SA banks must ‘know their clients’

first_img30 June 2004The Financial Intelligence Centre Act requires South Africa’s banks to comply with “know your client” provisions aimed at preventing money laundering and maintaining the integrity of the country’s financial systems.The original 30 June 2004 deadline for banks to verify the identities of their clients has been deferred to an array of new cut-off points starting on 31 December 2004.The provisions require all financial institutions to verify the personal details of their customers.While the the onus is on banks to verify this information, banking customers risk having their accounts frozen if they do not provide their banks with the necessary proof of identity and residence – and banks are encouraging their clients come forward with this in good time.Existing and potential account holders should provide their banks with the following documentation:Proof of identity (by means of a green bar-coded ID document).Proof of residential address (by means of a municipal rates bill, Telkom bill or valid TV licence displaying the account holder’s name and residential address).New deadlinesAnnouncing the deferral of the 30 June 2004 deadline, Finance Minister Trevor Manuel said banks would have to confirm the identities of their “highest-risk clients” by year-end 2004. The profile of this category of client would have to be determined by the banks themselves.By 31 May 2005, banks would have had to verify the details of at least 50% of their clients, Manuel said.The deadline for reporting on “lowest-risk clients” – people with a monthly turnover of less than R5 000 and a balance ceiling not higher than R25 000 – was delayed to 30 September 2006.The requirement for clients’ residential addresses to be verified alongside their identity documents would not be dropped, Manuel said.“Mere reliance on ID numbers is clearly inadequate, partly because the issue of ID numbers itself has been the subject of dispute because of theft of blank ID books and so on”, the minister said.While it was true that many South Africans had no permanent addresses, “we identify that as a challenge that we have to respond to in a variety of ways rather than an obstacle that will see us walking away from compliance”.With up to 22 million bank accounts in the country, it is not yet known how many people the Act will affect.Blocking money launderersThe regulations, Manuel said, were aimed at ensuring “that those who earn their keep by foul means are prevented from using the facilities of the financial services institutions”.Financial Intelligence Centre acting director Murray Mitchell says the Act, passed in 2001, aims to prevent money launderers from using bank accounts to defraud South Africa’s economy, so breaking the cycle used by organised criminal groups to benefit from illegitimate profits.The Act, the result of five years of investigation and development, complements the Prevention of Organised Crime Act of 1998, which details the money laundering offences.The new legislation “has brought South Africa into line with top international standards of financial crime fighting”, says Kim Jenkins, head of strategic delivery at First National Bank.Record-keeping, reporting obligationsBesides the “know your client” obligations, the Act also imposes record-keeping and reporting obligations on South Africa’s banks.By 31 July 2004, banks have to supply the Reserve Bank with a complete risk framework, and to report on progress quarterly. By 31 October 2004 they have to identify all trusts, partnerships and the top 20% of private and corporate clients – those responsible for the bulk of transactions.Brokers and investment managers have to report by 31 October 2004 on the verification of partnerships and trusts and the top 20%, by transaction value, of their clients.Financial Intelligence CentreThe Act also requires financial institutions to compile reports on any unusual transactions – such as unusually large deposits or withdrawals – and to forward these to the appropriate law enforcement agencies if any transgressions are found.The Financial Intelligence Centre, established to identify the proceeds of unlawful activities and to combat money laundering, started receiving suspicious and unusual transaction reports from businesses in February 2003.Its objectives will expand to include combating of terrorist financing offences when the Anti-terrorism Bill is enacted.The Centre makes its information available to the country’s investigating authorities: the SA Police Service; the National Prosecuting Authority through the Directorate of Special Operations (Scorpions) and the Asset Forfeiture Unit; the intelligence services; and the SA Revenue Service.The Centre also exchanges information with similar bodies in other countries.SouthAfrica.info reporterlast_img read more

London to Australia in two hours?

