THE LAST DAYS OF PRİVACY

As technology makes life richer and easier, we leave a trail of information that is susceptible to prying eyesWithin the next four months, a major Bay Area supermarket chain plans to introduce a payment system that uses biometric fingerprint authentication to verify customers' identities. Under this system, shoppers in checkout lines won't need to use cash, checks, debit cards or credit cards. Instead, they can place their fingers on scanners that read fingerprints, and once the device links to their bank or credit card accounts, they can buy groceries, get cash back and do everything else shoppers do.ImagesView Larger Images--------------------------------------------------------------------------------More OpinionClinton first looks east 02.21.09Terrorism as a crime 02.21.09Past the point of no return 02.20.09The end of a budget battle 02.20.09<_script><_script>--------------------------------------------------------------------------------[Podcast: Insight Editor Jim Finefrock and reporter Jonathan Curiel talk about how Americans might as well face up the fact that there is little privacy left.]The system is already used in cities around the United States, including Portland, Ore., and Chicago, where one shopper says it has changed his life for the better. Linc Thelen, a 37-year-old interior designer, says the fingerprint system -- known commercially as Pay By Touch -- is convenient to use and expedites his way through grocery lines at Jewel-Osco, where he shops. Thelen says the system lets people leave their wallets behind, so they don't have to worry about being robbed or losing their credit cards."I had no reservation," Thelen said in a phone interview. "It's a safe way to store information."But no system is 100 percent foolproof.Despite the fact that armed men guard the computers that store the customers' virtual fingerprints, despite the fact that Bank of America's former security chief now heads Pay By Touch's security division, and despite the fact that Pay By Touch hires people to try to expose vulnerabilities in its computer system (so those vulnerabilities can be eliminated), Pay By Touch President John Morris acknowledges that "it's not impossible" for computer hackers to figure out how to tamper with its information.And therein lies one of the 21st century's most vexing problems: More and more of our personal data are captured and stored by corporate and government interests, and are potentially available to anyone with the technological, legal or financial means to access that information.Whether it's phone calls we make, library books we check out, CDs we buy on the Internet or divorces we finalize in court, we leave a trail of information that becomes susceptible to prying eyes. For the price of a bus pass, you can pay a company to supply anyone's address, phone number, political affiliation, estimated income and property history. For $20 more, you can find out if that person is married or divorced, has a criminal record, and what sort of jobs he or she has worked.Sen. Hillary Clinton, D-N.Y., says she will introduce a "privacy bill of rights" because identity theft and security failures of personal records have become "one of the most important issues facing us as individuals and as a nation."The availability of personal information -- downloadable onto laptop computers, which are increasingly being fitted with fingerprint technology -- is changing the culture in ways that may seem trivial but are really benchmarks for a new society already in its formative stages.A small example: Unbeknownst to the men who date her, Judy runs background checks on all of them, using a private investigator to dig out any "red flags" that would presage troubling behavior. A businesswoman in Southern California, Judy, 50, uses a company called DateSmart, whose client base has boomed in the past five years as more people confront the perils of online dating."I'm glad the information is out there," says Judy, who did not want her last name used because of concerns her suitors would read this article. "The men I'm talking to online are complete strangers. And I have absolutely no knowledge of their character other than what they're saying in their profiles. I need to feel comfortable knowing that they're not an ax murderer. The people you meet might be well dressed, but you never know if they have any criminal history. It's for (my) safety."Background checks are nothing new. What's changed are the speed with which you can obtain them, their relatively small price (some companies advertise free checks) and their growing public acceptance. The information revolution has transformed the background check into a common and casual tool, and those being scrutinized probably don't have a clue. More obvious are the security cameras embedded in nearly every major American city, including New York, Milwaukee, Chicago, Atlanta, Los Angeles and, yes, San Francisco, where lenses record people's activities in such crime-ridden neighborhoods as Bayview-Hunters