Customer Identification Program (CIP) and Regulations under Section 326 of the USA Patriot Act. Know Your Customer. (a) The Customer Identification Program. The opening of new bank or other financial account now requires much more personal information than in the past. The purpose is not to prove identity as such but as part of the…
Benjamin Musau Compliance and Counter-Terrorist Financing Critique of the article on Compliance and Counter-Terrorist Finance (CTF) in the United Kingdom. Background of Peter A Sproat Dr Peter A Sproat is the holder of BA (Hons), PGCE, MA, PhD and Lecturer in Policing. He is Module Co-ordinator, Security in a Global Age (Honours) and a member…
International Compliance Module 9: Criteria for the Evaluation of the AML/Compliance Regimes in Dubai and the Middle East By: Benjamin M Musau LL.M Student, International Taxation and Financial Services Thomas Jefferson School of Law San Diego, CA Module 9: Criteria for the Evaluation of the AML/Compliance Regimes in Dubai and…
Criteria for the Evaluation of AML/Compliance Regimes of Nations and Offshore Financial Centers By Benjamin M Musau Criteria for the Evaluation of AML/Compliance Regimes of Nations and Offshore Financial Centers The Financial Action Task Force (an independent inter-governmental body that develops and promotes policies to protect the global financial system against…
Benjamin M Musau, Lawyer, Nairobi, Kenya This article discusses the consequences of a concept of shifting to a residence-based taxation for E-Commerce Transactions. Arthur Cockfield, appears to be the leading person who has discussed this issue in his article “Balancing National Interests in the Taxation of Electronic Commerce Business Profits” (1999) 74 Tul. L. Rev….
Comparative Analysis of the Criteria and Progress in the AML/Compliance Regimes of the USA and the United Kingdom By: Benjamin M Musau Comparative Analysis of the Criteria and Progress in the AML/Compliance Regimes of the USA and the United Kingdom United States According to FinCEN[1], the following is the history of Anti-Money Laundering Laws in the…
Can a Website alone constitute a permanent establishment for tax purposes? Benjamin M Musau, Lawyer, Nairobi, Kenya This article presupposes the hypothesis of a nonresident alien, residing in country X operates a business selling certain goods in country X. The business entity, or foreign corporation, begins a marketing campaign of his product in the United…
Benjamin M Musau KYC, CDD and EDD What is the difference between KYC and Customer Due Diligence and Enhanced Customer Due Diligence? (i) KYC is the abbreviated name of Know Your Customer. According to the online Wikipedia, Know your customer (KYC) is the due diligence and bank regulation that financial institutions and other regulated…
Benjamin M Musau Thomas Jefferson School of Law Module 2 Assignment Module 2 Advanced Topics in Compliance and Technology/Investigations Please discuss the following: What are the four fundamental components of USA compliance program (as required by statute and regulation)? Briefly discuss each component. According to the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Examination Manual (2010),…
Politically Exposed Persons (PEPs): The Draft EU Fourth Money Laundering Directive based on Proposed Changes to the FAFT Standards By Benjamin M Musau[1] Copyright ã 2011 by Benjamin M Musau All rights are Reserved. ã No part of this document may be reproduced in any form,…