meticulously follow the KYC guidelines to curb the financial frauds effectively and to make banks comfortable with the bonafide and integrity of customers. Objective: Objective of KYC is to prevents banks from being used‚ intentionally or unintentionally‚by criminal elements for money laundering or financial terrorism or fraud. It enables banks to understand their customer and their financial dealings which in turn help to manage risk prudently.It is the platform used by banks to control frauds and
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practice. As a teacher‚ it is vitally important to understand the current legislation in order to meet the needs of the organisation and the learners. Listed below are some examples of generic and specific legislation‚ codes of practice and regulations which you will need to be aware of. Health and Safety at Work Act (1974): states that learners and employees (pupils and teachers‚ for example) are legally entitled to a safe and healthy environment. This responsibility for compliance rests not
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Biologics are recognized as cutting edge products utilized against many hard to treat diseases and conditions. The physical properties of biologics as well as the nature in which they are produced make the regulations that govern these products very complex and important to understand. Biologic are often complex‚ large‚ and unstable 3D compounds that can be easily altered by natural factors such as holding temperature and light exposure (Geigert‚ 2013). This can be troublesome for biologic manufacturers
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Glycolysis Regulation Task 3 (D4) Glycolysis is the breakdown of glucose into a compound called pyruvate. A net of two ATPs are produced as the process uses two ATPs and produces four. Glycolysis consists of ten chemical reactions; each reaction is catalysed using a different enzyme. Oxygen is not required during glycolysis so it is considered anaerobic respiration. Glycolysis must be regulated so that energy is produce only when required. During glycolysis there are three enzymes that catalyse
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The most expensive and best-publicized incident of computer sabotage happened at Omega Engineering Corp of Bridgeport‚ New Jersey. It was a classic example of inside hack attack‚ whereas a former employee intentionally launched a logic bomb that permanently caused irreparable damage‚ destroying more than a thousand programs in the matter of a few seconds. Omega Engineering was a thriving defensive manufacturing company in the 1990s; it used more than 1‚000 programs to produce various products with
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SARBANES-OXLEY ACT ACC 403- AUDITING PROFESSOR August 19‚ 2012 The Sarbanes-Oxley Act was placed into effect July 2002; the act introduced major changes to the regulation of corporate governance and financial practice. The Sarbanes-Oxley Act was named after Senator Paul Sarbanes and Representative Michael Oxley‚ who were the main architects that set a number of non-negotiable deadlines for compliance. The organization for Economic Cooperation and Development was one of the first non- government
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The Sarbanes-Oxley Act (SOX) was passed by Congress in 2002 (www.sarbanesoxley. com). The Act‚ along with subsequent regulations adopted in 2003 and 2004‚ affected the responsibilities of auditors‚ boards of directors‚ and corporate managers with respect to financial reporting. Also‚ the act established the Public Companies Accounting Oversight Board (PCAOB) that is now responsible for oversight of financial statement audits of publicly-traded corporations and the establishment of auditing
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Impact of Sarbanes-Oxley Act and the Importance of Ethics in Accounting The U.S. Congress passed Sarbanes-Oxley Act in 2002 in order to reveal some financial information‚ define clear responsibilities of corporate boards and audit committee‚ and ensure their independence. SOX was formed after several major scandals in accounting field‚ such as WorldCom and Global Crossing. This memorandum is intended to explain the major changes in accounting practices after implementation of the Sarbanes-Oxley Act in
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Ques: Using the duties listed in this case‚ make a list of the competencies required for each job? According to the duties mentioned in the case‚ we have used the Skills Matrix as a medium to define the importance and the characteristics of the job. Such a matrix is useful is defining the competencies required in a job especially if the company goal is high performance work system. In the following case‚ Accounts Manager and the HR Consultants job duties are specified in the matrix format as discussed
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Business Regulation Simulation Torts can be purposeful or negligent‚ but ultimately result in some kind of damage. Within the business simulation from Harb‚ we could identify possible torts as a team. The torts we identified were: unsafe water causing leukemia‚ infliction of emotional distress‚ and the possibility of defamation of character. Many factors can contribute to the Enterprise Risk Management process; however‚ it is necessary to minimize the risks and organization encounters. The Enterprise
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