Point and the Western Addition. The spread of these cameras is championed by authorities, who say it reduces criminal activity, and criticized by the ACLU, which says the equipment is an unnecessary intrusion into public spaces.Civil liberties groups have joined the widespread outcry against the government's monitoring of Americans' phone-call records. Two weeks ago in federal court, the ACLU challenged the legal rationale behind the National Security Agency program, arguing that the NSA's actions -- involving "data mining" of records provided by AT&T and other telephone companies -- violate Americans' rights to free speech and privacy as guaranteed under the First and Fourth Amendments. Last week, privacy experts raised questions about the U.S. government's monitoring of international bank transfers -- previously secret data surveillance officials say is justified by the fight against terrorism.Americans' rights to privacy will be tested even more in the next few years as biometric technology creeps increasingly into everyday arenas. For example, on the campus of UC San Diego, biometric experts are testing a soda machine that uses both fingerprint and face-recognition technology. The machine is in a lounge for grad students in UC San Diego's computer science building."The students are very excited about getting it working," Serge Belongie, a UC San Diego associate professor of computer science, says in a phone interview. "People think it's very cool. ... No one uses money. They have accounts. What would be fun is if (the machine) recognizes you and says, 'Would you like your usual?' "If UC San Diego students are reluctant to use the machine, their privacy concerns are outweighed by convenience -- a sentiment echoed in survey after survey on biometric technology. In March, Unisys Corp. released a report on public perception of "identity management" that said convenience and efficiency were the two biggest reasons consumers would use biometric technology. (The most preferred biometric methods are fingerprints and voice recognition, according to the survey. The least preferred, because of its perceived intrusiveness, is an iris or eye scan.)Two of the biggest turnoffs for those who shun biometric technology: suspicion of how the technology works and loss of privacy. Among respondents from North America, just 56 percent said they'd be willing to share their fingerprint with a government organization such as a post office or tax authority. Among respondents from the Asia-Pacific region, 71 percent said they'd share their fingerprint with the government."As consumer confidence grows in the large-scale usage of (biometric technology) and standards are more generally comfortably adopted, you're going to see a pretty rapid migration" to it, says Mark Cohn, Unisys vice president for homeland security solutions.Cohn, a principal architect of the Department of Homeland Security's US-VISIT Exit system, which uses fingerprint technology to run background checks on visa applicants and verify their entry to and arrival from the United States, says Malaysia offers a preview of how the United States may change in the coming years.Since 2001, the Malay government has issued a biometric "multipurpose card" to Malaysians 12 years and older. The card, which features a thumbprint and photograph, acts as a passport, driver's license, ATM card, toll and parking pass, and medical record that lists blood type and any allergies.The card is convenient to use -- but it's a nightmare for Malaysians who lose it or have it stolen. Crime syndicates in Malaysia have altered cards with different photographs and used them to give members new identities, though the Malay government insists these identity thieves can't access the original cardholders' personal information. Special chip technology and other password features prevent this, they say. Also, the cardholder's fingerprint -- rather than being visible on the card -- is encrypted in the card itself: To reveal the fingerprint, the card must be inserted into a special biometric device that compares the encrypted print with that of the person claiming to be the cardholder.For anyone who has read Orwell's "Nineteen Eighty-Four," where "telescreens" keep track of people's lives, this new biometric technology will seem like fiction come to life. It's showing up everywhere. By the end of this year, U.S. passport agencies hope to issue "electronic passports" with computer chips that have digital photos of the holders. With the help of face-recognition machines, airport security can compare a photo with the face of the passport holder. For two years, an American corporation, VeriChip, has sold government-approved electronic chips that are inserted under people's skin to give doctors instant access to patients' medical histories.In 2008, as mandated by the Real ID Act, states plan to issue driver's licenses linked to a database that includes each license holder's photo and Social Security number. These licenses (civil liberties groups call them national identity