Most people have had dreams of flying. Graham Hawkes had dreams of flying -- underwater.
The Deep Flight Super Falcon made its maiden voyage in San Francisco Bay in September.
The Deep Flight Super Falcon made its maiden voyage in San Francisco Bay in September.
Hawkes has been in the business of building underwater craft for more than a decade. In the early days, his company, Hawkes Ocean Technologies, built vehicles for researchers and moviemakers.
But in the past few years, the ultrarich have increasingly looked for cool playthings for their ocean adventures.
What better toy to have on the end of your 200-foot yacht than a submarine capable of diving to 1,500 feet below the sea's surface?
Whoops. Did we say submarine? It's a submersible that can "fly" underwater.
The Deep Flight Super Falcon looks like a fighter jet, with its thin body, two seats, two sets of wings and two tail fins.
"We just had to tear up everything we knew about submersibles and start again on winged subs -- underwater flying machines," Hawkes said.
He said Deep Flight submersibles are designed to be more agile than any creature living in the ocean -- with the exception of dolphins. The company says that because of the wings, the Super Falcon can go barrel-rolling with dolphins while traveling at speeds much faster than other private submarines.
Don't Miss
* In Depth: Edge of Discovery
* Scientists discover new species in ocean's depths
* Deep Flight
The craft can stay underwater for up to five hours and travel at speeds up to 6 knots, the company says on its Web site.
The first client for the Super Falcon was venture capitalist Tom Perkins, who wanted a toy to keep on his mega-yacht, the Maltese Falcon. The base price: $1.3 million. Another model, which has open cockpits and cannot dive as deep as the Super Falcon, sells for $350,000.
Perkins, writing in Boating International magazine, said he joined the project to take the Super Falcon from prototype to a fully functional craft.
"Like some of my other projects, we didn't finish on time, but also like some of the others, the end result exceeded all our expectations," he said.
The second machine is being built for Hawkes' personal use.
A submarine driver wouldn't recognize the cockpit of the Super Falcon.
"There are no valves, there are no gauges," Hawkes said. "You just power up the thrusters, start your take-off run, put the joystick forward, then the nose goes down. The wings literally pull it down."
That's very different from conventional submarines, which basically dive by changing the ballast of the ship to make it sink.
"It's not just that they look like airplanes, they actually are," Hawkes said. "The machines we build underwater should look like airplanes, not submarines. Airplanes don't look like balloons."
He won't take credit for the idea, saying the idea of a submarine with fins and wings has been thought of before. The 1972 French comic book, "Tintin and the Lake of Sharks," included a shark-like submarine with dorsal fins and a tail. Hawkes said that although the idea of wings may have been obvious, "The prize goes to he that does."
On one of the submersible's first test voyages, Hawkes' team encountered a group of hammerhead sharks. The sharks were curious and swam around the watercraft. One engaged the sub in a game of chicken, only to veer off at the last minute. It was a great reward, Hawkes said.
The craft is powered by batteries and the turbines that drive the ship were made with special care to be incredibly quiet. The maneuverability also lets it navigate in strong currents that stifle other underwater craft, the creators said.
The business plan for Deep Flight includes schools for underwater pilots to fly future versions of the Super Falcon. The next school is scheduled for this summer in the Turks and Caicos, said Karen Hawkes, the company's manager of marketing and communications, in an e-mail.
The three-day course costs $17,000. There is also a half-day, ride-along dive that costs $5,500. Karen Hawkes said the company enrolls 10 to 15 people per course and had open spots for this summer's courses.
She also wrote that while "there really isn't something akin to the FAA governing submersible operations," her company thinks sub manufacturers should offer pilot training to the owners of machine.
Then the owner can load his or her new toy onto their yacht and discover the underwater portion of this planet that most people never see, Hawkes said.
"Do you want to stalk a shark?" he asked. "Do you want to go to a Great White and go woo-hoo? Do you want to do a barrel roll with a whale?
"Shall we go and find some territories that humans have never seen before? ... Get in one of these machines, get below 150 feet -- the deepest that divers go -- and you are the first human eyes to look at that piece of the planet."
http://www.cnn.com/2009/TECH/03/06/eod.luxury.submarines/index.html
10 Mart 2009 Salı
4 Mart 2009 Çarşamba
ULTRASOUND
Ultrasound, human ear can not hear high frequency sound waves is the name given to. Öteses, ultrasound suggested names for these concepts are.
