Financial Institution – Sznurki Mon, 11 Oct 2021 12:35:00 +0000 en-US hourly 1 Financial Institution – Sznurki 32 32 Everything you need to know about decentralized finance (DeFi) – Quartz Mon, 11 Oct 2021 11:35:21 +0000

The term decentralized finance, or DeFi, dates back to a Telegram chat in 2018. It was around this time that a group of software developers and entrepreneurs were trying to decide what to call their next-generation financial services movement that would be automated, built on a blockchain. , and able to strip traditional banks.

Three years later, DeFi is big business. A user with a crypto wallet can trade digital assets, get loans, or take out insurance, among other things. Some $ 90 billion in collateral is stuck in these services, and more than 10 million people have downloaded MetaMask, one of the most popular digital wallets used to open access to these networks.

The roots of decentralized finance come from the 2008 Bitcoin White Paper which set the framework for a new digital money system; these creations exploded into something bigger when Ethereum was invented a few years later. “Bitcoin wanted to be peer-to-peer money,” wrote Camila Russo, founder of crypto news service The Defiant, in her book. The infinite machine. “Etherum wanted everything to be peer-to-peer.”

DeFi is an amalgamation of cryptography, finance, and software development, and it tends to be surrounded by its own lexicon and jargon. Let’s take it one piece at a time.

What is DeFi?


One of the main tenants of decentralized finance is that it is, well, decentralized. Take bitcoin, for example: the original crypto asset is essentially a ledger (its blockchain) that is decentralized because transactions are recorded in databases on many different computers. This unique record (stored in many databases) is cryptographically secured, and computers monitor each other to ensure it has not been tampered with.

Decentralization is part of what makes bitcoin hard to kill. No party is in charge, so it’s nearly impossible for someone to become a thug and change the rules that govern the virtual room. Likewise, even if a government succeeds in preventing a group of computers from supporting bitcoin, the digital asset may continue to function as other computers on the network keep full records of transactions and may continue to run the show. .

DeFi takes this concept even further. Decentralized exchanges and lending systems use blockchains like the Ethereum network, which was proposed by Canadian-Russian programmer Vitalik Buterin in 2013. While the bitcoin blockchain was designed to track bitcoin transactions, the Ethereum blockchain was created to host programs. Think of Ethereum as a decentralized computer for which software developers can build applications (dApps). Computers that provide Ethereum’s processing power are rewarded with Ether, which is now the second most valuable crypto asset behind bitcoin.

Like Bitcoin, the Ethereum network is difficult to shut down or corrupt. Anyone with an Internet connection can access it.


Decision-making, or governance, in DeFi organizations, from the fees they charge users to the products they offer, is often meant to be decentralized. (If the U.S. political system is a representative democracy, think of DeFi as a direct democracy.) A single person or a small group of people can drive a decentralized application at first, but they often seek to move away as the project takes hold. scale, hand over control to the community that uses it. This transition could take the form of a Decentralized Autonomous Organization (DAO), whose rules and regulations are incorporated into the programming code and can issue governance tokens, giving the holders of these coins a say in the decisions. decisions.


One of Bitcoin’s key innovations was the ability for two users to make digital payments directly to each other. It is easy to do in the physical world using paper or metal money. But until the arrival of bitcoin, the only way to do it electronically was through a bank or a payment company like PayPal.

Going through these third parties leaves a digital footprint that can be monitored, and these companies could potentially be “censored” by the government, ie pressured to prevent transactions for political or other reasons. Bitcoin was envisioned to get around this problem, as a digital form of cash for peer-to-peer payments.

DeFi applications can also be peer-to-peer. In a traditional stock exchange transaction, an order can be processed through a series of intermediaries – a broker and a stock exchange, among others – while the shares themselves are held in a custodian bank, which is supposed to prevent the securities from collapsing. lose or stolen.

In contrast, a DeFi exchange (DEX) does not have these intermediaries. If you use Uniswap, a decentralized exchange built on the Ethereum platform, to trade crypto tokens, those assets will end up right in your crypto wallet, facilitated by Uniswap’s automated programs called smart contracts. This means that there are fewer parties taking a share in your transaction.


Blockchain has enabled a series of digital gold rushes since its invention 13 years ago. Two of them are Initial Coin Offerings (ICO) and Non-fungible Token (NFT):

Initial Coin Offerings (ICO)

ICOs are a type of crowdfunding and they are often used to raise money for open source software projects. In exchange for capital, ICO investors get a unique token that may give them access to special software features… or may not give them access to much.

ICOs can look a bit like a stock offering – too much like stock offers, in fact, for the US Securities and Exchange Commission; Coin offerings may lack safeguards like the disclosure and auditing that an initial public offering (IPO) should provide in the regulated stock market.

ICOs raised more than $ 7 billion in 2018, before plunging about 95% to $ 371 million in 2019, the latest data of the year being available, as regulators cracked down, according to CB Insights.

Non-fungible tokens (NFT)

NFTs are kind of like a limited edition collectible card, only online. Just as blockchain allows users to prove ownership of their bitcoin holdings, it also allows people to create unique digital assets like collectibles and art. One of the best-known NFT auctions was a work by Beeple, the artist also known as Mike Winkelmann, who sold a collage at an auction at Christie’s for $ 69 million. Unlike a music MP3 which can be cut and pasted endlessly, NFTs are designed to be unique and have one owner at a time.

Reuters / Tyrone Siu

A digital art fair in Hong Kong with works by Andy Warhol and Mike Winkelmann.

