GAFM Articles

Bank compliance - Controlling risk and improving effectiveness (August 2007) | Banking
by Economist Intelligence Unit

The need for effective compliance at financial services and banking companies is stronger than ever. Burgeoning regulations are more stringent and further-reaching; products more complex and geographic reach wider. All of this requires more money and vigilance to avoid missteps that could lead to damaged reputations and large penalties. Yet, a nagging question remains about the true effectiveness of compliance processes across financial enterprises. ...[ Read More ]

Understanding the Beta Principle: A Brief introduction to Risk Management in International Markets. (August 2007) | Risk Management
by George L. Salis

The only permanent and most significant constant inherent in all investing, is risk.  We all enjoy our return on investment, as we all like to win and multiply our holdings, yet few investors, whether domestic or international, really understand the nature of risk.  Risk is an intrinsic element in all markets.  Regardless where one invests, or the type of investment made, the element of risk is always present.  Risk can be characterised as that "measurable" possibility of losing or not gaining value [or profit].  This is significant because risk has to be distinguished from uncertainty, which cannot be measured at all.   It is also more than just a mere "chance of return, as a chance is an un-measurable possibility, whether accidental or incidental, in the strictest sense of the term for our investment purpose.  ...[ Read More ]

A Brief Introduction to the Principle of Tax Equity (August 2007) | Banking
by George L. Salis

Quite often we read law or tax material and we encounter the phrase “tax equity.”  As we read the complex revenue decisions and court rulings, we began to discern the ideal and definition of tax equity, and perhaps, we may even be able to penetrate its meaning to some extent.  However, what exactly is tax equity?  When one suddenly reads of this elusive concept, it almost appears as a contradiction in terms, an oxymoron.  Is it possible for taxes and/or taxation to be “equitable?” ...[ Read More ]

Sovereign risk re-defined: A new analysis of an old dilemma (August 2007) | Risk Management
by George L. Salis

The new world stage – an era of compliance “…Our world has just changed, and our economy will certainly shift with it, in just a few days, our lives too will different - quickly, let’s get to work…” ...[ Read More ]

The Wolfsberg Anti-Money Laundering Principles for Correspondent Banking (July 2007) | Banking
by The Wolfsberg Group

Correspondent Banking Client is a client of an institution that is a financial services firm that uses the institutions Correspondent Banking services accounts to clear transactions for its own client base. The term includes (but is not

limited to) Banks, Broker-Dealers, Mutual Funds, Unit Trusts, Investment Services Firms, Hedge Funds, Introducing Brokers, Money Service Businesses, Pension Funds, Credit Card Providers, Commercial Credit Companies, Household

Finance Companies, Mortgage Banks, Building Societies, and Leasing Companies.