Sound energy türüdür.Ses, occurs as a result of vibration of objects. X - ray electromagnetic radiation of sound is not unlike. Is an acoustic wave ultrasound. (In other words, the gas, liquid or solid medium is a wave in the mechanics). An environment of sound to be transmitted (article) is required. Of sound from one location to another location dissemination is the energy transport. The spread of the sound wave speed, depends on the density of media.
Sound waves are separated 3.
Infrasound (ultrasonic); frequency is 20 hertz or lower volume.
Audible sound frequency is between 20-20 000 hertz is the audible sound.
Ultrasound; 20 to 000 hertz (2 - 15 MHz) is the frequency of sound that can not be heard.
Wave length and speed
Ultrasonic frequency sound speed is fixed at a certain speed = frequency x wavelength, the equation by increasing the frequency of the sound wavelength is shorter. The relationship is inversely proportional to the soft tissue out of the audio frequency to 1.5 MHz Mhzden 3 wavelength of 0.5 mm to 1mm or drops. Volume Watt / cm ² are measured in units. Practice is measured by volume Bel (1B = 10 dB). Article Density Sound Speed (m / s) 1.85 3360 Nov 1.06 1570 Bone Air 0,001 330 Oil 0.93 1480 due to the blood based on echo 1.0 1560 X-ray utrasonografi, is different from tomography and magnetic resonance. Ultrasound between different acoustic density between the surface of soft tissue structures can be separated. Intensity of the reflected acoustic echo between the surface and the shock of the sound beam angle is optional. Angle of incidence of the sound beam is how close to right angles to the less sound is reflected. More than three degrees from the vertical angle deviation is reflected in the sensor, the sensor can not capture sound.
Ultrasound of the abdominal organs and soft tissues in a good while, such as lung and gastrointestinal tract can not be transported in air-containing organs. also do not have a bone ultrasound, bone around the organs in the environment can not be examined by ultrasound. Absorption Ultarsound wave intensity, with dissolution refleksiyon and decreases. Increase the frequency of ultrasound waves with tissue absorbsiyonu increases. Ultrasound beam with a certain acoustic properties of a tissue with different acoustic properties of a tissue section to reflect a beam when it is sound. Angle is usually equal to the angle Refleksiyon come. Reflection of sound waves beam larger than the neck requires a flat and level. For example diyafragma, vascular walls and the surface of these features are the boundaries of many organs. Ultrasonic sound technology to benefit.
• Human and animal location and size of the diseased area is determined.
• Object is the disinfection.
• thickness of the pipe is determined whether or cracks.
. Ultrasonic sound that can be removed and Yarasalar
• Through use of sound reflections can find the direction and hunting are
EkleBunu Sosyal Paylaşım Butonu
Sound energy türüdür.Ses, occurs as a result of vibration of objects. X - ray electromagnetic radiation of sound is not unlike. Is an acoustic wave ultrasound. (In other words, the gas, liquid or solid medium is a wave in the mechanics). An environment of sound to be transmitted (article) is required. Of sound from one location to another location dissemination is the energy transport. The spread of the sound wave speed, depends on the density of media.
Sound waves are separated 3.
Infrasound (ultrasonic); frequency is 20 hertz or lower volume.
Audible sound frequency is between 20-20 000 hertz is the audible sound.
Ultrasound; 20 to 000 hertz (2 - 15 MHz) is the frequency of sound that can not be heard.
Wave length and speed
Ultrasonic frequency sound speed is fixed at a certain speed = frequency x wavelength, the equation by increasing the frequency of the sound wavelength is shorter. The relationship is inversely proportional to the soft tissue out of the audio frequency to 1.5 MHz Mhzden 3 wavelength of 0.5 mm to 1mm or drops. Volume Watt / cm ² are measured in units. Practice is measured by volume Bel (1B = 10 dB). Article Density Sound Speed (m / s) 1.85 3360 Nov 1.06 1570 Bone Air 0,001 330 Oil 0.93 1480 due to the blood based on echo 1.0 1560 X-ray utrasonografi, is different from tomography and magnetic resonance. Ultrasound between different acoustic density between the surface of soft tissue structures can be separated. Intensity of the reflected acoustic echo between the surface and the shock of the sound beam angle is optional. Angle of incidence of the sound beam is how close to right angles to the less sound is reflected. More than three degrees from the vertical angle deviation is reflected in the sensor, the sensor can not capture sound.
