THIS POST IS CONTINUED FROM PART 14, BELOW--
Any financial institution, payment system, or medium of exchange has the potential to be exploited for money laundering or terrorist financing.
The potential money laundering risks are significantly reduced by anti-money laundering regulation, financial supervision, examination, and enforcement. The risks that remain, including those that are unavoidable, are:--
-- Widespread use of cash, making it difficult for authorities to differentiate between licit and illicit use and movement of bank notes;
-- Structured transactions below applicable thresholds to avoid reporting and recordkeeping obligations;
-- Individuals and entities that disguise the nature, purpose, ownership, and control of accounts;
-- Occasional AML compliance deficiencies, which are an inevitable consequence of a financial
system with hundreds of thousands of locations for financial services;
-- Complicit violators within financial institutions; and
-- Complicit merchants, particularly wholesalers who facilitate TBML, and financial services providers.
Criminals use every feasible money laundering method available to them, exploiting opportunities wherever they find them.
This means that in practice, different money laundering methods are used simultaneously or sequentially, or are alternated in response to actions taken by law enforcement and financial supervisors.
The continuously shifting and opportunistic focus of money launderers makes it difficult and potentially misleading to attempt to rank order financial services or sectors on the basis of money laundering risk.
Money Laundering Risk Assessment (NMLRA) of USA identifies the money laundering risks
The purpose of the NMLRA is to help the public and private sectors recognize and understand the money laundering methods used, the effectiveness of current efforts to address the threats and vulnerabilities that create money laundering opportunities, and the residual risk to the financial system and national security.
The NMLRA updates and expands the National Money Laundering Threat Assessment (MLTA) of USA by:
-- Consolidating information from agency-specific, Congressional, and White House sources published since 2006;
-- Identifying case examples and trends from approximately 5,000 money laundering-related federal prosecutions (2006-2011);
-- Drawing from the work of the interagency Task Force on the U.S. Anti-Money Laundering Framework and the Securities and Derivatives Markets Working Group, which have identified illicit financing threats, trends, and risks in the United States; and -- Identifying priority money laundering risks.
Not all prosecutions for financial crimes include a money laundering or related charge, so the indictments and other court documents reviewed are not necessarily representative of all financial crime prosecutions.
-- Vulnerability: This is what facilitates or creates the opportunity for money laundering. It may relate to a specific financial sector or product, or a weakness in regulation, supervision, or enforcement, or reflect unique circumstances in which it may be difficult to distinguish legal from illegal activity.
Not all money laundering methods have equal consequences. The methods that allow for the most amount of money to be laundered most effectively or most quickly present the greatest potential consequences.
-- Risk: Risk is a function of threat, vulnerability, and consequence. It represents a summary judgment.
AT SEA , I WAS A VERY SUCCESSFUL CAPTAIN ONLY BECAUSE I DID DYNAMIC RISK ASSESSMENT, GOT IT SIGNED AND FILED IT
THE INITIAL RISK ASSESSMENT WAS FOR COMING SHADOWS.
I MADE MY OWN RISK ASSESSMENT FORM
MY BOSSES TOLD ME TO STOP IT—AS IT IS NOT IN THE ISO CERTIFICATION PAPER WORK LIST OF THE COMPANY
I TOLD THEM TO FUCK OFF
MY SHIPS GOT PROPER SPARE PARTS – BY BOSSES SHAT IN THEIR PANTS , JUST THINKG WHAT COULD HAPPEN TO THEM , IF THERE IS A SERIOUS ACCIDENT AT SEA, DUE TO THEM IGNORING MY RISK ASSESSMENT
I LITERALLY HAD THEIR COLLECTIVE BALLS IN MY VICE—WHICH I TIGHTENED OR LOOSENED AT WILL.
NOW YOU KNOW WHY MY SHORE BOSSES CELEBRATED AND GOT DRUNK WHEN I LEFT THE COMPANY ..
I HAVE HARDCORE FANS ASHORE, I GET FEEDBACK.
The fact-finding and assessment process ( MONEY LAUNDERING ) involved:--
-- Identifying the nature and volume of predicate financial crime in the United States to determine
the source of domestic illicit proceeds;
-- Tallying the money laundering methods identified through civil and criminal investigations and
-- Assessing the deterrent effect of domestic regulation, supervision, and enforcement on potential
money laundering methods; and
-- Using the foregoing research and analysis to identify residual money laundering risks in the
SIM Cloning. --Since the time OTP became mandatory for banking and card transactions, SIM card cloning has mushroomed. The fraudster first gets hold of your account details and an identity proof to get a duplicate SIM. Then he requests for a new SIM from the mobile service operator on some pretext and gets the targeted individual's original SIM deactivated. Once the new SIM gets activated, he can transact using OTP authorisations. And, by the time the victim realises, his account is wiped clean.
