The
American Academy of Financial Management™ Journal
Volume
22 - Fall 2007
International
Assigned ISBN(0-9749946-0-X)
AAFM
Articles
AAFM
Articles is a collection of professional articles
related to finance and relevant industries.Browse
through the articles by category or by searching for
them
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.
...[ Read More ]
Banking
Basics in North America
(July
2007) | Banking
by Banking Government
Research
A
bank is a business. But unlike some businesses, banks
don't manufacture products or extract natural resources
from the earth. Banks sell financial services such as
car loans, home mortgage loans, business loans, checking
accounts, credit card services, certificates of deposit,
and individual retirement accounts.
...[ Read More ]
2007
Market & Economic Climate - Singapore
(June
2007) | Markets
by AAFM Global
Foreign
investments, combined with investments through government-linked
corporations (GLCs), underpin Singapore's open, heavily
trade-dependent economy. With the exception of restrictions
in the financial services, professional services, and
media sectors, Singapore maintains a predominantly open
investment regime. ...[ Read More ]
2007
Market and Economics Statement - Malaysia
(June
2007) | Markets
by AAFM Global
The
Government of Malaysia (GOM) encourages foreign direct
investment (FDI) by providing a number of incentives,
particularly in export-oriented high-tech industries
and "back office" service operations. The
GOM also hosts international trade shows and advertises
broadly to attract FDI. Many U.S. companies have operations
in Malaysia, including Intel, Microsoft, Dell, GE, UPS,
Mattel, and Motorola, just to name a few. ...[ Read More ]
Investment
Climate - Kenya 2007
(June
2007) | Markets
by AAFM Government
Research
Kenya
has had a long history of economic leadership in East
Africa as one of the largest and most advanced economies
in the region. ...[ Read More ]
Dow
Jones Stock Index Hits Record High, Again 1/12/07
(June
2007) | Markets
by USINFO Staff Writer
Washington
-- The Dow Jones industrial average index, a measure
of 30 stocks meant to gauge the performance of the U.S.
equity market, rose more than 72 points January 11
Guidance on the
Risk Based Approach to Combating Money Laundering and
Terrorist Financing
(September 2007) | Anti Corruption
by FATF/OECD
This
Guidance was developed by the FATF in close consultation
with
representatives of the international banking and securities
sectors. This publicprivate
sector partnership was integrally involved in the development
and finalisation
of the Guidance. A list of members of that group is
attached at Annex 5. The
Guidance Paper was adopted by the FATF at its June 2007
Plenary. ...[ Read More ]
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.
...[ Read More ]
Banking Basics
in North America
(July 2007) | Banking
by Banking Government
Research
A
bank is a business. But unlike some businesses, banks
don't manufacture products or extract natural resources
from the earth. Banks sell financial services such as
car loans, home mortgage loans, business loans, checking
accounts, credit card services, certificates of deposit,
and individual retirement accounts.
...[ Read More ]
2007 Market &
Economic Climate - Singapore
(June 2007) | Markets
by AAFM Global
Foreign
investments, combined with investments through government-linked
corporations (GLCs), underpin Singapore's open, heavily
trade-dependent economy. With the exception of restrictions
in the financial services, professional services, and
media sectors, Singapore maintains a predominantly open
investment regime. ...[ Read More ]
2007 Market and
Economics Statement - Malaysia
(June 2007) | Markets
by AAFM Global
The
Government of Malaysia (GOM) encourages foreign direct
investment (FDI) by providing a number of incentives,
particularly in export-oriented high-tech industries
and "back office" service operations. The
GOM also hosts international trade shows and advertises
broadly to attract FDI. Many U.S. companies have operations
in Malaysia, including Intel, Microsoft, Dell, GE, UPS,
Mattel, and Motorola, just to name a few. ...[ Read More ]
Investment Climate
- Kenya 2007
(June 2007) | Markets
by AAFM Government
Research
Kenya
has had a long history of economic leadership in East
Africa as one of the largest and most advanced economies
in the region. ...[ Read More ]
Guidance on the
Risk Based Approach to Combating Money Laundering and
Terrorist Financing
(September 2007) | Anti Corruption
by FATF/OECD
This
Guidance was developed by the FATF in close consultation
with
representatives of the international banking and securities
sectors. This publicprivate
sector partnership was integrally involved in the development
and finalisation
of the Guidance. A list of members of that group is
attached at Annex 5. The
Guidance Paper was adopted by the FATF at its June 2007
Plenary. ...[ Read More ]
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.
...[ Read More ]
Banking Basics
in North America
(July 2007) | Banking
by Banking Government
Research
A
bank is a business. But unlike some businesses, banks
don't manufacture products or extract natural resources
from the earth. Banks sell financial services such as
car loans, home mortgage loans, business loans, checking
accounts, credit card services, certificates of deposit,
and individual retirement accounts.