Ultrasound of the abdominal organs and soft tissues in a good while, such as lung and gastrointestinal tract can not be transported in air-containing organs. also do not have a bone ultrasound, bone around the organs in the environment can not be examined by ultrasound. Absorption Ultarsound wave intensity, with dissolution refleksiyon and decreases. Increase the frequency of ultrasound waves with tissue absorbsiyonu increases. Ultrasound beam with a certain acoustic properties of a tissue with different acoustic properties of a tissue section to reflect a beam when it is sound. Angle is usually equal to the angle Refleksiyon come. Reflection of sound waves beam larger than the neck requires a flat and level. For example diyafragma, vascular walls and the surface of these features are the boundaries of many organs. Ultrasonic sound technology to benefit.
• Human and animal location and size of the diseased area is determined.
• Object is the disinfection.
• thickness of the pipe is determined whether or cracks.
. Ultrasonic sound that can be removed and Yarasalar
• Through use of sound reflections can find the direction and hunting are
EkleBunu Sosyal Paylaşım Butonu
19 Şubat 2009 Perşembe
MLTrac™
With the ever-increasing emphasis on being able to demonstrate adequate anti money laundering procedures and prevention techniques, plus the draconian penalties for those failing to maintain suitable evidence of such activity, no financial institution can afford to be without an automated system such as MLTrac.
MLTrac is part of our portfolio of banking software and is dedicated to identifying, tracking and regulating potentially suspicious or illegal activities in respect of money laundering and/or the proceeds of crime.
internet banking software, wholesale banking software, retail banking software systems, bankware, branchware, tellerware, INTERNET BANKING SOFTWARE, WHOLESALE BANKING SOFTWARE, RETAIL BANKING SOFTWARE SYSTEMS, BANKWARE, BRANCHWARE, TELLERWARE, Internet Banking Software, Wholesale Banking Software, Retail Banking Software Systems, Bankware, Branchware, Tellerware, Criterion Banking Software,private banking,fx,money market,foreign exchange,S.W.I.F.T.,SWIFT,dealing,trade finance,lending,disaster recovery,payments,remittances,accounting,cashiers,treasury,offshore,reuters,online,on-line, Anti Money Laundering software
MLTrac enables financial institutions to improve their internal disciplines,supplement their policies and procedures, and make a clear statement to the authorities about their commitment to effective anti money laundering controls.
MLTrac's functionality is based upon a combination of our experience, together with contributions from our customer base and the relevant international financial authorities. Regular updates also take account of any future changes in market requirements and legislation.
Functions:
*
KYC Document Management - The definition, scanning, management and tracking of customer documentation, and reporting of any deviations.
*
KYC Account Monitoring -The tracking of movements over account(s) looking for deviations outside of a pre-determined profile.
*
Manual Watch List Checking. Enter a name and the system will check to see if the name, or like sounding names, appear on any of the watch lists (e.g. OFAC, Bank of England and others) that the system monitors
* Message Monitoring. MLTrac can be configured to check all inbound and outbound messages, irrespective of format, to see whether any field (normally the Ordering Customer and Beneficiary) appears on one of the supported checklists. The bank has control over the granularity of the name checking so as not to create too many false alerts. Messages that fail Watch List Checking are put to a quarantine queue for manual intervention. Full Audit Trails of all checks and actions taken is maintained by the system.
*
Cash Remittances. For the many institutions that originate from a country with a large overseas population the problems associated with accepting cash for remittance back home when taken against the potential ramifications of anti money laundering legislation means that the business is very risky and, often, not worth doing. The Cash Remittances module does away with this fear. Information concerning the remitter is maintained as part of the KYC Documentation Management module and is displayed and made available to the teller at the point of capturing data. A full record off all remitters and beneficiaries is maintained. Limits can be placed upon the individual remitter and upon the ultimate beneficiary (irrespective of source). The resulting SQL database can be interrogated for unusual payment patterns.