first_imgVirgin Galactic will be ready for blast off ‘within months’ according to Virgin boss Richard Branson.According to TravelMole.com Mr Branson was speaking at a UAE government summit and said the launch is within sight after years of testing. He said that he should be granted approval for commercial flights within months. Virgin Galactic’s SpaceShip 2 recently completed a third successful rocket-powered test flight over the Mojave Desert in California.The company has sold over 700 tickets for the first commercial flights, at a cost of over $200,000 each according to TravelMole.comSir Richard told the summit that the “ultimate end-game for Virgin Galactic” is to run flights between London and Australia cutting flight times by over 80 per cent.“Obviously if we could fly to Australia in a couple of hours that would give us a massive advantage over anybody else” he said, cautiously adding that the reality of point to point Virgin Galactic flights is well over a decade away.“I would say that Virgin Galactic point-to-point travel would be about 12 years away.”But there are doubters. In an interview with Al Arabiya News Aviation analyst Saj Ahmad of StrategicAeroResearch.com, claims “the technology to do it just isn’t mature, robust or reliable enough to do it – and that’s before you consider the astronomical costs too.”“The concept, while novel, is a tad beyond the realm of reality,” he told Al Arabiya News.Ahmad was also skeptical on the likely profitability of Branson’s ‘space tourism’ venture.“Those with five- or six-figure sums of cash that is burning a hole in their pockets will likely be the only users – so how it could be profitable remains a mystery,” he said.“The costs involved seriously outweigh the planned or perceived revenue forecasting – the chasm has a huge disconnect so profitability is not going to happen anytime soon either.”last_img read more

Standability concerns in corn

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Matt Hutcheson, CCA,  Seed Consultants, Inc.For much of the eastern Corn Belt, soils were excessively wet this spring and crops were planted into less than idea soil conditions. Compounded with continued wet weather throughout the growing season, the early wet conditions have resulted in restricted root development. Growers and agronomists who have spent time digging up plants this year have observed shallow root systems, poor soil penetration due to shallow compaction, and narrow, flat root systems that followed the seed furrow because they could not penetrate the compacted sidewalls of the seed trench. Poor root systems are a cause for standability concerns this fall. In areas where root development has been restricted, crops should be harvested in a timely manner to avoid root lodging.In addition to poor root systems, some of the corn crop’s nitrogen has been lost due to saturated soils and denitrification. Drought conditions throughout July and August has stressed the corn crop during the critical periods of pollination and grain fill. In addition to reduced yield, a lack of nitrogen and stress during grain fill will result in the corn plant cannibalizing its stalk to complete the grain fill process. Stalk strength and quality may be a problem fields with the potential for compromised stalk quality should be harvested first to avoid losses to due stalk lodging.last_img read more

New iPhone Worm: How Worried Should We Be?