cards) will likely include a biometric photo of the driver accessible by authorities.In the meantime, banks are considering using iris scans and even palm scans at ATMs in an effort to cut down on fraud. (In 1999, Bank United in Texas adopted iris-scan technology at three of its ATMs in a test that was discontinued when Washington Mutual took over the bank.)Some people love the new technology. Others shun it.Pay By Touch admits it has encountered some resistance among shoppers it approached in supermarkets that already use the company's fingerprint service. But Morris, its president, says many of these customers are quickly won over by the convenience of Pay By Touch, which is free for consumers, and that the company keeps data points based on users' fingerprints, not actual fingerprints. So far, supermarkets in 40 states use the Pay By Touch system.Pay By Touch, which is based in San Francisco, wouldn't say which Bay Area supermarket chain will start using its fingerprint system in the next four months -- only that the chain will use the system in just a handful of its Bay Area stores. Pay By Touch users sign up voluntarily and are under no obligation to use it at the checkout line.Pay By Touch says it takes great care to safeguard its users' data. After fingerprints are converted into algorithms, they're encrypted, then stored in IBM computers. Those algorithms can't be reconverted into an exact copy of the fingerprint, though Pay By Touch may eventually store users' actual fingerprints if the technology improves, Morris says. The company insists it will never sell users' personal information or fingerprints to anyone else -- a pledge that's backed up in writing when users sign up with the company. But what if federal authorities, citing national security, insist on the finger scan and payment history of a Pay By Touch user?Pam Dixon, who heads the World Privacy Forum, a public research group, went to Chicago to warn potential Pay By Touch users about possible dangers."It didn't stick," she says. "People were (more) concerned with (convenience than) the potential risks. People can put their thumb on a pad and be done with it. But meanwhile, their biometric data is sitting with another company, a third party, that's subject to subpoena. One argument that I made: Let's say that every supermarket in the country, particularly the large chains, (use) a biometric payment system. It's a law enforcement dream because who needs a biometric database run by the U.S. government when you've got one being run by private companies?"Citing the recent disclosure by the Veterans Administration, which said a computer with credit information on millions of veterans had been stolen, Dixon says, "The second issue is information security. If the VA can't keep its records secure, which is a government agency that has all sorts of strict controls that are supposed to be in place, how on Earth can a private company without the resources of something like the VA manage to keep something secure? When we have a credit card stolen, we can call the credit card company and say, 'Give me a new number.' But you can't do that with your biometric. You can't say, 'Give me a new fingerprint.' "Morris dismisses such concerns, saying that Pay By Touch will actually decrease the likelihood that consumers' credit information is stolen or misappropriated. "I think (Pay By Touch users) get pretty rapidly that it's the ultimate way to secure their private data," he says. "It connects (their accounts) to something that's uniquely them, as opposed to handing a credit card over to a stranger or writing a personal check that seven or eight humans touch before it gets in their statement. Securing information by a biometric is a giant leap forward. (Users) like that they don't have to pull their card out anymore. They (tell us they) like that they don't have to carry their (purses or wallets) through the parking lot of an urban supermarket. There's a physical security benefit. Their numbers are never displayed. The safety of securing their data is the No. 1 thing they like."The marketplace will determine whether the public is ready to accept commercial fingerprint identification. Investors in Pay By Touch believe that day is here, capitalizing the company with $190 million in the past 12 months. More than 2.5 million shoppers already use the Pay By Touch system. Morris envisions a day when all stores -- even mom-and-pop ones -- offer a Pay By Touch option.Soon, customers will be able to use Pay By Touch from home with the help of fingerprint readers attached to their computers. In ancient China, rulers would put their fingerprints on documents to give them an official seal. Artists would also mark their work with prints. It wasn't until the late 1800s that authorities realized they could use fingerprints to catch criminals. Their evolution as a way to pay for groceries is a 21st century twist fueled by technology. It's also a trade-off between privacy and convenience. Welcome to the brave new world in Aisle 5.