MLTrac is part of our portfolio of banking software and is dedicated to identifying, tracking and regulating potentially suspicious or illegal activities in respect of money laundering and/or the proceeds of crime.
internet banking software, wholesale banking software, retail banking software systems, bankware, branchware, tellerware, INTERNET BANKING SOFTWARE, WHOLESALE BANKING SOFTWARE, RETAIL BANKING SOFTWARE SYSTEMS, BANKWARE, BRANCHWARE, TELLERWARE, Internet Banking Software, Wholesale Banking Software, Retail Banking Software Systems, Bankware, Branchware, Tellerware, Criterion Banking Software,private banking,fx,money market,foreign exchange,S.W.I.F.T.,SWIFT,dealing,trade finance,lending,disaster recovery,payments,remittances,accounting,cashiers,treasury,offshore,reuters,online,on-line, Anti Money Laundering software
MLTrac enables financial institutions to improve their internal disciplines,supplement their policies and procedures, and make a clear statement to the authorities about their commitment to effective anti money laundering controls.
MLTrac's functionality is based upon a combination of our experience, together with contributions from our customer base and the relevant international financial authorities. Regular updates also take account of any future changes in market requirements and legislation.
Functions:
*
KYC Document Management - The definition, scanning, management and tracking of customer documentation, and reporting of any deviations.
*
KYC Account Monitoring -The tracking of movements over account(s) looking for deviations outside of a pre-determined profile.
*
Manual Watch List Checking. Enter a name and the system will check to see if the name, or like sounding names, appear on any of the watch lists (e.g. OFAC, Bank of England and others) that the system monitors
* Message Monitoring. MLTrac can be configured to check all inbound and outbound messages, irrespective of format, to see whether any field (normally the Ordering Customer and Beneficiary) appears on one of the supported checklists. The bank has control over the granularity of the name checking so as not to create too many false alerts. Messages that fail Watch List Checking are put to a quarantine queue for manual intervention. Full Audit Trails of all checks and actions taken is maintained by the system.
*
Cash Remittances. For the many institutions that originate from a country with a large overseas population the problems associated with accepting cash for remittance back home when taken against the potential ramifications of anti money laundering legislation means that the business is very risky and, often, not worth doing. The Cash Remittances module does away with this fear. Information concerning the remitter is maintained as part of the KYC Documentation Management module and is displayed and made available to the teller at the point of capturing data. A full record off all remitters and beneficiaries is maintained. Limits can be placed upon the individual remitter and upon the ultimate beneficiary (irrespective of source). The resulting SQL database can be interrogated for unusual payment patterns.
9 Şubat 2009 Pazartesi
Recover, Repair, Recycle
Benefit from Huntron's 30 years of providing quality Diagnostic Tools for PCA Recovery With today's valid concerns for protection of our environment, the recovery, repair and recycling of printed circuit assemblies (PCAs) is a positive move towards sustainable environmental-friendly practices.Huntron has been helping businesses troubleshoot and repair printed circuit assemblies for over 30 years. Repairing rather than discarding failed PCAs keeps the potentially harmful chemical components such as lead out of our world's landfills and disposal sites.Below is a list of Huntron products to help you recover, repair and recycle PCAs:• Huntron Tracker 2800 • Huntron Tracker Model 30 • Huntron TrackerPXI • NFSA RF Prober New Version of Huntron Workstation Available!A new version of Huntron Workstation is now available for download. Go to the Workstation Support web page to download version 4.1.3273! Update December 22, 2008.New Automated Near Field Signature Analysis Combining the Huntron Access Robotic Probing Station, Huntron Workstation Software and the new Test Evolution (TEV) Non-Contact RF Near Field Probe with local synthetic measurement technology sets the standard for Near Field Signature Analysis (NFSA).Placing the sensor, receiver and signal processing in one compact RF Probe assembly allows the sensing of EM fields emanating from RF circuitry. A specific position in a Near Field is defined as a Virtual Test Point™ (VTP) where a NFSA measurement is made. Identical circuits emanate nearly identical fields at the VTP. The combination of Huntron Prober and TEV RF Probe allows accurate positioning and measurement of VTPs. This provides the repeatability to measure VTP's from 200MHZ to 3GHZ on RF assemblies. When