first_imgsarah perez Related Posts 8 Best WordPress Hosting Solutions on the Market Numerous reports have surfaced over the weekend regarding the first iPhone worm spotted in the wild. The worm, known as iKee, only affects modified handsets also known as “jailbroken” devices. These devices have been hacked by their owners to allow for the installation of unapproved, third-party programs that aren’t allowed in the iTunes App Store. Currently, the worm doesn’t appear to be all that malicious – it simply changes the phone’s background image to a photo of singer Rick Astley, the man whose song “Never Gonna Give You Up” has become a well-known internet meme called “rickrolling,” a joke where users are tricked into clicking links that redirect them to Astley’s YouTube video. Despite the relatively innocuous nature of this particular attack, it may be the precursor to future attacks of a more malicious nature. But how dangerous will these attacks be to the iPhone-owning population as a whole? Is there really a need for concern? About the iKee WormAccording to the hacker, 21-year-old Ashley Towns, a student living in New South Wales, Australia, iKee was created to highlight the iPhone’s poor security. Apparently unrepentant about his creation, Towns has made no attempt to hide his identity, posting on internet forums and on his Twitter page about his hack. He even cheekily tweets a response to a post on security firm’s Sophos blog where the writer had sought out the hacker’s identity via Google searches: “You know man if you wanted my number you could have asked.” And he wasn’t kidding – Towns has been happily responding to media requests via his Twitter account. For example, he told ABC News that he had personally infected 100 iPhones with the worm. From those phones, he explained, the worm will then try to spread to other devices. Perhaps the reason for his transparency has to do with the relatively harmless nature of the attack. The worm just changes the iPhone wallpaper on the affected devices. However, as the Sophos’ post points out, “accessing someone else’s computing device and changing their data without permission is an offence in many countries.”While that may be true, it’s clear that Towns feels as if he’s almost doing a public service by exposing a security vulnerability that many jailbroken iPhones face. More Hacks Expected?While this particular worm appears to be localized to Australia, it could have spread to other countries and eventually, worldwide. It also comes directly on the heels of another similar attack on jailbroken devices. Only last week, a Dutch hacker broke into jailbroken iPhones and then displayed a message on the comprised devices demanding a ransom of 5 Euros. This attack was also made possible through the same vulnerability that the iKee worm uses.Graham Cluley of Sophos predicts that other hackers will be tempted to write their own code now that they’ve seen what’s possible. In addition, some hackers may be more malicious with their creations than what we’ve seen so far. But Who is Really Being Affected?However, even if the attacks escalate, the fact of the matter is that the potential victims are a minor subset of Apple iPhone users. To begin with, they’re relatively tech-savvy to have managed to jailbreak their phones to begin with – a process which involves using downloadable software tools that unlock Apple’s control mechanisms on the device. While not overly complex, most mainstream iPhone users won’t bother to take this action, content with the iTunes App Store and its 100,000 or so available applications. And then there is the fact that the attacks don’t even affect all jailbroken iPhone owners – they only affect those who have also installed a program called SSH on their devices. The program allows users to access the iPhone’s filesystem with the username of “root” and password of “alpine.” Since few SSH users had bothered to change this root password, that left their phones open to attack. Still, how many people are we talking about here? And what sort of iPhone user are they? Although exact numbers of jailbreakers are unknown, mobile analytics firm Pinch Media recently revealed data showing there are at least 4 million of these jailbroken devices in the iPhone ecosystem. It’s not known how many of these users have also installed SSH. For the most part, it’s likely that those who have done so are knowledgeable enough to prevent future attacks on their devices even if they had become a victim of one of these recent hacks. At the very least, they’re now aware of the issue and can follow the straightforward instructions available on the web that explain how to change the root password so it’s no longer the default. More Dangerous than the iPhone Worm: Dishonest DevelopersDespite all the media hoopla over this “first iPhone worm,” it’s not something that most iPhone owners will have to worry about. What’s more concerning are the claims that a supposedly legitimate iPhone development firm has been collecting personally identifiable information from the users of its App Store-approved iPhone games which have been installed over 20 million times. According to a suit filed in the U.S. District Court in Northern California, the firm, Storm8, has been using a backdoor method which allowed them to collect the phone numbers of anyone who had installed their applications. This wouldn’t be the first time that an iPhone developer has done this, either. Apple actually provides an easy way for developers to tap into this information, if they so desire. If anything, this is the real threat that the media should be focused on, not the iPhone worm. Why Tech Companies Need Simpler Terms of Servic…center_img Top Reasons to Go With Managed WordPress Hosting A Web Developer’s New Best Friend is the AI Wai… Tags:#Apple#news#NYT#web last_img read more

