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Anti-money laundering (AML) describes the controls that require financial institutions and other regulated entities to prevent or report actual or suspected money-laundering activities. Anti-money laundering regulations existed well before September 11, 2001, but came into special prominence globally after that date and the subsequent enactment of the USA Patriot Act. Today, all financial institutions that transact business in or through the United States are required to identify and report transactions of a suspicious nature to the financial intelligence unit in their respective country. For example, a bank must perform due diligence by verifying a customer's identity and monitor transactions for suspicious activity.
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Last Updated By:
Tim Mazur
On:
Jul 28, 2010 1:09 PM
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Competition law, also known as antitrust law, involves statutes that promote or maintain market competition by regulating anti-competitive conduct. The history of competition law reaches
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Last Updated By:
Tim Mazur
On:
Jul 28, 2010 10:46 AM
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An audit committee is an operating committee of the Board of Directors or Board of Trustees charged with oversight of financial reporting and disclosure. Committee members are drawn from members of
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Bid rigging is a form of fraud in which a commercial contract is promised to one party even though, for the sake of appearance, several other parties also present a bid. This form of collusion is illegal in most countries. It is a form of price fixing and market allocation, often practised where contracts are determined by a call for bids, for example in the case of government construction contracts. Bid-rigging almost always results in economic harm to the agency which is seeking the bids, and to the public, who ultimately bear the costs as taxpayers or consumers.
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The Big Four are the four largest international accountancy and professional services firms. They handle the vast majority of audits for large, publicly traded companies as well as many private companies.
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Last Updated By:
Tim Mazur
On:
Jul 23, 2010 11:09 AM
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A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. The body sometimes has a different name, such as board of trustees, board of governors, board of managers, or executive board. It is often simply referred to as "the board."
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Bribery, a form of corruption, constitutes a crime and is defined as the offering, giving, receiving, or soliciting of any item of value to influence the actions of an official or other person in charge
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Principles, values, standards, or rules of behavior that guide the decisions, procedures and systems of an organization in a way that (a) contributes to the welfare of its key stakeholders, and (b) respects the rights of all constituents affected by its operations.
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Compliance describes the goal that corporations or public agencies aspire to in their efforts to ensure that personnel are aware of, and take steps to comply with, relevant laws and regulations.
Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.
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A conflict of interest (COI) is a situation where an individual's personal or family interests interfere -- or appear to interfere -- with their ability to make sound, unbiased business decisions on behalf of their company.
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Corporate culture describes the psychology, attitudes, experiences, beliefs, and values (personal and cultural values) of an organization. It has been defined as the specific collection of values and norms
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Corporate governance is the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered, or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. The principal stakeholders are the shareholders, the board of directors, employees, customers, creditors, suppliers, and the community at large.
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Corporate Social Responsibility (CSR) is a form of corporate self-regulation integrated into a business model. Ideally, CSR policy would function as a built-in, self-regulating mechanism whereby business
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The Defense Industry Initiative (DII) is a pan-industry initiative to promote and ensure ethical business practices. The DII set an early benchmark for ethics management in corporations.
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A deferred prosecution agreement (DPA) is a voluntary alternative to adjudication in which a prosecutor agrees to grant amnesty in exchange for the defendant agreeing to fulfill certain requirements.
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Created By:
John Test
On:
Oct 14, 2010 2:44 PM
Last Updated By:
John Test
On:
Oct 14, 2010 2:44 PM
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Enterprise risk management (ERM) includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. ERM provides a framework
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The False Claims Act (also called the "Lincoln Law") is an American federal law that allows people who are not affiliated with the government to file actions against federal contractors they accuse of
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The Federal Acquisition Regulation (FAR) is the principal set of rules in the Federal Acquisition Regulation System. This system consists of sets of regulations issued by agencies of the Federal government
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The Federal Sentencing Guidelines are rules that set out a uniform sentencing policy for individuals and organizations convicted of felonies and serious (Class A) misdemeanors in the United States federal
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