Card Fraud.-- Card frauds can be either offline or online, i.e., through skimming (ATM transactions) or vishing (online fraud). And, with 336 million debit card and 19 million credit card holders and 0.2 million ATM users, and debit card and credit transactions are Rs7,000 crore and Rs12,000 crore per month, respectively, the opportunity for fraudsters is huge.The irony is that, most often, card frauds happen due to the carelessness of card owners
Vishing. --Since the emergence of e-commerce, vishing has increased rampantly. Experts say most of the money defrauded through vishing is used for shopping on international websites where OTP is not required. And, there is a clear pattern in which gullible individuals are defrauded. Scamsters often dial an individual between 11am to 2pm, when people are usually busy at work, posing as bank representatives and weave a web of deceit to extract card details. Investigators say the following are the most common approach.
Your card has been temporarily blocked and may be blocked permanently if you do not provide the required details. There is always a sense of urgency, an effort to catch the individual off-guard and scare him into revealing the details.
Your reward points are about to expire. In order to redeem either in cash or gifts, please provide the card details as a part of the verification process.
Your current card is not an EMV (chip-based) card and the bank is in the process of phasing out magnetic strip cards. To place a request for a new card, please provide your card details for verification.
And finally, the most pleasant bait!
Your card number has been selected for a free holiday package. As a part of authentication, please provide us with the card details.
Identity thieves who obtain a legitimate taxpayer’s name and Social Security number can file a fraudulent claim for a tax refund early in the filing season before the legitimate taxpayer files.
Income tax refunds can be paid by paper check or electronically either via direct deposit to a bank account or to a prepaid debit card.
Criminals can open prepaid debit card accounts online using stolen identity information, and then cash out a fraudulent tax refund at an ATM.
Mortgage fraud results in an estimated $6 billion in annual losses in the United States.
Mortgage fraud schemes contain some material misstatement, misrepresentation, or omission that is relied on by an underwriter or lender to fund, purchase, or insure a loan. Mortgage fraud can be used to generate illicit profits or to qualify for housing.
Drug traffickers and others who rely on an illicit cash income use mortgage fraud to acquire property.
The term securities fraud covers a wide range of illegal activities including, among others, affinity fraud, high yield investment programs, microcap fraud, Ponzi schemes, pre-initial public offering investment scams, pyramid schemes, insider trading, market manipulation, and pump and dump schemes.
Securities accounts can be used to originate illicit proceeds through the implementation of these fraudulent securities trading practices.
Securities fraud is the most common predicate crime for criminal money laundering cases involving transactions through broker-dealers. The proceeds of drug trafficking and other crimes sometimes find their way into brokerage accounts at the layering stage more than at the placement stage
Most identified cases of illicit activity in the securities markets relate to some form of fraud, including securities fraud, identity theft, or embezzlement.
FBI estimates that 1.4 million people belong to 33,000 violent street gangs, motorcycle gangs, and prison gangs in the United States. Gangs are engaged in robbery, drug and gun trafficking, fraud, extortion, and prostitution rings.
The number of people starting to use heroin has been steadily rising , which may reflect a shift away from abuse of prescription pain relievers to a similar, easier to obtain, and cheaper alternative.
Despite its recent surge in popularity, heroin remains one of the least used illegal drugs in the United States with around one percent of the population having tried it. The U.S. heroin market is supplied entirely from foreign sources, with more than half of the supply coming from Mexico.
The increase in Mexican heroin production coincides with a decrease in production in Colombia. U.S. retail expenditure on heroin is estimated to be $20 billion.
National Money Laundering Risk Assessment can be particularly susceptible to criminal influences. That Strategy cites a World Bank estimate of about $1 trillion spent annually on bribery of public officials, causing an array of economic distortions and damage to legitimate economic activity.
The drug mafia uses cash. Payouts related to fraud, extortion, and other criminal activities are generally made in cash. Mafia members will store up to several million dollars in cash rather than place the money in a bank.
Nigerian criminal enterprises are among the most aggressive and expansionist of the international criminal groups. The Nigerian groups are infamous for their financial frauds, which cost the United States an estimated $2 billion annually.
IN GOA THE DRUG LORDS CONVERTED THE CASH DURING THE DEMONETIZATION PROCESS IN CONNIVANCE WITH FOREIGN JEWISH BANKS— THE GOVT DOES NOT EVEN KNOW
Schemes are diverse, targeting individuals, businesses, and government offices. Examples include: -- Advance fee (or 419) fraud which typically involves a person claiming to have access to a large amount of money that they are willing to share in return for help transferring or depositing the funds.
The victim is asked for money to pay initial fees. After the money is transferred, the benefactor disappears.
-- Online dating scams, which involve taking advantage of individuals who are led to believe a serious relationship is developing. The victim may be asked for money to pay for travel in order to meet, or for a health emergency. Once the money is transferred the paramour disappears.
Alternatively, the victim may be asked to perform some activity that helps to support another criminal scheme.
-- Check cashing/funds transfer fraud, which involves a person outside the United States asking for help transferring funds. The victim, who may be contacted as a result of posting a resume online, may receive money orders, checks, or funds transfers, and is asked to take a percentage and transfer the funds offshore. The funds received are typically fraudulent or stolen.
In a 2014 indictment in Mississippi in which more than a dozen members of a Nigerian criminal organization were charged with fraud, account takeovers, and money laundering.
The group operated via the Internet, primarily from South Africa but with alleged co-conspirators in the United States and Canada. The group allegedly bought stolen credit card numbers, bank and brokerage account data, and personal identifying information online.