Mobile-Only Magic: How Instagram Just Killed What Makes It Special

first_imgWell, that’s it folks. It’s all over. Instagram has come to the web – and not just via static web profiles like the company introduced last year.No, Instagram is on the webnow. It’s a full blown web-based social network with a companion app. Forgive me while I totally freak out for a minute over here.This is what I’ve been afraid of. For Instagram, The Rules Were DifferentInstagram is special. It’s why we Instagram acolytes almost start a holy war every time Facebook so much as looks at its billion-dollar acquisition. But what makes Instagram so different? The app has a lot going for it, sure. The interface is lovely, with both social networking and social discovery built right in. But that’s not it.The thing that makes Instagram special is that – until today – it was a social network with no web presence. There’s an inestimable charm to how Instagram feels walled-off in its mobile-only realm.  You just don’t interact with Instagram on desktop. The rules are different. It’s like when the power goes out and you have to play board games. And it’s really, really fun.  A Comprehensive Guide to a Content Audit Guide to Performing Bulk Email Verification Facebook is Becoming Less Personal and More Pro… Tags:#Instagram#mobile photography#photography#social#social networks The Dos and Don’ts of Brand Awareness Videos taylor hatmaker Related Posts Mobile-Only: The Final Frontier Of PlayLook at how (and why) we love to hate Facebook. As a social network, Facebook is woven into the fabric of our workday lives – namely we use it on on our desktop computers when we’re supposed to be doing something else entirely. That fact makes a site like Facebook feel less like play and more like a professional tic. A social network with a ubiquitous presence across platforms becomes something we shove into every micromoment of the workday – and most of those happen while we’re zoning out sitting at a desk.Instagram wasn’t like that – it was serendipitous and social and creative in turns. But that may have all just changed. Now, in every inbox lull and pre-meeting chunk of lagtime, we’ll open a new tab and feel the tug – why not just check Instagram? The Unbearable Lightness Of InstagramThere’s a heaviness to all of this attentional straying. It’s the dopamine surge that lures us back to places like the Facebook News Feed, even though we know that little pleasure spike in our brain is as empty as it is ephemeral. Then we’re back to the unshakeable guilt of what we were abandoned when we wandered off the trail. Mobile is monomaniacal — even with Android’s multitasking and iOS’s relatively nascent notification center and fast app switching, we pick a portal and enter into it. But on a computer, we partition our screen off into hostile factions warring for our attention – and we never seem to be on the winning side. But on mobile, choosing to open Instagram is just that: a choice and not a tic. Instagram is meant to be us at play, capturing the world and parceling it back out to our friends who are out there doing just the same. For Instagram, mobile is more than just a platform. It’s a mindset.Sure, Instagram’s web feed will boost engagement and provide new opportunities for monetization and so on. But it could prove to be a major paradigm shift for the kind of unconditional positive regard that the company has enjoyed to date. We’ll soon be wallowing in our newly compounded web ennui, scrolling back through our web feeds to remember what the good ol’ days were like, way back when Instagram was still fun. Remember?last_img read more

Congress, BJP accuse each other over Baba Ramdev’s land deal

first_imgHeated exchanges were witnessed in the Himachal Pradesh Assembly on Wednesday on the issue of allotment of 22 acres to Baba Ramdev’s Patanjali Yogpeeth at Sadhupul in Solan district in 2009. State Revenue Minister Kaul Singh Thakur revealed that the Cabinet had on February 17 given its nod to reconsider the lease of land to the Yogpeeth that was earlier cancelled by it in February 2013. The Congress government after coming to power in December 2012 had taken back the land given to the Yogpeeth on a 99 years lease by the previous BJP government because of certain anomalies and undue favours given to the Yog Guru, he said.Necessary formalitiesThe incumbent government would remove all irregularities and carry out the necessary formalities before finalising the land deal with the Yogpeeth, he added.Mr. Thakur claimed that the lease deed was signed in haste during the previous government and it had the signatures of someone else and not that of Acharya Balkrishan of the Yogpeeth who had further given the power of attorney to someone else.Some multi-storey buildings and hospitality units were being constructed there when the government took repossession of the land, he said.The Minister also maintained that if the Yogpeeth takes back its writ in the High Court against the government for illegally cancelling its lease deed, the incumbent government would take a relook at the matter and again register the lease in its name after carrying out the necessary preconditions.Some of the Congress MLAs also requested the government to not renew the lease deed with the Yogpeeth since it had openly violated the conditions in the memorandum and instead an orphanage or shelter for stray cattle should be constructed on the let out land.‘Unnecessary move’The BJP members blamed the government for unnecessarily cancelling the lease to the Yogpeeth earlier which was constructing a herbal garden and a branch of the Patanjali Yog Centre on behalf of its Trust.Leader of the Opposition Prem Kumar Dhumal and other BJP members wanted to know why the government was now planning to reinstate the lease deed in favour of Baba Ramdev who is close to the upper echelons of the Union government.last_img read more