used for test, an engineer examines the UUT schematic with an eye toward following the RF signal path. Using Huntron Workstation Software, points along that path are selected for Virtual Test Points (VTP). A set of known good boards are then scanned making and saving Near Field signatures at the VTP's. Unknown UUT's are scanned with the same VTP's against the saved signatures. Any deviation against stored signatures indicates areas of concern.Near Field Signature Analysis (NFSA) is close proximity sensing of EM fields emanating from RF circuitry. Near Fields are close to active circuits with the strength dependent on power and circuit design. AC circuits radiate a unique frequency and magnitude “signature” being a function of frequency of operation, magnitude, distance to the test probe and geometric location of the probe.The RF NFSA Prober will be available from Huntron to USA customers only in early 2009. Contact Huntron for more details on Near Field Signature Analysis.Download the latest NFSA RF Prober brochure now!Huntron Access USB Probers The NEW Huntron Access USB Probers are the latest versions of the popular robotic probers used to automate testing of complex printed circuit boards. The Access USB Probers come in two sizes - the Access USB Prober can handle PCBs up to 19.4” by 14” and the larger Access 2 USB Prober can hold PCBs up to 22” by 23” in size. The new Probers come with a USB Probe Tip camera to monitor the probe placement as the test progresses. Both Probers uses linear encoders for incredible 20 micron accuracy. The new Access USB Probers can also be ordered with the Tracker Model 30 embedded inside the chassis for a space saving, all-in-one platform.Download the latest Diagnostic Systems brochure now!Huntron's flexible, automated diagnostic solutions help people solve circuit card problems.Huntron was founded in 1976 with the introduction of the Huntron Tracker®, the pioneering troubleshooting tool that uses power-off signature analysis to identify component failures on printed circuit boards.Today, Huntron's reputation in providing automated power-off diagnostics results in instrumentation and software for test, inspection and repair of electronic printed circuit assemblies. As density and complexity increase, printed circuit assemblies become tougher to probe and test. Huntrom complements conventional test equipment with access and test tools that catch the elusive problems other test methods often miss. The keys are physical and virtual access, which translates into meaningful results such as shorther design cycles, improved production yield and lower warranty costs. When you need to test, diagnose or troubleshoot complex circuit boards, Huntron lets you access, explore and discover more.Contact us for more information on how we can help solve your test and troubleshooting needs
7 Şubat 2009 Cumartesi
High Flow Range Mass Coriolis Flow Meter
Ideal for the measurement of flow, density and temperature of liquids and slurries, such as aggressive or contaminated, sanitary or particle-filled fluids.
Features:
* Flow ranges from 60 to
60K Kg/Hr (2.2 to 1650 lb/min)
* Accuracy up to 0.25% of reading
* Materials: flow tubes -
316 L, splitter flanges -
316 Ti, housing - cast iron
* Process temperature
-40°F to 356°F
* Ambient temperature
-40°F to 140°F
* Wide flow ranges
ACCURATE AND RELIABLE
This meter has the ability to
maintain high accuracy,
despite changing viscosity conditions, with accuracy of +0.25% of reading.
EASY CLEANING
The ACM series has smooth stainless steel tubes and no moving parts, and is therefore very easy to flush and clean.
MULTI-TASKING
The ACM series of mass coriolis flow meters measure flow, density and temperature.
MATERIAL COMPATIBILITY
Because of the meter's 316 stainless steel flow tubes, the ACM series can measure a wide range of materials.
VARIETY OF ELECTRONICS
Electronics available for the ACM series include a local, hazardous rated display and a remote, panel-mount digital display.
Features:
* Flow ranges from 60 to
60K Kg/Hr (2.2 to 1650 lb/min)
* Accuracy up to 0.25% of reading
* Materials: flow tubes -
316 L, splitter flanges -
316 Ti, housing - cast iron
* Process temperature
-40°F to 356°F
* Ambient temperature
-40°F to 140°F
* Wide flow ranges
ACCURATE AND RELIABLE
This meter has the ability to
maintain high accuracy,
despite changing viscosity conditions, with accuracy of +0.25% of reading.
EASY CLEANING
The ACM series has smooth stainless steel tubes and no moving parts, and is therefore very easy to flush and clean.
MULTI-TASKING
The ACM series of mass coriolis flow meters measure flow, density and temperature.
MATERIAL COMPATIBILITY
Because of the meter's 316 stainless steel flow tubes, the ACM series can measure a wide range of materials.
VARIETY OF ELECTRONICS
Electronics available for the ACM series include a local, hazardous rated display and a remote, panel-mount digital display.