POKER

PokerStars is THE place to play poker online, with more tables and tournaments than any other site. We have every kind of game, for every kind of player. Ring games, tournaments, Texas Hold ‘em, Omaha and Stud, with fixed limit, pot limit and no limit. Whatever kind of online poker game you’re looking for, you will find it at PokerStars.
Not only do we have the most poker tournaments - we also run the biggest online poker series in the world - the World Championship of Online Poker (WCOOP). In addition, our live tournaments, such as the European Poker Tour (EPT), Asia Pacific Poker Tour (APPT), Latin American Poker Tour (LAPT), World Cup of Poker, and the PokerStars Caribbean Adventure (PCA) are among the best in the world. We also send more players to the World Series of Poker than all the other poker sites put together.
PokerStars is also home to some of the best poker players in the world. WSOP Main Event World Champion Joe Hachem and Daniel Negreanu are both members of Team PokerStars Pro, along with many other great players.
Finally, our groundbreaking and innovative free poker software (Windows and Mac compatible) means that there is only one place to play online poker - PokerStars. Find the Poker Star in you.
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MLTrac™

With the ever-increasing emphasis on being able to demonstrate adequate anti money laundering procedures and prevention techniques, plus the draconian penalties for those failing to maintain suitable evidence of such activity, no financial institution can afford to be without an automated system such as MLTrac.MLTrac is part of our portfolio of banking software and is dedicated to identifying, tracking and regulating potentially suspicious or illegal activities in respect of money laundering and/or the proceeds of crime.internet banking software, wholesale banking software, retail banking software systems, bankware, branchware, tellerware, INTERNET BANKING SOFTWARE, WHOLESALE BANKING SOFTWARE, RETAIL BANKING SOFTWARE SYSTEMS, BANKWARE, BRANCHWARE, TELLERWARE, Internet Banking Software, Wholesale Banking Software, Retail Banking Software Systems, Bankware, Branchware, Tellerware, Criterion Banking Software,private banking,fx,money market,foreign exchange,S.W.I.F.T.,SWIFT,dealing,trade finance,lending,disaster recovery,payments,remittances,accounting,cashiers,treasury,offshore,reuters,online,on-line, Anti Money Laundering softwareMLTrac enables financial institutions to improve their internal disciplines,supplement their policies and procedures, and make a clear statement to the authorities about their commitment to effective anti money laundering controls.MLTrac's functionality is based upon a combination of our experience, together with contributions from our customer base and the relevant international financial authorities. Regular updates also take account of any future changes in market requirements and legislation.Functions:*KYC Document Management - The definition, scanning, management and tracking of customer documentation, and reporting of any deviations.*KYC Account Monitoring -The tracking of movements over account(s) looking for deviations outside of a pre-determined profile.*Manual Watch List Checking. Enter a name and the system will check to see if the name, or like sounding names, appear on any of the watch lists (e.g. OFAC, Bank of England and others) that the system monitors* Message Monitoring. MLTrac can be configured to check all inbound and outbound messages, irrespective of format, to see whether any field (normally the Ordering Customer and Beneficiary) appears on one of the supported checklists. The bank has control over the granularity of the name checking so as not to create too many false alerts. Messages that fail Watch List Checking are put to a quarantine queue for manual intervention. Full Audit Trails of all checks and actions taken is maintained by the system.*Cash Remittances. For the many institutions that originate from a country with a large overseas population the problems associated with accepting cash for remittance back home when taken against the potential ramifications of anti money laundering legislation means that the business is very risky and, often, not worth doing. The Cash Remittances module does away with this fear. Information concerning the remitter is maintained as part of the KYC Documentation Management module and is displayed and made available to the teller at the point of capturing data. A full record off all remitters and beneficiaries is maintained. Limits can be placed upon the individual remitter and upon the ultimate beneficiary (irrespective of source). The resulting SQL database can be interrogated for unusual payment patterns.

SHADYSİDE INN SUİTES

Shadyside Inn Suites is different. Your idea of staying in a hotel is about to change. Our suites are not typical hotel rooms. In fact we do not have rooms; we only offer suites. Why are we different? Your suite is a fully furnished apartment with the same amenities as a hotel located in a residential neighborhood. It’s not just any neighborhood, it's Shadyside, Pittsburgh’s most quaint, trendy, and upscale urban area. Picture Boston’s Newberry Street, or New York’s East Village and you will get an idea of what the Shadyside area is like.
Imagine having your own apartment in the best location in Pittsburgh for as little as a day or for as long as a lifetime. Shadyside Inn Suites is as flexible as you need. Only going to be here for a night? Why not have your own fully equipped apartment? Need somewhere to stay for a month while your house is renovated? Shadyside Inn Suites is your answer. Looking to attend the University for only nine months? Shadyside Inn Suites can accommodate. Think this is going to cost you more than a hotel? Not even close. Our rates are lower, our suites are double the size of any hotel in the area, our parking is free, and our location is unrivaled.
Our suites are located within a block or two of some of the best dining, entertainment, and shopping in Pittsburgh. At your door are 135+ shops, 15+ restaurants and some of the best nightlife in the area. Shop in small boutiques, visit your favorite national store, and dine on cuisines from all over the world. Shadyside living is unmatched.
Stay in Shadyside and still be approximately 4 miles from Downtown Pittsburgh and the Convention Center and less than 1 mile from the following hospitals: Presbyterian, Montefiore, Magee Women's, Falk Clinic, West Penn, Children's, Shadyside Hospital, and Western Psychiatric
Within 1 mile of the Shadyside Inn Suites is The Carnegie Museum of Art, The Museum of Natural History, The University of Pittsburgh, Carnegie Mellon University Chatham College, and Carlow College.
Besides coming for a visit, the best way to learn about our story is read what other people have said about us. Please click on the following links to read what the professionals have to say

