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AML, in the business world, means anti money laundering. The term refers to specific regulations, procedures and laws that are aimed to stop criminals from hiding the funds that are illegally obtained and making them seem as if they are legitimate income.

AML law covers various different criminal behaviors and transactions and was drafted in order to stop numerous illegal activities. Unfortunately, it is difficult to stop absolutely all attempts to launder money. Fortunately, there are fewer cases of illegal activities as the law becomes better and better.

How Does AML Work?

AML regulations and laws target countless criminal activities like corruption of the public funds, illegal goods trading, market manipulation and tax evasion, together with methods utilized to conceal crimes and obtained money.

The criminals try to launder money gained through illegal acts. The best example of an illegal act is drug trafficking. Through criminal activities, the goal is always to make it really difficult to trace back funds.

A common money laundering technique is to run cash gained from illegal activities through cash-based legitimate businesses owned by confederates or the actual criminal organization. The “legitimate” business deposits money and criminals make withdrawals.

A money launderer can also sneak money into a foreign country in order to deposit it. Also, cash is sometimes deposited in really small increments in order to reduce the possibility of arousing suspicion. Launderers even sometimes invest cash and use the services of dishonest brokers that do not care about rules as they just want commissions.

Financial Institutions Have Obligations

Financial institutions need to monitor the deposits made by customers and all other transactions so that they can check that a money laundering scheme is not in place. All institutions need to verify the origins of large money sums, monitor all suspicious activities and when transactions are higher than a specific amount set by law ($10,000 in the US), they have to be reported. Compliance with AML law is mandatory and the clients of the financial institutions also have to be aware of the laws in place.

Money Laundering Investigations

Law enforcement agencies often carry out money laundering investigations. They commonly involve financial records being analyzed for suspicious activity and inconsistencies. The modern regulatory environment forces companies to keep extensive transaction records. This is needed for every single significant transaction.

If the police want to trace a crime, the financial institutions need to offer their support. This is only possible in the event that AML laws were respected.

In cases like larceny, embezzlement or robbery, law enforcement agencies have the possibility of returning property or funds to crime victims. As an example, in the event that money was found to have been laundered in order to cover up a case of embezzlement, the agency can normally trace everything back to victims.

Conclusions

AML law aims to protect people and force institutions that handle finances to do their part. Without money laundering laws and procedures to protect people, those that are rich would simply become …

There are many options to buy office furniture. You can go online, to a brick and mortar retail store, or to your local flea market. When deciding on the best place to buy office furniture, there are three factors that you should consider.

Selection and Inventory

A store with a wide variety of furniture types, styles, and colors, has the best chance of being able to suit your needs. You should not need to sacrifice style in order to stay within your budget.

Stores with physical showrooms make it easier to view the true colors and sizes of furniture. Sit in the chairs to gauge comfort. If you have employees, consider adjustable furniture that each person can adapt to their unique ergonomic requirements.

You want your office furniture to match your decor. Consider buying all furniture from the same product line for a unified look.

Personalized Service

Working with a physical store that has consultants on site gives you the ability to consult with an expert about your needs. The store employees know what pieces they have in stock, what may be delivered next week, and inventory at other stores. They may have inside information for you on special deals and upcoming sales.

Delivery Options and Costs

Most likely, you will need a delivery service to convey the furniture to your location. This is easiest to arrange when the store offers their own in-house moving crews or contracts with a third party. Also consider paying for furniture assembly services. While you may be able to put furniture together, this could take a lot of time. In addition, you risk liability for poorly assembled furniture if you do it yourself.

The best office furniture stores will have a variety of items available that suit your budget. Their staff will guide you on making decisions, and facilitate convenient delivery of your purchases to your location.…

A staggering 75% of two-wheelers currently active on Indian roads either do not have any insurance at all or the insurance is no longer valid. While some may genuinely forget to renew their policies, there are many who do not do it in order to save a few thousands of rupees.

With Indian roads still unsafe, what happens when you do not have two wheeler insurance? The ramifications of this can have a considerable impact on the vehicle, the owner, and the pillion.

Regardless of what your reason may have been, here are a few insights into the consequences that you have to experience if you do not purchase a two-wheeler policy.

Penalty:

The penalties involving lapse of policies and driving without insurance is dangerous. The results are damaging to all parties involved. When a death occurs, the situation will get worse. These are serious factors to keep in mind. Hence, buy the insurance required for your two-wheeler. Ensure all the paperwork is up to date. Never delay these things.

The penalties of driving without any motor vehicle insurance in India can have severe ramifications. Also, driving within India without motor vehicle insurance is illegal. Anyone breaking the law will be charged a fee which is a penalty of  INR 1000. This would also involve imprisonment for 3 months in the event of a traffic violation. Alternatively, the law and traffic authorities can impose both penalties.

No Claim Bonus:

In the case of a lapsed policy, the bike owner will lose the no claim bonus (NCB). Also, if the bike/vehicle remains uninsured for over 90 days, all the accrued benefits will be annulled. Hence, the company which provided the insurance cover for the two-wheeler will no longer entertain any issues.

If one is a forgetful person by nature, it is best to mark the calendar with important dates such as policy renewals and purchase. Keep a reminder on all your devices and ensure that when the insurance company representative calls you to fix an appointment to finish all the paperwork. Once all the details have been updated, your insurance company can send a renewed policy.

Legal Liabilities:

There are legal liabilities in the event of driving without insurance. These would include natural disasters and man-made incidents. Which means that the comprehensive cover which was bought will be of zero validity on a lapsed policy. Also, in the event of an accident and the death of another person, without a third party cover, you would be subjecting the rider to breaking the law. It can lead to a criminal offence, and further have ramifications of serving time in jail. In such cases, all expenses have to borne by the offender/lawbreaker.

Loss of Time:

In the event of attempting to renew a lapsed policy, it becomes an extremely lengthy and cumbersome process. It is as good as buying a new plan This would require the owner of the two-wheeler to start the process right from the very beginning. Stage 1 would involve …