KYC compliance
Know Your Customer (KYC) compliance regulation has proved to be one of the biggest operational challenges banks, accountants, lawyers and similar financial service providers worldwide have had to overcome.
World-Check, the industry standard KYC compliance solution, provides an overview of KYC compliance and its origins, and outlines the compliance mandate as applicable to banks, accounting firms, lawyers and other regulated financial service providers – not just in the UK, Europe and the USA, but all around the world. Relied upon by more than 3,000 institutions worldwide, this KYC database solution provides effective legal and reputational risk reduction.
Why “Know Your Customer?”
The 9/11 terrorist attacks on the World Trade Centre revealed that there were sinister forces at work around the world, and that terrorists activities were being funded with laundered money, the proceeds of illicit activities such as narcotics and human trafficking, fraud and organised crime. Overnight, the combating of terrorist financing became a priority on the international agenda.
For the financial services provider of the 21st century, “knowing your customers” was no longer a suggested course of action. Based on the requirements of legislative landmarks such as the USA PATRIOT Act 2002, modern Know Your Customer (KYC) compliance mandates were created to simultaneously combat money laundering and the funding of terrorist activities.
What is Know Your Customer (KYC)?
Know Your Customer, or KYC, refers to the regulatory compliance mandate imposed on financial service providers to implement a Customer Identification Programme and perform due diligence checks before doing business with a person or entity.
KYC fulfils a risk mitigation function, and one its key requirements is checking that a prospective customer is not listed on any government lists for wanted money launders, known fraudsters or terrorists.
If preliminary KYC checks reveal that the person is a Politically Exposed Person (PEP), for example, Advanced Due Diligence must be done in order to ensure that the person’s source of wealth is transparent, and that he or she does not pose a reputational or financial risk in terms of their finances, public positions or associations. Beyond customer identification checks, the ongoing monitoring of transfers and financial transactions against a range of risk variables forms an integral part of the KYC compliance mandate.
But to understand the importance of KYC compliance for financial service providers better, its origins need to be examined.
Origins of Know Your Customer (KYC) compliance
The arrival of the new millennium was marred by a spate of terrorist attacks and corporate scandals that unmasked the darker features of globalisation. These events highlighted the role of money laundering in cross-border crime and terrorism, and underlined the need to clamp down on the exploitation of financial systems worldwide.
Know Your Customer (KYC) legislation was principally not absent prior to 9/11. Regulated financial service providers for a long time have been required to conduct due diligence and customer identification checks in order to mitigate their own operation risks, and to ensure a consistent and acceptable level of service.
In essence, the USA PATRIOT Act was not so much a radical departure from prior legislation as it was a firmer and more extensive articulation of existing laws. The Act would lead to the more rigorous regulation of a greater range of financial services providers, and expanded the authority of American law enforcement agencies in the fighting of terrorism, both in the USA and abroad.
In October 2001, President George W. Bush signed off the USA PATRIOT Act, effectively providing federal regulators with a new range of tools and powers for fighting terror financing and money laundering. During July 2002, the US Treasury proceeded to introduce Section 326 of the PATRIOT Act, a clause that removed some key burdens for regulators and added significant enforcement muscle to the Act.
What 9/11 changed, in essence, was the extent to which existing legislation was being implemented. Using the provisions of the earlier anti-terrorism USA Act as a foundation, it included the Financial Anti-Terrorism Act, which allowed for federal jurisdiction over foreign money launders and money laundered through foreign banks. Significantly, it is this anti-terror law that would make the creation of an Anti Money Laundering (AML) programme compulsory for all financial institutions and service providers.
Section 326 of the USA PATRIOT Act dealt specifically with the identification of new customers (“CIP regulation”), and made extensive provisions in terms of KYC and the methods employed to verify client identities.
In accordance with this piece of updated KYC legislation, federal regulators would hold financial institutions accountable for the effectiveness of their initial customer identification and ongoing KYC screening. Institutions are required to keep detailed records of the steps that were taken to verify prospective clients’ identities.
Although current KYC legislation does not yet demand the exclusion of specific types of foreign-issued identification, it recommends the usage of machine-verifiable identity documents. The ability to notify financial institutions if concerns regarding specific types of identification were to arise, combined with a risk-based approach to KYC, proved to provide a robust mechanism for addressing security concerns.