Ultrasonic concentration measurement

The process analyser PIOX® S determines the concentration or the density of liquids or further process quantities using ultrasounds. The sound velocity of the liquid is the primarily measured quantity for this task.
PIOX® S can be used to control the concentration of solutions or to monitor chemical reactions such as polymerization, crystallization, neutralization processes, phase separation processes, etc.
Through quality control or product detection, PIOX® can help you to reach higher quality and to optimize your process. Thanks to the continuous control of the process parameters, the periodical controls and spot tests belong to the past. The process can be controlled exactly, in case of the deviations from the target quantities, an immediate reaction is possible. A higher product quality is reached and the material, time and energy consumption is reduced.
The measurement can take place with wetted transducers or with non-intrusive clamp-on transducers. The clamp-on technology is ideal for the measurement of chemically aggressive, corrosive or ultrapure media.

kredit ohne schufa

Schnell ist es passiert. Kein Geld um finanzielle Forderungen zu erfüllen, beispielsweise die Telefonrechnung. Das reicht aus und schon hat man einen negativen Eintrag in seiner SCHUFA-Akte. Die schufa (Schutzgemeinschaft für allgemeine Kreditsicherung) ist ein Kreditbüro, das von den Kreditgebern zum Beispiel Kreditinstituten, getragen wird. Ihr Ziel ist es Kreditgeber vor finanziellen Ausfällen zu bewahren, indem sie die Informationen sammelt, die für die Einschätzung der Kreditwürdigkeit von Personen von Belang sein könnenMit einem negativen Eintrag in die SCHUFA-Akte kann man meist bei inländischen Kreditinstituten keinen Kredit mehr erhalten. Die Lösung ist der so genannte "Schweizer Kredit". Hier wird ein Kredit auch trotz schufa gewährt. Das Kreditinstitut hat den Sitz in der Schweiz. Diese schufafreien Kredite werden über Vermittlungsfirmen vermittelt, und es wird keine Einsicht in die SCHUFA-Akte verlangt. Auch wer selbstständig arbeitet oder arbeitslos ist hat hier die Möglichkeit einen Kredit aufzunehmen, obwohl er nur in einem engen Rahmen sein Einkommen belegen könnte. Oftmals werden schufafreie ratenkredite in Anspruch genommen, die in monatlichen festgelegten Raten zurück bezahlt werden. Hier muss man allerdings im Normalfall mit höheren Zinsen rechnen, als es bei einem Kredit mit Einsicht in die SCHUFA-Akte der Fall wäre. Der Kreditgeber geht ein höheres Risiko ein und das spiegelt sich meist in den höheren Zinsen wider.Die Gründe weshalb man einen Kredit aufnehmen möchte sind vielseitig. Wichtig ist es für den Kreditnehmer jedoch, sich über seinen finanziellen Rahmen im Klaren zu sein. Er muss vorher genau prüfen, ob er in der Zukunft in der Lage sein wird, den aufgenommenen kredit auch wieder abzubezahlen. Ansonsten läuft man Gefahr, in noch größere finanzielle Probleme zu geraten, anstatt seine Probleme zu lösen. Ein gründlicher Vergleich zwischen Kreditangeboten ist also dringend anzuraten, damit nichts der Umsetzung seines Projekts im Wege steht.