They used the information to open new accounts, transferring value from the hacked accounts to banks accounts opened with stolen account information and altered or forged foreign passports. The group also used the stolen funds to buy consumer electronics, or transferred the money to prepaid cards.
The group recruited additional victims and unknowing accomplices by sending mass e-mails to U.S. participants at online dating sites and other online community web sites.
Some victims were sent counterfeit checks and asked to deposit them into their bank accounts and transfer the proceeds to recipients in Africa. Others were asked to receive shipment of fraudulently acquired merchandise and reship the goods to Africa.
There was approximately $1.52 trillion of U.S. banknotes in circulation and much of that currency circulates globally.
Cash (bank notes) is an effective money laundering vehicle. It is anonymous, widely used, and everyday spending with illicit cash is difficult to trace and impossible to confiscate once it is spent. Using large quantities of cash, however, can be conspicuous, cumbersome, and dangerous for criminals. Cash reporting and record keeping requirements mitigate this risk.
Preserving the integrity of the U.S. financial system requires that banks effectively monitor and control the money laundering risks to which they are exposed. To this end, banks are required to establish a written AML program reasonably designed to prevent their financial institutions from being used to facilitate money laundering and the financing of terrorist activities.
The introduction of illicit proceeds into the financial system is the first and critical step in the money laundering process and banks are most vulnerable to being used for this purpose by criminals.
Once illicit proceeds are placed into the financial system, the continued use of banks to move those funds both domestically and internationally can further obscure their criminal origins and facilitate their integration into the system.
Therefore, establishing and maintaining an effective customer identification program (CIP) is a key control.
Banks are put in a vulnerable position when individuals and entities attempt to disguise the nature, purpose, or ownership of their accounts.
This can occur through:--
• Structuring and misuse of currency deposits (interstate funnel accounts)
• Misuse of correspondent banking services
• Misuse of new payment technologies
• Nominees and misuse of legal entities
• Money Brokers and Trade-based money laundering
• Misuse of third party payment processors
Banks put themselves in a vulnerable position when they fail to maintain effective compliance programs.Even in circumstances in which banks have effective compliance programs, a complicit employee can make a bank vulnerable to illicit activity..
Structuring and Misuse of Currency Deposits (Interstate Funnel Accounts)-- Structuring is a common technique used to avoid a cash transaction threshold at which a financial institution applies recordkeeping and/or reporting obligations. Case examples demonstrate that customers will structure deposits and withdrawals to keep cash transactions below $10,000 to avoid the CTR reporting threshold
Correspondent banking is the provision of banking services between two unrelated financial institutions, whether domestic or international. Correspondent banking relationships are essential to the function of the U.S. and international financial system, facilitating everything from remittances, development, trade finance, and economic development.
Foreign correspondent banking relationships allow financial institutions worldwide to facilitate crossborder transactions in their currency of choice. They also enable financial institutions to conduct business and provide services to clients in foreign countries without the expense and burden of establishing a foreign presence. However, because of the complexity of correspondent account relationships, multiple intermediary financial institutions may be involved in a single funds transfer transaction.
There are more than 300 banks in the United States that provide correspondent banking services to foreign financial institutions. When these U.S. banks receive funds or instructions for a funds transfer from a foreign correspondent bank, they likely do not have a relationship with the originator of the payment.
For this reason, conducting appropriate due diligence on the foreign correspondent bank is critical to managing the vulnerability associated with this product. The complexity and volume of transactions that flow through U.S. correspondent accounts, coupled with the varying (often limited) recordkeeping requirements of funds transfer systems in different countries increase the likelihood that some correspondent accounts can be exploited to facilitate the flow of illicit proceeds into or through the U.S. financial system.
As cross-border wire transfers have come under increased scrutiny, DTOs have found paper checks,money orders, traveler’s checks, and cashier’s checks to be an alternative. Money launderers can transfer large dollar amounts outside the United States by writing checks or buying money orders, traveler’s checks, and cashier’s checks and depositing them in accounts at foreign financial institutions.
Sending those paper items back to the United States for clearing used to be a time-consuming process. Now, however, banks can scan the items and send a digital file via remote deposit capture (RDC). RDC is used to make depositing checks faster and more convenient. When properly managed, RDC can reduce processing costs, support new and existing products by financial institutions, and accelerate the availability of customers' funds.
When used for illicit purposes, branded general purpose reloadable prepaid debit cards have been associated with cashing out the proceeds of fraud and being used as an alternative to cash in much the same way that money orders, travelers’ checks, and nonbank wires are used.
Using a bank account held in someone else’s name, or in the name of a business, to hold, send, or receive illicit proceeds, is a sophisticated method to circumvent a bank’s account opening procedures. As noted above, funnel accounts are typically held by a nominee.
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a cooperative owned by 3,000 financial institutions. SWIFT, the global financial network that banks use to transfer billions of dollars every day, warned its customers that it was aware of "a number of recent cyber incidents" where attackers had sent fraudulent messages over its system.
The disclosure came as law enforcement authorities in Bangladesh and elsewhere investigated the cyber theft of $81 million from the Bangladesh central bank account at the New York Federal Reserve Bank. SWIFT has acknowledged that the scheme involved altering SWIFT software on Bangladesh Bank's computers to hide evidence of fraudulent transfers.