...[ Read More ]
2007 Market &
Economic Climate - Singapore
(June 2007) | Markets
by AAFM Global
Foreign
investments, combined with investments through government-linked
corporations (GLCs), underpin Singapore's open, heavily
trade-dependent economy. With the exception of restrictions
in the financial services, professional services, and
media sectors, Singapore maintains a predominantly open
investment regime. ...[ Read More ]
2007 Market and
Economics Statement - Malaysia
(June 2007) | Markets
by AAFM Global
The
Government of Malaysia (GOM) encourages foreign direct
investment (FDI) by providing a number of incentives,
particularly in export-oriented high-tech industries
and "back office" service operations. The
GOM also hosts international trade shows and advertises
broadly to attract FDI. Many U.S. companies have operations
in Malaysia, including Intel, Microsoft, Dell, GE, UPS,
Mattel, and Motorola, just to name a few. ...[ Read More ]
Investment Climate
- Kenya 2007
(June 2007) | Markets
by AAFM Government
Research
Kenya
has had a long history of economic leadership in East
Africa as one of the largest and most advanced economies
in the region. ...[ Read More ]
Guidance on the
Risk Based Approach to Combating Money Laundering and
Terrorist Financing
(September 2007) | Anti Corruption
by FATF/OECD
This
Guidance was developed by the FATF in close consultation
with
representatives of the international banking and securities
sectors. This publicprivate
sector partnership was integrally involved in the development
and finalisation
of the Guidance. A list of members of that group is
attached at Annex 5. The
Guidance Paper was adopted by the FATF at its June 2007
Plenary. ...[ Read More ]
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.
...[ Read More ]
Banking Basics
in North America
(July 2007) | Banking
by Banking Government
Research
A
bank is a business. But unlike some businesses, banks
don't manufacture products or extract natural resources
from the earth. Banks sell financial services such as
car loans, home mortgage loans, business loans, checking
accounts, credit card services, certificates of deposit,
and individual retirement accounts.
...[ Read More ]
2007 Market &
Economic Climate - Singapore
(June 2007) | Markets
by AAFM Global
Foreign
investments, combined with investments through government-linked
corporations (GLCs), underpin Singapore's open, heavily
trade-dependent economy. With the exception of restrictions
in the financial services, professional services, and
media sectors, Singapore maintains a predominantly open
investment regime. ...[ Read More ]
2007 Market and
Economics Statement - Malaysia
(June 2007) | Markets
by AAFM Global
The
Government of Malaysia (GOM) encourages foreign direct
investment (FDI) by providing a number of incentives,
particularly in export-oriented high-tech industries
and "back office" service operations. The
GOM also hosts international trade shows and advertises
broadly to attract FDI. Many U.S. companies have operations
in Malaysia, including Intel, Microsoft, Dell, GE, UPS,
Mattel, and Motorola, just to name a few. ...[ Read More ]
Investment Climate
- Kenya 2007
(June 2007) | Markets
by AAFM Government
Research
Kenya
has had a long history of economic leadership in East
Africa as one of the largest and most advanced economies
in the region. ...[ Read More ]
Guidance on the
Risk Based Approach to Combating Money Laundering and
Terrorist Financing
(September 2007) | Anti Corruption
by FATF/OECD
This
Guidance was developed by the FATF in close consultation
with
representatives of the international banking and securities
sectors. This publicprivate
sector partnership was integrally involved in the development
and finalisation
of the Guidance. A list of members of that group is
attached at Annex 5. The
Guidance Paper was adopted by the FATF at its June 2007
Plenary. ...[ Read More ]
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.
...[ Read More ]
Banking Basics
in North America
(July 2007) | Banking
by Banking Government
Research
A
bank is a business. But unlike some businesses, banks
don't manufacture products or extract natural resources
from the earth. Banks sell financial services such as
car loans, home mortgage loans, business loans, checking
accounts, credit card services, certificates of deposit,
and individual retirement accounts.
...[ Read More ]
2007 Market &
Economic Climate - Singapore
(June 2007) | Markets
by AAFM Global
Foreign
investments, combined with investments through government-linked
corporations (GLCs), underpin Singapore's open, heavily
trade-dependent economy. With the exception of restrictions
in the financial services, professional services, and
media sectors, Singapore maintains a predominantly open
investment regime. ...[ Read More ]
2007 Market and
Economics Statement - Malaysia
(June 2007) | Markets
by AAFM Global
The
Government of Malaysia (GOM) encourages foreign direct
investment (FDI) by providing a number of incentives,
particularly in export-oriented high-tech industries
and "back office" service operations. The
GOM also hosts international trade shows and advertises
broadly to attract FDI. Many U.S. companies have operations
in Malaysia, including Intel, Microsoft, Dell, GE, UPS,
Mattel, and Motorola, just to name a few. ...[ Read More ]
Investment Climate
- Kenya 2007
(June 2007) | Markets
by AAFM Government
Research
Kenya
has had a long history of economic leadership in East
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