Tommy Hartono 吕恩豪

Category: Terms

  • Day 30: Bearer Form

    Day 30: Bearer Form

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    Tommy Hartono
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    #QuickBiteCompliance Day 30 🕵️ How Bad Guys Use “Bearer Forms” to Hide Money 🕵️ Hey friends! Ever wonder how people with bad intentions sometimes “hide” money? Today, let’s learn about something called Bearer Forms! 🎫 What’s a Bearer Form? Think of it like a ticket that says, “Whoever holds this can use it!” Whether it’s…

  • Day 29: Batch Screening

    Day 29: Batch Screening

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    Tommy Hartono
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    #QuickBiteCompliance Day 29 This post introduces me on Batch Screening, a vital aspect of compliance. Batch Screening involves screening a company’s complete customer base and related entities, like vendors, periodically against Automated Screening Tools (ASTs). This process ensures ongoing compliance and risk mitigation. #QuickBiteCompliance #InclusiveRegtech #BatchScreening Learn more about compliance terms: https://www.acams.org/en/resources/aml-glossary-of-terms

  • Day 28: Batch Processing

    Day 28: Batch Processing

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    Tommy Hartono
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    #QuickBiteCompliance Day 28 Late post, the term of the day is Batch Processing! It refers to a method of data processing and data communications transmission where related transactions are grouped together and sent for processing, typically on the same computer and within the same application. #QuickBiteCompliance #InclusiveRegtech #DataProcessing #BatchProcessingSource: https://www.acams.org/en/resources/aml-glossary-of-terms

  • Day 27: Basel Committee

    Day 27: Basel Committee

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    Tommy Hartono
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    #QuickBiteCompliance Day 27 This post educates on the Basel Committee on Banking Supervision (Basel Committee), established in 1974 by the G-10’s central bank governors to promote global supervisory standards. Appointed by the Bank for International Settlements in Basel, Switzerland, the committee focuses on various aspects like customer due diligence, KYC risk management, transparency in payment…

  • Day 26: BSA Compliance Program

    Day 26: BSA Compliance Program

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    Tommy Hartono
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    #QuickBiteCompliance Day 26 Have you ever wondered about the significance of a Bank Secrecy Act (BSA) Compliance Program? It is a crucial framework that U.S.-based financial institutions, as outlined by the Bank Secrecy Act, must establish to combat money laundering and other financial crimes effectively. This program entails various essential components, including the development of…

  • Day 25: Bank Secrecy Act (BSA)

    Day 25: Bank Secrecy Act (BSA)

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    Tommy Hartono
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    #QuickBiteCompliance Day 25 Thinking about Bank Secrecy Act (BSA). What is it? Why does it matter? The primary U.S. anti-money laundering regulatory statute (Title 31, U.S. Code Sections 5311- 5355) enacted in 1970 and most notably amended by the USA PATRIOT Act in 2001. Among other measures, it imposes money laundering controls on financial institutions…

  • Day 24: Bank Secrecy

    Day 24: Bank Secrecy

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    #QuickBiteCompliance Day 24 This LinkedIn post educates me on the concept of Bank Secrecy, highlighting its significance in financial regulations. Bank Secrecy refers to laws preventing banks from disclosing account information without account holder consent, hindering cross-border information exchange among financial institutions and regulators. The post emphasizes the importance of aligning secrecy laws with international…

  • Day 23: Bank Draft

    Day 23: Bank Draft

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    #QuickBiteCompliance Day 23 This post introduces the risks associated with Bank Drafts in relation to money laundering. Bank Drafts, being international monetary instruments drawn on reputable institutions, pose vulnerability to money laundering. They are typically made payable in cash upon presentation at the issuing institution’s account in another country. Understanding these risks is crucial in…

  • Day 22: Back to back Letter of Credit

    Day 22: Back to back Letter of Credit

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    Tommy Hartono
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    #QuickBiteCompliance Day 22 What is Back-to-Back Letters of Credit? A form of financing in which Bank A issues a letter of credit as collateral to Bank B in order to issue a separate letter of credit to the beneficiary. This often happens when the underlying agreement between the applicant and beneficiary contains restrictions about the…

  • Day 21: Autonomous Sanctions

    Day 21: Autonomous Sanctions

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    Tommy Hartono
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    #QuickBiteCompliance Day 21 The significance of Autonomous Sanctions lies in a single entity, be it a government or a group of governments like the EU, taking action to establish and uphold a sanctions framework. These measures, known as Unilateral Sanctions, play a crucial role in regulating and overseeing sanctions. Delve deeper into this concept to…