Robotic suit helps paralyzed walk

LONDON, England (CNN) -- A new robotic suit could transform the lives of paralyzed people, giving them the ability to walk again.
The invention, known as ReWalk, acts like a kind of exoskeleton. It consists of lightweight, motorized leg supports and an assortment of intricate motion sensors.
Users wear a backpack that holds a computerized control box which helps the medical device recognize when a step needs to be taken.
"Standing changes my whole environment. I don't have to look from the bottom up. Now I am eye to eye with everybody," Radi Kaiof, who has used the device, told CNN.
Kaiof, a former Israeli soldier, was paralyzed from the waist down 20 years ago. He doesn't have feeling in his legs but is still able to move with the use of the robotic suit
With the assistance of crutches, which offer balance and support, people paralyzed from the waist down can walk, bend, sit and even climb stairs when they wear the suit.
The futuristic invention offers an alternative to using a wheelchair for those who have functioning upper bodies and are capable of standing with the use of supports.
It is the creation of Dr. Amit Goffer, an engineer and founder of Haifa, Israel-based high-tech firm Argo Medical Technologies. Goffer was inspired to create the device more than a decade ago after he became disabled in an accident.
The medical technology that could help paraplegics do what was once considered impossible isn't available for purchase yet. The device wasn't ready for testing until late 2007 and currently is in clinical trials in Tel Aviv.
More trials are planned for the United States and Europe, and if the product receives the necessary approvals, it could hit the market in 2010.
The price of the device hasn't been set yet, but is expected to be comparable with the typical average yearly expense of using a wheelchair.
The robotic suit improves the quality of life of people paralyzed from the waist down, according to Goffer, who wanted to give paraplegics an alternative to using a wheelchair. It also benefits their overall health since it keeps their bodies active all day long, he says.
But when it comes down to it, the invention is all about helping people regain respect. Dignity is "the No. 1 problem" for people who use wheelchairs, says Goffer.
For Kaiof, the former soldier, the robotic suit has changed his life. Before he tried it on, his daughter had never seen him stand before.
When he stood before her for the first time, she couldn't believe just how tall he was, he recounted to CNN.

ASC Process Systems

ASC is a leading manufacturer of specialized process equipment, control systems, and custom manufacturing software used in the composites, plastics, glass, solar, lumber, and concrete, coatings, and finishing industries. Our product lines include composite autoclaves, glass-laminating autoclaves, concrete autoclaves, industrial ovens, composite ovens, electroplating automation systems, process control software, autoclave control software, oven control software, and crane and hoist control software including scheduling. We're located in Los Angeles, CA and support thousands o
Autoclaves and other equipment
ASC manufactures a range of process equipment, including autoclaves, ovens, presses, heating systems, cooling systems, vacuum systems, and specialty pressure equipment. We also buy and sell used equipment.
systems and hundreds of customers w
Control & power systems
ASC is a leading supplier of control and power systems for a wide variety of equipment and industries. We specialize in PC-based and PLC-based control solutions. Our PC-based systems typically feature our industry-standard CPC control software package.
orldwide.
Software for controls and manufacturing
ASC can develop custom software solutions for a wide variety of manufacturing applications. Our CPC software is the world's leading software for control of autoclaves, ovens, and many other applications. Our FLEXTIME software is also the leading PC-based solution for electro-plating and anodizing control automation

High Flow Range Mass Coriolis Flow Meter

Ideal for the measurement of flow, density and temperature of liquids and slurries, such as aggressive or contaminated, sanitary or particle-filled fluids.Features:* Flow ranges from 60 to 60K Kg/Hr (2.2 to 1650 lb/min) * Accuracy up to 0.25% of reading* Materials: flow tubes -316 L, splitter flanges -316 Ti, housing - cast iron* Process temperature-40°F to 356°F * Ambient temperature-40°F to 140°F* Wide flow ranges ACCURATE AND RELIABLEThis meter has the ability tomaintain high accuracy,despite changing viscosity conditions, with accuracy of +0.25% of reading.EASY CLEANINGThe ACM series has smooth stainless steel tubes and no moving parts, and is therefore very easy to flush and clean.MULTI-TASKINGThe ACM series of mass coriolis flow meters measure flow, density and temperature.MATERIAL COMPATIBILITYBecause of the meter's 316 stainless steel flow tubes, the ACM series can measure a wide range of materials.VARIETY OF ELECTRONICSElectronics available for the ACM series include a local, hazardous rated display and a remote, panel-mount digital display.

