies will be fined maximum 300 million yen.
The National Police Agency refrained from imposing on lawyers the report obligation because of a strong backlash from the Japan Federation of Bar Associations.END
http://www.blackenterprise.com/yb/ybopen.asp?section=ybaa&story_id=114086985&ID=blackenterprise
Selasa, 29 Mei 2012
DFSA: The watchdog fighting financial crimes
By Faisal Masudi, Staff Reporter
The regulator of the Dubai International Financial Centre (DIFC) is joining forces with global agencies in order to fight money laundering.
Bryan Stirewalt, Director of Supervision, DIFC, said the Dubai Financial Services Authority (DFSA) is a young entity – so criminals may regard it as exploitable, at least initially.
"But people with less than good intentions will find out it’s not the case," he said.
Since 2004, when the DFSA was set up, around 25 Suspicious Transaction Reports were filed with the UAE Central Bank by DIFC-registered companies.
DFSA has agreements with counterparts in 30 countries to fight financial crimes. The DFSA meets the standards of international anti-money laundering groups like the Paris-based Financial Action Task Force (FATF). Stirewalt said bilateral agreements, global reviews and in-house laws should put the business environment at DIFC through DFSA on a par with New York, London and Hong Kong.
http://www.xpress4me.com/news/uae/dubai/20007735.html
The regulator of the Dubai International Financial Centre (DIFC) is joining forces with global agencies in order to fight money laundering.
Bryan Stirewalt, Director of Supervision, DIFC, said the Dubai Financial Services Authority (DFSA) is a young entity – so criminals may regard it as exploitable, at least initially.
"But people with less than good intentions will find out it’s not the case," he said.
Since 2004, when the DFSA was set up, around 25 Suspicious Transaction Reports were filed with the UAE Central Bank by DIFC-registered companies.
DFSA has agreements with counterparts in 30 countries to fight financial crimes. The DFSA meets the standards of international anti-money laundering groups like the Paris-based Financial Action Task Force (FATF). Stirewalt said bilateral agreements, global reviews and in-house laws should put the business environment at DIFC through DFSA on a par with New York, London and Hong Kong.
http://www.xpress4me.com/news/uae/dubai/20007735.html
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