SWIFT said the attackers obtained valid credentials for operators authorized to create and approve SWIFT messages, then submitted fraudulent messages by impersonating those people.
In the case of Bank Bangladesh, hackers transmitted a series of 'fraudulent' payment instructions via SWIFT to the New York Federal Reserve (the Fed) ordering the transfer of large tranches of money from Bank Bangladesh's account there.
The Fed, believing the messages had been authenticated in accordance with the SWIFT protocols, transferred approximately $101 million to banks in Sri Lanka and the Philippines. These funds were laundered through casinos.
Hackers have accessed the SWIFT system of three banks in India and inputted fake letters of credits and demand guarantees. The fraudsters intended to raise demands under those instruments to trigger the release of funds
Banks should check the electronic SWIFT documents against the underlying documentation to cross-check their authenticity.
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is the world’s largest electronic payment messaging system, facilitating the exchange of more than $7 trillion a day..
Though it gets lumped in with electronic funds transfer systems, it doesn’t do any of the funds transfers itself. In fact, it doesn’t even touch money.
At its core, SWIFT is basically just a bank-to-bank messaging system. It supplies a standardized language that institutions use to communicate payment instructions and other info to each other.
SWIFT messages are programmed in a language known as FIN. more than 11,000 institutions in more than 200 nations are connected to SWIFT.. SWIFT uses a system of codes to detail where a transfer is coming from, where it’s going, and how it’ll to get there.
These strings of alphanumeric identifiers comprise an institution code, a country code, a location code, and a branch code. Because SWIFT doesn’t actually send money, institutions that use the network also need banking relationship to move funds.
Each financial institution will have a dedicated SWIFT interface (in other words, a computer-based terminal) on-premises. Most banks set up their SWIFT systems so that they’re isolated from the rest of their networks..
SWIFT doesn’t provide these services for free—the cooperative makes money from one-time setups, service and equipment fees, consulting, and it takes a cut each time a message is sent (its largest source of revenue), among other streams
TO BE HONEST WE HAVE TO UPGRADE ALL OUR POLICE STATIONS .
Assi Chutki Nabbe Taal
Ragad Ke Kaini Muh Me Daal
To Fir Kaini Ka Dekh Kamal
According to US DOJ, telemarking fraud alone costs Americans about $40 billion each year and disproportionately victimizes the elderly. This is happening in India too .
Telemarketing fraud is fraudulent selling conducted over the telephone. The term is also used for telephone fraud not involving selling.
Telemarketing scammers communicate with potential victim by telephone. They pitch products or services in order to persuade consumers to make a purchase, getting the victim to hand over credit card details and other information. This allows criminals to commit identity theft, assuming the identity of a consumer to make unauthorized purchases.
Telemarketing fraud is one of the most persuasive deceptions, and it involves some sort of victim compliance: the victim may initiate contact with the perpetrator, or they may voluntarily provide private information to the offender.
Thus fraud victims may experience feelings of shame and embarrassment that could prevent them from reporting their victimization.
Older people are disproportionately targeted by fraudulent telemarketers and make up an estimated 80% of victims affected by telemarketing scams.
Older people may be targeted because scammers assume they are more trusting, are too polite to hang up, or have a nest egg. Additionally, they are often at home to receive the phone calls.. .
Typically, telemarketing fraud is targeted at the elderly, the poor, younger individuals and immigrants who do not have strong English skills in USA
At its core, telemarketing fraud is a pretty simple crime: someone calls the victim, makes a false statement, and the misrepresentation causes the victim to give money to the caller. This definition can cover a large variety of scams.
Sometimes, victims are told that they won a prize in a foreign lottery and their personal information is required to receive the prize.
In another example, the scammer calls the victim, claiming to be from an anti-virus software company, and convinces the victim to allow the caller to access his or her computer in order to rid it of a fictional virus. Once the scammer has the victim’s personal information, he can use it to access the victim’s bank accounts.
When you send money to people you do not know personally or give personal or financial information to unknown callers, you increase your chances of becoming a victim of telemarketing fraud.
Here are some warning signs of telemarketing fraud—what a caller may tell you:--
“You must act ‘now’ or the offer won’t be good.”
“You’ve won a ‘free’ gift, vacation, or prize.” But you have to pay for “postage and handling” or other charges.
“You must send money, give a credit card or bank account number, or have a check picked up by courier.” You may hear this before you have had a chance to consider the offer carefully.
“You don’t need to check out the company with anyone.” The callers say you do not need to speak to anyone including your family, lawyer, accountant, local Better Business Bureau, or consumer protection agency.
“You don’t need any written information about the company or their references.”
“You can’t afford to miss this ‘high-profit, no-risk’ offer.”
If you hear these or similar “lines” from a telephone salesperson, just say “no thank you” and hang up the telephone.
It is very difficult to get your money back if you have been cheated over the telephone. Before you buy anything by telephone, remember:---
Don’t buy from an unfamiliar company. Legitimate businesses understand that you want more information about their company and are happy to comply.