10 months agoTottenham attacker Son: We’re now ready to sustain title tilt

first_imgAbout the authorPaul VegasShare the loveHave your say Tottenham attacker Son: We’re now ready to sustain title tiltby Paul Vegas10 months agoSend to a friendShare the loveTottenham attacker Son Heung-min says they’re better equipped to mount a title challenge this season.Son believes Spurs learned ­valuable lessons from previous title challenges when they fell short, ­particularly in 2016 when Leicester won the Premier League.The 26-year-old said: “Every season we learn something because we’ve been so close, so, so close and we’re still young.“I want to just believe and that’s my main concept. I want to believe we can do it, we deserve to do it and we are looking forward to doing it every week.“It’s a long, long season and we have to go a long way and that’s why we have to be focused on the next match.” last_img read more

Prince Harry And Michelle Obama Discuss Charity

first_imgPrince Harry was very pleased to host The First Lady of the United States Mrs Michelle Obama for tea at Kensington Palace this morning.Prince Harry And Michelle ObamaCredit/Copyright: www.princehenryofwales.org/They discussed their shared interest in support for veterans and their families. His Royal Highness was also interested to hear from the First Lady about the Let Girls Learn initiative to further adolescent girls’ education around the world, which is the focus of her visit to the United Kingdom.Source:www.princehenryofwales.orglast_img

How the NFLs Top Receivers Stats Would Change If They Played With

The New Orleans Saints’ Jimmy Graham lost an arbitration hearing Wednesday in which he sought classification as a wide receiver rather than a tight end. Graham’s desire to be a wideout might seem counterintuitive to fantasy football players used to a game where being a tight end makes Graham even more valuable. But in the NFL, Graham will lose money as a result of the decision. He’s been designated with the Saints’ franchise player tag, which means that his compensation is determined by the top salaries in the NFL at his position. The five highest-paid NFL wide receivers make an average of about $12 million per season — more than the $7 million the top tight ends do.The arbitrator’s decision might seem unfair to Graham. Over the past three NFL seasons, Graham ranks eighth in the NFL in receiving yards, fourth in receptions and first in receiving touchdowns. He’s put up stats comparable to the best wide receivers — but he won’t be paid like one.But there’s a catch, and it has nothing to do with Graham’s position. Instead it involves his quarterback. Over the past three NFL seasons, Saints’ quarterback Drew Brees has ranked first in the league in passing yards, passing touchdowns and completions. Graham has been a big part of that. But even if we subtracted Graham’s receiving statistics from Brees’s totals, Brees would rank seventh, third and sixth in those categories.So we can say Brees’s numbers would still be very strong with an average tight end (or even with no tight end at all). But what would Graham’s numbers look like with an average QB?We can come to some reasonable estimates by using ESPN’s Total Quarterback Rating. Unlike most other quarterback statistics, Total QBR seeks to isolate the contribution of the quarterback as opposed to his receivers and his offensive line. It does so by using play-by-play tracking to account for things such as misthrown balls, yards after the catch and defensive pressure.Unfortunately, there’s not yet any analog to QBR for wide receivers and tight ends. But we can use QBR to estimate the effect a quarterback has on his receivers’ statistics. The next couple of paragraphs, which detail the method, are going to be a little dry; scroll down if you want to see just the results.To come up with these estimates, I used a subcomponent of QBR called Pass EPA, which focuses on a quarterback’s passing performance (as opposed to Total QBR, which also accounts for his rushing statistics and his propensity to avoid sacks and draw penalties). I ran a series of regressions on team totals from the 2011-13 NFL regular seasons, which estimated a team’s receiving yards, receptions and receiving touchdowns as a function of its Pass EPA. In essence, this reflects what a team’s passing statistics would look like given average receivers and pass protection but its actual quarterbacks. For example, a team with the quarterbacking of the 2013 Dallas Cowboys (mostly Tony Romo) would project to about 360 receptions, 4000 passing yards and 29 touchdowns given average receivers and offensive linemen.We can then divide a team’s projected statistics by league-average figures to estimate what effect its quarterbacks had on its receivers. For example, the average team since 2011 has had 24 passing touchdowns. Since the 2013 Cowboys projected to 29 touchdowns instead based on their QBR — about 20 percent higher than average — this implies that Romo boosted his receivers’ touchdown totals by 20 percent. Thus, we can reduce the touchdown totals for Dez Bryant, Jason Witten and other Cowboys receivers by 20 percent to estimate how they would have done with league-average quarterbacking.Let’s return to Graham. His quarterback isn’t the good-but-not-consistently-great Romo; it’s the spectacular Brees. Here’s what I estimate Graham’s numbers would have looked like with an average quarterback instead of Brees:In the table above, REC, YDS and TD represent a receiver’s unadjusted receptions, receiving yards and receiving touchdowns.Graham has been averaging about 90 receptions and 1,200 yards per year under Brees. I estimate that his totals would be more like 75 receptions and 900 yards with an average QB. And he’d go from having about 12 touchdowns per season to seven or eight instead. (Quarterbacks have an especially large impact on their receivers’ touchdown totals, in part because it requires consistent quarterbacking to get a team into the red zone.)These revised totals would still qualify Graham as an exceptional tight end — but they’d only be very good by the standard of a wide receiver. In the next chart, I’ve listed the actual and QB-adjusted receiving statistics for the top 50 players in the NFL as ranked based on a fantasy football scoring system of one point per reception, one point per 10 receiving yards and six points per receiving touchdown. (Fantasy football scoring systems place too much emphasis on touchdowns rather than yardage, but I’ll leave that argument for another day.)Based on his average fantasy points (FP) per season since 2011, Graham ranks third among all receivers and tight ends. But his FPs decline by almost 25 percent using his QB-adjusted statistics, so he falls to 14th place instead.Graham has benefited as much from his quarterbacks as any player in the NFL. Other pass-catchers for the Saints have been helped almost as much. So has Wes Welker, who left the New England Patriots and joined the Broncos just as Patriots quarterback Tom Brady began to show some signs of age. In Denver, Peyton Manning, apparently ageless, had perhaps the best QB season of all-time.The biggest gainer is the Browns’ Josh Gordon, who has posted excellent statistics despite a horrible quarterbacking situation in Cleveland. If Johnny Manziel lives up to the hype, Gordon could be a fantasy football monster next season (if he plays; Gordon failed a drug test and will be suspended for a yet to be determined number of games).For most other players, the effects are not so dramatic. Calvin Johnson and Brandon Marshall rate as the No. 1 and No. 2 receivers according to both raw and QB-adjusted statistics.But the league’s best tight ends tend to fall with the adjustment for quarterback quality. Rob Gronkowski drops from No. 20 to No. 39, for instance. Witten falls from No. 21 to No. 31 and Antonio Gates from No. 42 to No. 48.This could be a fluke — it’s a small sample of players. But it could also mean that tight ends are especially dependent on having good QBs. Along with slot receivers like Welker (it might be best to think of tight ends like Graham as being analogous to slot receivers), they tend to rely on routes based on precision and timing rather than beating their man downfield. Running those routes — and catching passes in traffic — requires a lot of skill. But the quarterback’s impact may be proportionately higher. That may be part of why NFL teams do not pay the best tight ends as well as the best wideouts. read more

