What does ISIS control now?
Maximum extent of ISIL’s territorial control in Syria and Iraq on 21 May 2015. The core of the territory of the Islamic State of Iraq and the Levant was in Iraq (until 2017) and Syria (until 2019) where the proto-state controlled significant swathes of urban, rural, and desert territory.
What is required for enhanced due diligence?
Enhance Due Diligence is required where the customer and product/service combination is considered to be a greater risk. A high risk situation generally occurs where there is an increased opportunity from money laundering or terrorist financing through the service and product you are providing or your customer.
What are the four key elements of a KYC policy?
The Company has framed its KYC policy incorporating the following four key elements: (i) Customer Acceptance Policy; (ii) Customer Identification Procedures; (iii) Monitoring of Transactions/ On-going Due Diligence; and (iv) Risk Management. 3.
Is KYC mandatory?
KYC or ‘know your customer’ is a mandatory verification procedure carried out by any banks, financial institutions, and other Indian organisations with the goal of minimising illegal activities like money laundering.
What is the difference between CDD and EDD?
It is a rapid fire due diligence screening process. The second step is Customer Due Diligence (“CDD”) which requires the bank to obtain information to verify the customer’s identity and assess the risk. If the CDD inquiry leads to a high risk determination, the bank has to conduct an Enhanced Due Diligence (“EDD”).
Why is KYC required in banks?
The KYC procedure is used when bank customers open accounts. The purpose of KYC is to reduce the risk of identify theft, money laundering, financial fraud, and the financing of criminal organizations. KYC helps manage risks and helps to understand customer behaviors.
What is the difference between money laundering and terrorism financing?
What is the difference between Money Laundering and Terrorist Financing? For money laundering to occur, the funds involved must be the proceeds of criminal conduct. For terrorist financing to occur, the source of funds is irrelevant, i.e. the funds can be from a legitimate or illegitimate source.
What is the main reason for terrorism?
The most popular theory is that poverty causes terrorism. When people are deprived of certain resources and opportunities, poverty can create resentment and cause some to turn to terrorism in order to express their outrage (Newman 2006).
What is onboarding in KYC?
The purpose of these controls is to enable companies to detect potential risks of their customers and to implement control mechanisms suitable for customers’ risk levels. …
What are the three 3 components of KYC?
The 3 steps of a KYC compliance framework
- Customer Identification. Before checking a customer’s identification documents, it’s necessary to verify their and scrutinise all available information for any inconsistencies.
- Customer Due Diligence (CDD)
- Enhanced Due Diligence (EDD)
What are the waves of terrorism?
Four waves of terrorism can be distinguished: the “anarchist wave”; the “anti-colonial wave” (nationalist-separatist), with minority groups seeking to be liberated from their colonial masters or from the majority in their country; the “new left” wave (social-revolutionary); and now the “religious” wave.
What is KYC CFT?
These ‘Know Your Customer’ (KYC) guidelines have been revisited in the context of the recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering (AML) standards and on Combating Financing of Terrorism (CFT).
How terrorists might usually secure financing?
The funding of terrorist activities often requires funds to be moved within or across jurisdictions. This might be done through official channels of the financial market and money remittances, through unregulated channels or with the use of cash couriers.
What are the three steps of terrorism financing?
The terrorism financing process typically involves three stages:
- raising funds (such as through donations, self-funding or criminal activity)
- transferring funds (to a terrorist network, organisation or cell)
How do terrorists get funding?
Sources of terrorist funding include, but are not limited to, low-level fraud, kidnapping for ransom, the misuse of non-profit organizations, the illicit trade in commodities (such as oil, charcoal, diamonds, gold and the narcotic “captagon”), and digital currencies.
What is a KYC procedure?
KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time. In other words, banks must make sure that their clients are genuinely who they claim to be.
What is the know your customer rule?
The Know Your Customer Rule 2090 essentially states that every broker-dealer should use reasonable effort when opening and maintaining client accounts. It is a requirement to know and keep records on the essential facts of each customer, as well as identify each person who has authority to act on the customer’s behalf.
Who invented terrorism?
Most scholars today trace the origins of the modern tactic of terrorism to the Jewish Sicarii Zealots who attacked Romans and Jews in 1st-century Palestine. They follow its development from the Persian Order of Assassins through to 19th-century anarchists.
How long do you go to jail for terrorism?
Threatening terrorism against the United States is a class C felony punishable by up to 10 years’ imprisonment under 18 U.S.C. § 2332b(c)(1)(g).
How is terrorism funded?
Terrorists and terrorist organizations often use any resource of money they can have access to in order to fund themselves. This can range from the distribution of narcotics, black market oil, having businesses such as car dealerships, taxi companies, etc.
What documents need KYC norms?
LIST OF OFFICIALLY VALID KYC DOCUMENTS
- Voter ID Card.
- Driving License.
- NREGA Job Card & Others.
- Letter issued by National Population Register containing details of name, address.
- UID (Aadhaar), provided authenticated using e-KYC mode (Biometric or OTP based) or Offline verification**
How often should KYC be done?
KYC is required to be done once in every two years for high risk customers, once in every eight years for medium risk customers and once in every ten years for low risk customers. This exercise would involve all formalities normally taken at the time of opening the account.
Which countries support terrorism?
Countries currently on the list
- North Korea.
- South Yemen.
Is CDD and KYC the same?
Customer Due Diligence (CDD) or Know Your Customer (KYC) policies are the cornerstones of an effective AML/CTF program. Put simply, they are the act of performing background checks on the customer to ensure that they are properly risk assessed before being onboarded.
Who is ISIS funded by?
Julian Assange claimed in an interview that Hillary Clinton’s Clinton Foundation and ISIL both receive funding from the same sources in the Middle East, namely the government of Saudi Arabia and Qatar.
What is combating financing of terrorism?
What is combating financing of terrorism (CFT)? Initially, the focus of enforcement efforts for Combating Financing of Terrorism (CFT) purposes were on charities, unregistered money service businesses (MSBs) ( so called underground banking or ‘Hawalas’),and registered MSBs, that were unregulated for CFT.
What is customer due diligence?
Customer due diligence is the process of identifying your customers and checking they are who they say they are. In practice, this means obtaining a customer’s name, photograph on an official document which confirms their identity and residential address and date of birth.
What are the main causes of terrorism in Pakistan?
There are several reasons for terrorism in Pakistan, which include among others, ethnicity, illiteracy, income inequality, inflation, high population growth, high unemployment, political instability, poverty, and injustice (Ismail & Amjad, 2014. (2014).
Who is won 1965 war?
India won 1,920 sqkm of territory; Pakistan won 540 sqkm. 2,862 Indian soldiers were killed; Pakistan lost 5,800 soldiers. India lost 97 tanks; 450 Pakistani tanks were destroyed or captured.
What is enhanced due diligence EDD?
Enhanced Due Diligence (EDD) is the KYC (Know Your Customer) process that enables the review of high-risk individuals or companies.