Always ask for and wait until you receive written material about any offer or charity. If you get brochures about costly investments, ask someone whose financial advice you trust to review them. But beware—not everything written down is true.
Always check out unfamiliar companies with your local consumer protection agency, Better Business Bureau, state attorney general, the National Fraud Information Center, or other watchdog groups. However, not all bad businesses can be identified through these organizations.
Obtain a salesperson’s name, business identity, telephone number, street address, mailing address, and business license number before you transact business.
Some con artists give out false names, telephone numbers, addresses, and business license numbers—verify the accuracy of these items.
Before you give money to a charity or make an investment, find out what percentage of the money is paid in commissions and what percentage actually goes to the charity or investment.
Before you send money, ask yourself a simple question: “What guarantee do I really have that this solicitor will use my money in the manner we agreed upon?”
Don’t pay in advance for services; pay only after they are delivered.
Be wary of companies that want to send a messenger to your home to pick up money, claiming it is part of their service to you. In reality, they are taking your money without leaving any trace of who they are or where they can be reached.
Always take your time making a decision. Legitimate companies won’t pressure you to make a snap decision.
Don’t pay for a “free prize.” If a caller tells you the payment is for taxes, he or she is violating federal law. Human greed is unlimited .
Before you receive your next sales pitch, decide what your limits are—the kinds of financial information you will and won’t give out on the telephone.
Be sure to talk over big investments offered by telephone salespeople with a trusted friend, family member, or financial advisor. It is never rude to wait and think about an offer.
Never respond to an offer you don’t understand thoroughly.
Never send money or give out personal information such as credit card numbers and expiration dates, bank account numbers, dates of birth, or social security numbers to unfamiliar companies or unknown persons.
Be aware that your personal information is often brokered to telemarketers through third parties.
If you have been victimized once, be wary of persons who call offering to help you recover your losses for a fee paid in advance.
If you have information about a fraud, report it to law enforcement agencies.
The Reserve Bank of India has sharply brought down the threshold above which non-banking finance companies (NBFCs) can disburse loans against gold only by cheque.
The central bank said with immediate effect such loans amounting to Rs. 20,000 and above can be disbursed only by cheque as against the earlier threshold of Rs. 1 lakh and above. This move is in line with the rules issued under the Income Tax Act.
This move should be seen in the backdrop of the government scrapping Rs. 500 and Rs. 1000 bank notes during the demonetisation period (November 9, 2016 to December 30, 2016) and its emphasis on digital payments.
The note scrapping exercise resulted in almost 86 per cent of the currency in circulation being sucked out of the economy.
A shadow banking institution is defined as" a credit intermediary involving entities and activities outside the regular banking system".
In the Indian context, the system is mainly spearheaded by the NBFCs along with quasi-formal and informal systems like Chit Funds, Gold loan Saving and Blade Loan Companies, Pawn Brokers, etc. Some of the startling facts about these institutions
Non-banking financial companies, or NBFCs, are financial institutions that provide certain types of banking services, but do not hold a banking license. Generally, these institutions are not allowed to take deposits from the public, which keeps them outside the scope of traditional oversight required under banking regulations.
NBFCs can offer banking services such as loans and credit facilities, retirement planning, money markets, underwriting, and merger activities.
Today NBFCs account for more than 42% of India's financial system.
More than 72% of outlets in Gold Loan Companies like Muthoot Fin Corp are in rural and semi-urban areas signifying the deep reach which these institutions have been able to achieve.
Shriram Capital Limited, one of the largest chit funds in the country, has a considerable presence in all the four southern states and manages over 820 million USD
The emergence of the Self Help Groups and Micro-finance Institutions has added another dimension to the shadow banking story.
A problem which the Indian Banks face is that of dormant accounts which hamper the banking system's resource utilization. Such situations automatically give rise to a need for an alternate banking system which is simpler and less document ridden.
An important difference found between the shadow banking practices of the developed world as against the developing countries is that of their emergence with the NBFCs acting as a tool in the west to absorb the risks after a need to de-risk the complex banking industry while shadow entities in the developing world serve as an intermediary between the country's banking system and the consumer.
The biggest challenge for the regulators is to measure the magnitude of shadow banking as this area is continually evolving by taking advantage of the gaps in the mandates of regulatory agencies that try to control them.
There is also an absence of a complete database regarding these entities, and the opaqueness of size, structure, operation and interlinking with commercial banks and the financial sector may distort the information content of the monetary policy indicators and thereby undermine the conduct of the monetary policy.
RBI has taken several initiatives to increase the efficiency of NBFC regulation, take care of the risks posed by them to the financial stability of the country, address interests of depositors as well as the customers and help the sector grow in an efficient manner.
There is a need to develop a more organized structure and bring the plethora of entities under the umbrella of shadow banking in the country under a uniform law and address the issue of money laundering and tax evasion.
IN KERALA THERE ARE BLADE COMPANIES WHO WILL GIVE LOANS AT HIGH INTEREST RATES ( IN CASH ONLY ) PROVIDED GOLD JEWELRY IS GIVEN AS COLLATERAL
THEY THEN PLEDGE THE SAME GOLD IN OTHER BLADE COMPANIES FOR HIGHER RETURNS.
