Risk: Undetected, unusual and suspicious activity Mitigation Strategies: A. All wires are reviewed monthly, and placed on a spreadsheet that is reviewed quarterly, by the BSA Committee for any suspicious activity. B. Consumer international wires are monitored by the Compliance Manager to assure that the Bank remains exempt from the Remittance Transfer Rule. C. Periodic internal/external audits are performed by third party firms. D. The Bank’s Customer Identification Program (CIP) and Customer Due Diligence (CDD) Program enables the Bank to effectively monitor, identify, and report unusual and suspicious funds transfer activities.…
During the investigation, we’ve uncovered somewhat of a different story. It appears CCC payroll Laura Rollins spoke to Mr. Martin on Friday regarding his loads/ pay. Laura says, she’s explain to him, he have had two advance (s) over the course of a two week span totaling $580.00, he was home for a week (by choice), which caused him to have a lessor paycheck then normal. In addition to all of that, it appears all of his loads where turned in as far as she knows, if something is missing payroll wouldn’t know since the load sheet is sent into payroll for payment of all loads.…
No limitation of access control especially in the sensitive areas such as storekeeping, work centre and inventory control may endanger the company’s assets (inventory and cash especially) and information. Proper actions or measures need to be taken into consideration. For instance, implementation of the electronic sensor and alarm, identification badges, CCTV, security guards, backup schedule and so…
Payroll Scheme A. What measures could have been taken to prevent the fraud committed by Katie Jordan or detect it earlier? o Aramis Properties clearly fell victim to a ghost employee payroll scheme perpetrated by Katie Jordan. (Wells, 2014) The company could have prevented or detected the crime earlier if they added a few measures that strengthen their internal controls.…
Hussain was dismissed without cause and it is assumed that he does not have an employment contract with an enforceable termination provision, therefore he was wrongfully dismissed. When one is dismissed without cause, they are entitled to a termination notice or pay in lieu of notice, also known as severance pay. The notice period or payment in lieu of notice period is determined by looking at the employment contract, termination provisions in the ESA, and the common law. Since an enforceable termination clause is void, Hussain is entitled to reasonable notice of dismissal. Under the common law, some of the factors considered in order to determine reasonable notice are length of service, character of employment, employee’s age, and job tenure.…
The U.S. Department of Labor (DOL) published advice regarding decreasing the misclassification of employees as independent contractors. The DOL said that most workers qualify as employees according to the terms set down in the Fair Labor Standards Act (FLSA) with stress placed on the fact the statute provides a very broad definition of employment. The head of DOL’s Wage and Hour Division, David Wells, put together a 15-page administrator’s interpretation that showcased employees being improperly labeled as independent contactors resulting in a gray area where employers were able to skirt minimum wage and overtime pay requirements. It was also pointed out that the correct classification would have critical implications for legal protections…
Although I have written a Joint Statement that was included in the Presentence Report describing how and why I was involved in the offense, I wanted the Court to know more about me personally and the impact this case has had on my life and my family. First of all, Your Honor, I am truly sorry for what I did. I 'd like to apologize to the banks, the Government and this Court, my family and friends. It seems the only way I have ever learned anything in life has been through trial and error but I never expected to make an error like this.…
MEMORANDUM TO: Cheryl Olsen, Legal Counsel for Greene’s Jewelry FROM: Kyle Hulce SUBJECT: Jennifer Lawson – Confidentiality Violation and Alleged Wrongful Termination DATE: September 26, 2018 CC: Lisa Peele, Head of Human Resources Application of the Law to the Facts: The Captain Co. v. Towne case showed us that it is an inextricable requirement to prove that the information the plaintiff seeks to protect must be unique to that particular organization and not general knowledge acquired working within an industry. (CAPTAIN AND COMPANY, Inc. v. Henry TOWNE and Towne, Inc., 1980) As previously discussed, the Uniform Trade Secrets Act and the New Hampshire iteration of the Uniform Trade Secrets Act and its definitions confirm that Ever-Gold is…
In my observation I’m going to again use ‘The Source’ for this Discussion Forum response. Cash is managed in a number of ways. Since I do not have direct knowledge of their processes for cash, I can go by what I have observed merchants of these type doing. I know this electronics merchant deals in cash, for I have made my purchases using cash. The first handling of cash would be from the Store Clerk that is on shift at the time.…
Criminal Conspiracy is not always mean felony. Conspiracy is usually graded the same as the crime offenders were conspiring to commit. For example: If group of offenses to conspire to rob Fort Knox and are successful in robbing Fort Knox before they are arrested, then they will be charged with robbing Fort Knox. They will not also be charged with conspiracy to rob Fort Knox, because it is included in the charge of robbery.…
The author (2017) believes substantial piece of their compensation drove them to act unethically. When bankers were unable to sign different customers up for bank accounts or credit cards, they would target senior citizens, college students, and even illegal immigrants. They would have the clients open accounts up to use for their grocery shopping or gas. While…
I believe that the auditors in this case, Ernst & Whinney, should have great blame in not having the sufficient information and knowledge to fall into the pressure of the bribes committed by Minkow and analyze the fraud that was occurring. The upper management in ZZZZ Best made the financial information seem perfectly fine, therefore the auditors were unable to identify any miscalculations that would then lead to fraud. Minkow and his company for years kept on staling the fact that his insurance business had an actual positive cash flows system occurring. This would keep the auditors from seeing the main problem concerning the fraud that was started from the very beginning by Minkow and his carpet/insurance business. As this wasn’t enough fake information conducted by…
Risk management is a significant component in the banking operation. It controls the entire management of a bank and if anything goes wrong, it plays a role of preventing from programs. The case “Risk Management at Wellfleet Bank: All That Glitters Is Not Gold” introduces the history, operations, strategy and risk management function of Wellfleet Bank with some detailed proposals. Since there are always some risks within any corporation, this essay will refer to some risks that Wellfleet is faced with, explain why they exist and how to improve these problems.…
Running head: SARBANES- OXLEY ACT ATICLE ANALYSIS Sarbanes- Oxley Act Article Analysis University of Phoenix Sarbanes- Oxley Act Article Analysis Internal controls mandated by the Sarbanes – Oxley act have proven to be a difficult hurdle for publicly held companies to comply with. (Barnes & Thornburg, 2004) The internal control requirements of the Sarbanes – Oxley act have laid the responsibility of internal audits, effectiveness and efficiency of internal auditing controls squarely on the shoulders of senior management, audit committees they employ and external auditors. The compliance responsibility includes certification and consent forms to be filed by all involved parties.…
Cash vs. Credit Credit cards are cards given by the banks that are used for buying goods and services, and also offering credit services. Credit cards are being used as an alternative to cash, something that has come up as a result of technological changes. On the other hand, cash is the use of liquid money for shopping or buying of product. This is usually the money at hand that is used for shopping. People have different opinions about both, and different people have different preferences when it comes to money and cash.…