KYC compliance

Know Your Customer (KYC) compliance regulation has proved to be one of the biggest operational challenges banks, accountants, lawyers and similar financial service providers worldwide have had to overcome.World-Check, the industry standard KYC compliance solution, provides an overview of KYC compliance and its origins, and outlines the compliance mandate as applicable to banks, accounting firms, lawyers and other regulated financial service providers – not just in the UK, Europe and the USA, but all around the world. Relied upon by more than 3,000 institutions worldwide, this KYC database solution provides effective legal and reputational risk reduction.Why “Know Your Customer?”The 9/11 terrorist attacks on the World Trade Centre revealed that there were sinister forces at work around the world, and that terrorists activities were being funded with laundered money, the proceeds of illicit activities such as narcotics and human trafficking, fraud and organised crime. Overnight, the combating of terrorist financing became a priority on the international agenda.For the financial services provider of the 21st century, “knowing your customers” was no longer a suggested course of action. Based on the requirements of legislative landmarks such as the USA PATRIOT Act 2002, modern Know Your Customer (KYC) compliance mandates were created to simultaneously combat money laundering and the funding of terrorist activities.What is Know Your Customer (KYC)?Know Your Customer, or KYC, refers to the regulatory compliance mandate imposed on financial service providers to implement a Customer Identification Programme and perform due diligence checks before doing business with a person or entity.KYC fulfils a risk mitigation function, and one its key requirements is checking that a prospective customer is not listed on any government lists for wanted money launders, known fraudsters or terrorists.If preliminary KYC checks reveal that the person is a Politically Exposed Person (PEP), for example, Advanced Due Diligence must be done in order to ensure that the person’s source of wealth is transparent, and that he or she does not pose a reputational or financial risk in terms of their finances, public positions or associations. Beyond customer identification checks, the ongoing monitoring of transfers and financial transactions against a range of risk variables forms an integral part of the KYC compliance mandate.But to understand the importance of KYC compliance for financial service providers better, its origins need to be examined.Origins of Know Your Customer (KYC) complianceThe arrival of the new millennium was marred by a spate of terrorist attacks and corporate scandals that unmasked the darker features of globalisation. These events highlighted the role of money laundering in cross-border crime and terrorism, and underlined the need to clamp down on the exploitation of financial systems worldwide.Know Your Customer (KYC) legislation was principally not absent prior to 9/11. Regulated financial service providers for a long time have been required to conduct due diligence and customer identification checks in order to mitigate their own operation risks, and to ensure a consistent and acceptable level of service.In essence, the USA PATRIOT Act was not so much a radical departure from prior legislation as it was a firmer and more extensive articulation of existing laws. The Act would lead to the more rigorous regulation of a greater range of financial services providers, and expanded the authority of American law enforcement agencies in the fighting of terrorism, both in the USA and abroad.In October 2001, President George W. Bush signed off the USA PATRIOT Act, effectively providing federal regulators with a new range of tools and powers for fighting terror financing and money laundering. During July 2002, the US Treasury proceeded to introduce Section 326 of the PATRIOT Act, a clause that removed some key burdens for regulators and added significant enforcement muscle to the Act.What 9/11 changed, in essence, was the extent to which existing legislation was being implemented. Using the provisions of the earlier anti-terrorism USA Act as a foundation, it included the Financial Anti-Terrorism Act, which allowed for federal jurisdiction over foreign money launders and money laundered through foreign banks. Significantly, it is this anti-terror law that would make the creation of an Anti Money Laundering (AML) programme compulsory for all financial institutions and service providers.Section 326 of the USA PATRIOT Act dealt specifically with the identification of new customers (“CIP regulation”), and made extensive provisions in terms of KYC and the methods employed to verify client identities.In accordance with this piece of updated KYC legislation, federal regulators would hold financial institutions accountable for the effectiveness of their initial customer identification and ongoing KYC screening. Institutions are required to keep detailed records of the steps that were taken to verify prospective clients’ identities.Although current KYC legislation does not yet demand the exclusion of specific types of foreign-issued identification, it recommends the usage of machine-verifiable identity documents. The ability to notify financial institutions if concerns regarding specific types of identification were to arise, combined with a risk-based approach to KYC, proved to provide a robust mechanism for addressing security concerns.Effectively, the risk-based approach to customer due diligence grants regulated institutions a certain degree of flexibility to determine the forms of identification they will accept, and under which conditions.KYC compliance: Implications for banks, lawyers and accounting firmsThe KYC compliance mandate, for all its positive outcomes, has burdened companies and organisations with a substantial administrative obligation. Additionally, KYC compliance increasingly entails the creation of auditable proof of due diligence activities, in addition to the need for customer identification.EkleBunu Sosyal Paylaşım Butonu