SOME OF THESE BLADE COMPANIES ORGANISE THEFT OF THEIR OWN GOLD.
MUTHOOT FINCORP NOW HAS 3800 BRANCHES DOING SHADOW BANKING.
In India builders and contractors having BLACK MONEY love micro finance.
A builder has surplus cash on hand received through illegitimate sources which he decides to invest in order to camouflage the origin of this unlawful money.
He gives the cash to a Microfinance Institution which further distributes it in the form of small credit to several borrowers. These borrowers return the loan and also seek further credit, thus eliminating the trail of the unlawful money of the builder.
The MFI is usually in cahoots with the builder, small credit will be offered to ghost borrowers. Thus, rotating the funds in a legitimate but dishonest way. .
There are more than 192 million ( 1920 lakhs ) accounts held under the umbrella of MFI’s. These accounts represent almost 19% of the total national population.
This system has patronage from rich and corrupt politicians .
The current structure of the distribution of microfinances is largely unregulated and hence most MFIs are relatively unaccountable for their actions regarding allocation of finances. The absence of stringent regulations leaves a lacuna which renders the institutions susceptible to activities beyond the purview of law.
These MFIs appear to shadow deep rooted political agendas. In India most of the TERRORISTS are funded by MFIs. Foreign funded Trojan Horse NGOs operate their own MFIs.
ARE WE CUNTS ?
WHY DO WE ALLOW THIS ?
Capt. Ajit Vadakayil
November 6, 2015 at 2:36 PM
EMPOWERING WOMEN IS A ZIONIST JEW THINGY-- TO DESTROY THE HARMONY IN INDIAN HOMES-- TO DESTROY THE ROLE OF MAN AS THE TRADITIONAL PROVIDER . ..
THIS IS THE MOST EFFECTIVE FORM OF DIVIDE AND RULE . .
MUHAMMAD YUNUS IS A BANGLADESI CRYPTO JEW WHOM ZIOINIST JEWS USED TO EMPOWER BANGLADESI WOMEN . .
THE JEW BONG MUHAMMAD YUNUS WAS THE BANGLADESI FRONT FOR ROTHSCHILD BANKING IN BANGLADESH . .
MUHAMMAD YUNUS WAS ALLOWED TAX EXEMPTION--AND ROTHSCHILD BANKSTER JEWS THOUGHT THEY WERE VERY CLEVER . .
SO SO-- GRAMEEN BANK WOULD GIVE LOANS WITHOUT COLLATERAL ONLY TO WOMEN . .
AS SOON AS THE BONG WOMEN GOT MONEY THEY TOLD THEIR HUSBANDS TO FUCK OFF --AND THEY STOPPED COOKING AT HOME . .
MOST OF THESE WOMEN BECAME TELEPHONE CARD SELLERS AND AMWAY , HERBALIFE TYPE PONZI / MLM SCHEME BUSINESSWOMEN . .
THE ONLY DIFFERENCE IS THAT THEY WORE COTTON SAREES WITHOUT CHAPPALS . .
SOON THEIR BUSINESS WHEN PHUTTTT !
MANY WOMEN STARTED COMMITTING SUICIDE AS BOUNCERS OF YUNUS MADE SURE THE EXTREMELY HIGH INTERESTS WERE REAPED . . .
BOUNCERS REAPED IN SEXUAL KIND -- IF NOT CASH !
SO YUNUS TRIED BEING MORE CLEVER--
JEW HAI NA ?
HE WAIVED THE OUTSTANDING AMOUNTS OF INTEREST AND BASE LOAN TO WHOEVER COMMITTED SUICIDE . .
NOW BONG MEN GOT DIABOLICAL--
AFTER ALL THEIR WIVES KICKED THEM ON THEIR BALLS , STOPPED COOKING -- SO THEY KILLED THEIR WIVES . .. AND CLAIMED SUICIDE . .
SO MODI SAAAB ARE YOU THE NEW INDIAN YUNUS-- WHO WILL EMPOWER INDIAN WOMEN ?
MAKE SURE THEIR MONEY DOES NOT FALL INTO PONZI SCHEMES OF YOUR JEW MASTERS ..
WE ARE WATCHING . . .
WHEN AN INDIAN MAN COMES BACK FROM WORK HIS CITY WIFE HAS SOLD FURNITURE --
OLX PER BECHCH DAAALA SAALA !
SELL KIYA CELLLL PHONE PE-- OHHH OHHHH OHHHHHHHHHHHHH !
MR NARENDRA MODI , INDIA HAS 54,000 TONNES OF GOLD -- WILL YOU GIVE ALL THAT TO R0THCHILD ?
NOBEL PRIZE MILEEEEENGA .
Capt Ajit Vadakayil
Muhammad Yunus and his organization have been named in the ongoing Pizza Gate investigation, where career DC politicians have been implicated in procuring children out of a business complex registered to Andrew Kline (appointed to DOJ by Bill Clinton) .
Muhammad Yunus had a non-profit bank, Grameen Bank. Yunus had been working for Clinton Foundation's CGI programs as early as 2005. He also chaired Grameen America, the bank's non-profit for the US flagship, which donated $100K to $250K for the Clinton Foundation. Another Grameen chaired position by Yunus was Grameen Research, which donated $25K- $50K.