Heritage month packed with culture

first_img Heritage Month in TCI starts in South Caicos Recommended for you Related Items:Minister portia smith, national heritage month National Heritage Month ends Facebook Twitter Google+LinkedInPinterestWhatsApp National Heritage Month Events featured in all islands Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 16 Sept 2015 – Minister of Tourism, Culture & Environment, Hon. Porsha Smith in her address during the House of Assembly meeting on Monday, spoke about the upcoming events slated to take place during the month of October for National Heritage Month. The Minister said National Heritage month gives TC Islanders an opportunity to celebrate a rich culture. The entire month of October is being dedicated to celebrating dialect, cuisine, art, history and the way forward as a country. This year’s theme is ‘Living Our Culture, Securing Our Heritage’ Giving the world a sense of what TCI represents while nurturing our own and the beauty it beholds.”As for the activities, the month of October is looking to be packed with down home culture beginning October 1, 2015 with an ecumenical service to be held at St. Thomas Anglican Church in Grand Turk.The Heritage Month list of events also includes: fine art and culinary exhibitions and competitions, performing arts exhibitions, beach family fun day, Gospel concerts, a symposium at the Gus Lightbourne Sports Complex which will be dedicated to the late Rev. Dr. Conrad Howell. Howell was scheduled to be the first speaker on the program.Min. Smith encourages full participation in the cultural extravaganza. last_img read more