Effectively, the risk-based approach to customer due diligence grants regulated institutions a certain degree of flexibility to determine the forms of identification they will accept, and under which conditions.
KYC compliance: Implications for banks, lawyers and accounting firms
The KYC compliance mandate, for all its positive outcomes, has burdened companies and organisations with a substantial administrative obligation. Additionally, KYC compliance increasingly entails the creation of auditable proof of due diligence activities, in addition to the need for customer identification.
EkleBunu Sosyal Paylaşım Butonu
World-Check, the industry standard KYC compliance solution, provides an overview of KYC compliance and its origins, and outlines the compliance mandate as applicable to banks, accounting firms, lawyers and other regulated financial service providers – not just in the UK, Europe and the USA, but all around the world. Relied upon by more than 3,000 institutions worldwide, this KYC database solution provides effective legal and reputational risk reduction.
Why “Know Your Customer?”
The 9/11 terrorist attacks on the World Trade Centre revealed that there were sinister forces at work around the world, and that terrorists activities were being funded with laundered money, the proceeds of illicit activities such as narcotics and human trafficking, fraud and organised crime. Overnight, the combating of terrorist financing became a priority on the international agenda.
For the financial services provider of the 21st century, “knowing your customers” was no longer a suggested course of action. Based on the requirements of legislative landmarks such as the USA PATRIOT Act 2002, modern Know Your Customer (KYC) compliance mandates were created to simultaneously combat money laundering and the funding of terrorist activities.
What is Know Your Customer (KYC)?
Know Your Customer, or KYC, refers to the regulatory compliance mandate imposed on financial service providers to implement a Customer Identification Programme and perform due diligence checks before doing business with a person or entity.
KYC fulfils a risk mitigation function, and one its key requirements is checking that a prospective customer is not listed on any government lists for wanted money launders, known fraudsters or terrorists.
If preliminary KYC checks reveal that the person is a Politically Exposed Person (PEP), for example, Advanced Due Diligence must be done in order to ensure that the person’s source of wealth is transparent, and that he or she does not pose a reputational or financial risk in terms of their finances, public positions or associations. Beyond customer identification checks, the ongoing monitoring of transfers and financial transactions against a range of risk variables forms an integral part of the KYC compliance mandate.
But to understand the importance of KYC compliance for financial service providers better, its origins need to be examined.
Origins of Know Your Customer (KYC) compliance
The arrival of the new millennium was marred by a spate of terrorist attacks and corporate scandals that unmasked the darker features of globalisation. These events highlighted the role of money laundering in cross-border crime and terrorism, and underlined the need to clamp down on the exploitation of financial systems worldwide.
Know Your Customer (KYC) legislation was principally not absent prior to 9/11. Regulated financial service providers for a long time have been required to conduct due diligence and customer identification checks in order to mitigate their own operation risks, and to ensure a consistent and acceptable level of service.
In essence, the USA PATRIOT Act was not so much a radical departure from prior legislation as it was a firmer and more extensive articulation of existing laws. The Act would lead to the more rigorous regulation of a greater range of financial services providers, and expanded the authority of American law enforcement agencies in the fighting of terrorism, both in the USA and abroad.
In October 2001, President George W. Bush signed off the USA PATRIOT Act, effectively providing federal regulators with a new range of tools and powers for fighting terror financing and money laundering. During July 2002, the US Treasury proceeded to introduce Section 326 of the PATRIOT Act, a clause that removed some key burdens for regulators and added significant enforcement muscle to the Act.
What 9/11 changed, in essence, was the extent to which existing legislation was being implemented. Using the provisions of the earlier anti-terrorism USA Act as a foundation, it included the Financial Anti-Terrorism Act, which allowed for federal jurisdiction over foreign money launders and money laundered through foreign banks. Significantly, it is this anti-terror law that would make the creation of an Anti Money Laundering (AML) programme compulsory for all financial institutions and service providers.
Section 326 of the USA PATRIOT Act dealt specifically with the identification of new customers (“CIP regulation”), and made extensive provisions in terms of KYC and the methods employed to verify client identities.
In accordance with this piece of updated KYC legislation, federal regulators would hold financial institutions accountable for the effectiveness of their initial customer identification and ongoing KYC screening. Institutions are required to keep detailed records of the steps that were taken to verify prospective clients’ identities.