Yunus first met with Clinton in 2009 and six months later USAID partnered with Grameen Foundation run by Yunus, thereby, giving Grameen a $162 million commitment to extend micro-financing concept abroad. USAID began to provide loans and grants to Grameen.
The millions in funds were given to Yunus’ Bangladesh-based Grameen Bank through 18 different U.S. Agency for International Development (USAID) grants.
NOBEL PRIZE WINNER MOHAMMAD YUNUS OF BANGLADESH IS A CRYTO JEW WHO HAS CONNECTIONS WITH VARIOUS ZIONIST JEW FOUNDATIONS. THERE ARE SEVERAL PICTURES OF HIM WITH THE CLINTONS
WHY DID MOHAMMAD YUNUS DONATE 3 LAKH US DOLLARS TO THE CLINTONS ?
The Clintons personally lobbied to press the Nobel Committee to award Yunus with the peace prize
Clinton’s aid to Yunus also included 18 grants, contracts and loans awarded to two of his America-based foundations, the Grameen Foundation USA and Grameen America. The Department of Treasury awarded a $600,000 grant directly to Grameen America under a fund designed to boost financial institutions in community development.
When asked to explain the Yunus grants and loans, USAID Spokesman Raphael Cook said the agency didn’t have the “manpower” to respond to questions about the transactions. A series of Small Business Administration grants to Grameen America also began in July 2011, totaling $934,000.
Those grants were for “salaries and expenses” for the foundation to operate its New York offices where Clinton once a U.S. senator.
Yunus was popular among elements of the Bangladesh military. When a group of generals overthrew the Bangladesh government in January 2007, Yunus considered establishing a new political party to lead the new military-led government, thereby legitimizing the coup.
The BBC reported April 7, 2007, that “the army would sponsor Nobel Peace prize winner Dr. Muhammad Yunus as a new leader.”
Sabir Mustafa, the BBC’s Bengali Service editor, added that “Dr. Yunus is still viewed as a credible candidate by elements in the army.” In the end, Yunus opted not to create the new party.
DO YOU REMEMBER KACHRAWAAL SAYING THAT ONLY NOBEL PRIZE WINNERS AND MAGSAYSAY AWARD WINNER CAN BE JURISTS IN JAN LOKPAL – AND THAT FOREIGN FUNDED NGOs MUST BE EXEMPTED FROM JAN LOKPAL PURVIEW ?
WHEN WILL ROTHSCHILD ASK NOBEL PRIZE WINNERS KAILASH SATYARTHI AND JEWESS MALALA YOUSAFZAI TO FLOAT THEIR OWN POLITICAL PARTIES ?
ISIS , WHITE HELMETS AND JEW RABBIs DOING ORGAN TRAFFICKING AS A TEAM, BUILDING UP A HUMAN ORGAN BANK.. SALES HAPPEN VIA SHELL COMPANIES.
Though NBFCs are offering online services, not many rich customers have been using them. They prefer anonymous cash dealings .
Even if NBFC customers do take the digital route in future, they are more likely to do so via mobile phones and not the online channel.
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares stocks bonds debentures’ securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale ’purchase’ construction of immovable property. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company). –
NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:
i. NBFC cannot accept demand deposits;
ii. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;
iii. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.
NBFCs whose asset size is of Rs 500 cr or more as per last audited balance sheet are considered as systemically important NBFCs. The rationale for such classification is that the activities of such NBFCs will have a bearing on the financial stability of the overall economy.
Reserve Bank of India MUST create the post of an NBFC specific OMBUDSMAN.
An ombudsman or public advocate is usually appointed by the government or by parliament, but with a significant degree of independence, who is charged with representing the interests of the public by investigating and addressing complaints of maladministration or a violation of rights…
An ombudsman could allow customers to lodge complaints against NBFCs for levying charges without prior notice, non-observance of RBI directives on interest rates, non-acceptance of applications for loans without valid reasons or non-compliance of guidelines on engaging recovery agents. For banks, the ombudsman was appointed two decades ago.
Microfinance institutions are facing low loan recovery rate after the scrapping of old Rs 500 and Rs 1,000 notes.
Recovery of credit in the MFI industry is primarily in the form of cash, this must stop –we must introduce a digital system.
All NBFC MFIs are required to maintain a cumulative capital adequacy of 20 % of their aggregate risk weighted assets. The general public falls prey to fictitious offers promising unsustainable returns by unincorporated bodies and companies.
The NBFC must be registered with RBI and is specifically authorised to accept deposits. NBFCs have to prominently display the Certificate of Registration (CoR) issued by the Reserve Bank on its site. If an NBFC is authorised to accept public deposit, the certificate reflects that.
RBI does not guarantee the repayment of deposits accepted by NBFCs – hence the need to be digital and transparent.
Currently, the maximum interest rate that an NBFC can pay to a depositor should not exceed 12.5%. The Reserve Bank, however, keeps changing these interest rates depending on the macro-economic environment.
I remember in Kerala Blade Companies were offering 36 % interest in newspaper 4 decades ago. All greedy depositors 99% lost their money.