Although current KYC legislation does not yet demand the exclusion of specific types of foreign-issued identification, it recommends the usage of machine-verifiable identity documents. The ability to notify financial institutions if concerns regarding specific types of identification were to arise, combined with a risk-based approach to KYC, proved to provide a robust mechanism for addressing security concerns.
Effectively, the risk-based approach to customer due diligence grants regulated institutions a certain degree of flexibility to determine the forms of identification they will accept, and under which conditions.
KYC compliance: Implications for banks, lawyers and accounting firms
The KYC compliance mandate, for all its positive outcomes, has burdened companies and organisations with a substantial administrative obligation. Additionally, KYC compliance increasingly entails the creation of auditable proof of due diligence activities, in addition to the need for customer identification.
EkleBunu Sosyal Paylaşım Butonu
20 Ocak 2009 Salı
SHADYSİDE INN SUİTES
Shadyside Inn Suites is different. Your idea of staying in a hotel is about to change. Our suites are not typical hotel rooms. In fact we do not have rooms; we only offer suites. Why are we different? Your suite is a fully furnished apartment with the same amenities as a hotel located in a residential neighborhood. It’s not just any neighborhood, it's Shadyside, Pittsburgh’s most quaint, trendy, and upscale urban area. Picture Boston’s Newberry Street, or New York’s East Village and you will get an idea of what the Shadyside area is like.
Imagine having your own apartment in the best location in Pittsburgh for as little as a day or for as long as a lifetime. Shadyside Inn Suites is as flexible as you need. Only going to be here for a night? Why not have your own fully equipped apartment? Need somewhere to stay for a month while your house is renovated? Shadyside Inn Suites is your answer. Looking to attend the University for only nine months? Shadyside Inn Suites can accommodate. Think this is going to cost you more than a hotel? Not even close. Our rates are lower, our suites are double the size of any hotel in the area, our parking is free, and our location is unrivaled.
Our suites are located within a block or two of some of the best dining, entertainment, and shopping in Pittsburgh. At your door are 135+ shops, 15+ restaurants and some of the best nightlife in the area. Shop in small boutiques, visit your favorite national store, and dine on cuisines from all over the world. Shadyside living is unmatched.
Stay in Shadyside and still be approximately 4 miles from Downtown Pittsburgh and the Convention Center and less than 1 mile from the following hospitals: Presbyterian, Montefiore, Magee Women's, Falk Clinic, West Penn, Children's, Shadyside Hospital, and Western Psychiatric
Within 1 mile of the Shadyside Inn Suites is The Carnegie Museum of Art, The Museum of Natural History, The University of Pittsburgh, Carnegie Mellon University Chatham College, and Carlow College.
Besides coming for a visit, the best way to learn about our story is read what other people have said about us. Please click on the following links to read what the professionals have to say
Imagine having your own apartment in the best location in Pittsburgh for as little as a day or for as long as a lifetime. Shadyside Inn Suites is as flexible as you need. Only going to be here for a night? Why not have your own fully equipped apartment? Need somewhere to stay for a month while your house is renovated? Shadyside Inn Suites is your answer. Looking to attend the University for only nine months? Shadyside Inn Suites can accommodate. Think this is going to cost you more than a hotel? Not even close. Our rates are lower, our suites are double the size of any hotel in the area, our parking is free, and our location is unrivaled.
Our suites are located within a block or two of some of the best dining, entertainment, and shopping in Pittsburgh. At your door are 135+ shops, 15+ restaurants and some of the best nightlife in the area. Shop in small boutiques, visit your favorite national store, and dine on cuisines from all over the world. Shadyside living is unmatched.
Stay in Shadyside and still be approximately 4 miles from Downtown Pittsburgh and the Convention Center and less than 1 mile from the following hospitals: Presbyterian, Montefiore, Magee Women's, Falk Clinic, West Penn, Children's, Shadyside Hospital, and Western Psychiatric
Within 1 mile of the Shadyside Inn Suites is The Carnegie Museum of Art, The Museum of Natural History, The University of Pittsburgh, Carnegie Mellon University Chatham College, and Carlow College.
Besides coming for a visit, the best way to learn about our story is read what other people have said about us. Please click on the following links to read what the professionals have to say
Kaydol:
Kayıtlar (Atom)