I remember in Kerala Blade Companies were offering 36 % interest in newspaper 4 decades ago. All greedy depositors 99% lost their money.
The depositor must have a proper receipt ( book with serial number printed by RBI ) for every amount of deposit placed with the company. The receipt should be duly signed by an person/ officer authorised by the company and should state the date of the deposit, the name of the depositor, the amount in words and figures, rate of interest payable, maturity date and amount.
Criminals are looking for and finding virtual currencies that offer:
• Anonymity for both users and transactions
• The ability to move illicit proceeds from one country to another quickly
• Low volatility, which results in lower exchange risk
• Widespread adoption in the criminal underground
The following virtual currency prosecutions involve service providers that intentionally promoted anonymity and other virtual currency attributes attractive to criminals:
In 2013, in Oregon, two Portland residents and two Vancouver residents were charged with drug trafficking and money laundering in connection with selling methamphetamine internationally in exchange for Bitcoin through the now defunct online illicit bazaar Silk Road.
Silk Road was only accessible through an encrypted underground network, TOR (formerly, The Onion Router), and the majority of electronic communications between buyers and sellers was on the Silk Road website via internal private messaging.
All transactions were paid for in Bitcoin.
The methamphetamine was allegedly sent to buyers through the United States Postal Service and package delivery services. The Bitcoins received by the alleged drug traffickers were later exchanged online for U.S. currency received as money orders and via PayPal and Western Union wires.
The funds were ultimately placed in U.S. bank and prepaid card accounts opened with false identification, and the money then distributed to members of the organization.
In USA Five people were busted for bilking Medicare and Medicaid in a years long, $86 million scam in which they paid kickbacks in order to bill for bogus procedure..
Billions of dollars in fraudulently obtained Medicare reimbursement checks are cashed through check cashers that are either knowingly filing CTRs ( consent to release ) that include false identifying information, or are avoiding filing CTRs altogether.
Many of those identified as laundering proceeds of healthcare fraud through check cashing companies have been linked to organized crime groups
In one of the cases, Belair Payroll Services, a licensed check casher in Queens, New York, cashed checks associated with healthcare fraud.
Two Belair customers named in the indictment had allegedly recruited foreign students in the United States on temporary J-1 visas to create shell companies and open bank accounts, which subsequently were used to deposit payments received from a fraudulent healthcare billing scheme.
The defendants wrote checks on the shell company accounts to cash out the healthcare fraud proceeds and cashed them at Belair Payroll Services, which allegedly agreed not to file CTRs or to file false CTRs on the cash payments that exceeded $10,000.
According to the indictments involving check cashers, the allegations in the Belair Payroll Processing case are typical. Perpetrators of fraud, particularly healthcare fraud, in which the payment is made by check in response to a false claim, seek out check cashers who agree to cash checks for tens of thousands of dollars without filing a CTR or to make a false report.
Money laundering is not the same as hiding money. One hides money to avoid paying taxes on it. One launders money to make it look like legitimate earnings when in fact it is dirty money.
Declaring and paying taxes on money are essential parts of laundering it. The money laundering regulations do not apply to travelers' checks - that is not the problem.
Third party cheques and traveller’s cheques are often purchased using proceeds of crime. Since these are negotiable in many countries, the nexus with the source money is difficult to establish.
It is now far better to travel with an ATM card than travellers cheques. Banks will still accept them, but due to anti money laundering and counterfeitting they are not used as widely.
A traveler's cheque is a medium of exchange that can be used in place of hard currency. They can be denominated in one of a number of major world currencies and are preprinted, fixed-amount cheques designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.
They were generally used by people on vacation in foreign countries instead of cash, as many businesses used to accept traveler's cheques as currency.
The incentive for merchants and other parties to accept them lay in the fact that as long as the original signature (which the buyer is supposed to place on the cheque in ink as soon as they receive the cheque) and the signature made at the time the cheque is used is the same, the cheque's issuer will unconditionally guarantee payment of the face amount even if the cheque was fraudulently issued, stolen, or lost.
This means that a traveler's cheque can never 'bounce' unless the issuer goes bankrupt and out of business. If a traveler's cheque were lost or stolen, it could be replaced by the issuing financial institution.
Their use has been in decline since the 1990s. Around this time, a variety of more convenient alternatives, such as credit cards, debit cards, and automated teller machines, became more widely available and were easier for travelers to use. Traveler's cheques are no longer widely accepted and cannot easily be cashed, even at the banks that issue them
There are times when you're traveling somewhere dangerous, and are legitimately concerned about getting mugged or hotel room security is lax . Traveler's checks can only be cashed by you, and will require your presence and signature, thus saving you the hassle of having to cancel all of your cards should they get stolen, or having your bank accounts emptied.
However, you should never rely solely on traveler's checks either, as not all businesses accept them these days. They should be used in addition to cash or credit cards
Travellers cheques are very easy to counterfeit and so an entire area may refuse to accept them. Traveler's checks were a product catered to an ATM-less market. Today, it generally only makes sense to use them when you're in a place where ATMs are few and far between
THIS POST IS NOW CONTINUED TO PART 16, BELOW
CAPT AJIT VADAKAYIL