These acronyms are more than just a gold rush, says Matthew Leising, author of Out of the ether. ICOs have given startups and software developers a way to raise funds without the help of an investment bank or the support of a venture capital firm. Likewise, NFTs can offer musicians and visual artists a new way to monetize their work. “NFTs are really interesting because they have proven that a digital item can be scarce,” says Leising.

What are the advantages and disadvantages of DeFi?

DeFi’s strength can also be its weakness:

  • Decentralization makes DeFi difficult to censor or eradicate, but it requires computation. Maintaining a database and records on a network of many computers slows things down and can make transactions more expensive. Ethereum is the most popular blockchain for DeFi applications, but the amount of computation going on increases fees and bogs down the network. As the developers of Ethereum try to find ways to make it more scalable, other channels like Solana and Avalanche are gaining momentum. “It’s really hard to get performance from blockchains,” says Emin Gün Sirer, computer scientist at Cornell University and Avalanche advisor.
  • DeFi removes intermediaries like custodian banks, which should protect assets (usually digital tokens). This means you don’t have to worry about a financial institution going bankrupt and taking your assets with it, or a government seizing your tokens and confiscating them. On the other hand, the only thing that protects your assets is you and your password. If you lose this password (or if someone steals it), your assets are gone for good.
  • DeFi upstarts often claim to be available to everyone. You may be able to get a loan or trade virtual coins without traditional financial credentials like an ID or credit score. This freedom promises to expand financial services to areas of the world that haven’t always had them, or where services are expensive or prone to fraud or confiscation. But you can easily see the downside: If there is no entity to know who is using a service or where it is located, the systems could be used by criminals or go against penalties. Regulatory repression has already started.
  • Blockchains have proven to be quite difficult to decipher, but smart contracts and the apps that run on top of those chains are as smart as the people who designed them. The code is generally open source, which means it’s there for anyone to see and innovate, but it also makes it easier for hackers to attack. Nowadays, much more programming code is audited for bugs and vulnerabilities, and a growing number of people understand the need for formal verification (a process that uses algorithms to analyze other algorithms for problems), but a lot of money is still spent on code that hasn’t been substantiated that way, the Cornell Sirer said.

Three dApps you need to know


Uniswap, a decentralized exchange (DEX), was created by Hayden Adams, a mechanical engineer from New York. The idea arose from posts written by Ethereum founder Buterin about developing an automated market maker and decentralized exchange. These days, Uniswap facilitates $ 1 billion or more in daily crypto trading, and its governance tokens, UNI, have a market value of around $ 12 billion according to CoinGecko, a crypto data website.


Aave was founded by law student Stani Kulechov in 2017 (originally called ETHLend). The platform allows users to lend and borrow crypto tokens; users have put about $ 14 billion in collateral for loans on the network, according to Defi Pulse.


MakerDAO is a lending and borrowing platform that uses Dai, a stablecoin linked to the US dollar. MakerDAO was launched in 2014 and co-founded by Rune Christensen. On its website, MakerDao says it is one of the largest decentralized applications in the Ethereum blockchain and the first DeFi application to be seriously adopted. Users have placed around $ 6 billion in guarantees on the system.

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In tough times, the Food Depot acted quickly to help | My opinion Sun, 10 Oct 2021 03:00:00 +0000

Growing up in the beautiful Spain Valley, I have seen our communities flourish, and the people who are part of them continually support each other in good times and in difficult times. I have seen the urgent needs of northern New Mexicans evolve over time, especially given the unprecedented situation we have faced recently.

A pandemic has affected our communities and their inhabitants. We need each other more than ever. Our world has changed and suffered tremendously over the past 18 months or so. People have lost loved ones, lost their source of income, and lost more than they were willing to lose. In the face of these uncertain times, local organizations have been forced to stand up and step up their efforts. The Food Depot is one of many organizations that have stepped forward during this time of need, as they have continued to feed families in northern New Mexico since 1994. As a non-profit organization with a total of 145 partner agencies, The Food Depot strives to create hunger-free, communities in nine counties, and it’s needed more than ever.

I am proud to be a part of The Food Depot by serving as a member of the board of directors and supporting the organization’s initiatives to ensure food for those in need during these turbulent times. The Food Depot acted swiftly in response to understanding the many constraints facing families and individuals. Schools have been closed, access to food has been reduced, jobs have been lost, and financial insecurity has hit everyone. The Food Depot has found new and efficient ways to access food sources and created emergency drive-thru food distributions to meet the needs of our communities. Since the pandemic, The Food Depot has organized weekly drive-through food distributions, continued to serve all nine counties, created a safe working environment for staff and volunteers, and raised enough funds to meet increased needs.

I am also proud to be an employee of Del Norte Credit Union, a local non-profit financial institution whose mission is to improve lives and provide our members with sound financial advice. DNCU is a long-time supporter of The Food Depot. When the pandemic began, many businesses were forced to shut down and people at high risk were urged to stay in their homes. At that time, DNCU supported my request for increased volunteer hours at The Food Depot. It gave me the opportunity to support emergency drive-thru food distribution sites. For many years, the DNCU contributed financially to supporting monthly mobile pantries in four rural service areas and shifted its support to emergency drive-thru food distribution sites when needed. DNCU has a long history of giving back in support of the well-being of our communities, and this partnership is true to the credit unions’ philosophy of people helping people. I am doubly proud of my participation in the continued strengthening of the relationship between the two.

It is a pleasure to work for an organization like Del Norte Credit Union. He truly believes in improving the lives of those around us. I’m also proud to stand alongside my colleagues at The Food Depot, who go out of their way to support our employees when times are tough and especially when times are tough. Hope you can take the time to visit both organizations and the great work we do.

Kristi Leigh Salazar is from Espanola, a community outreach professional and non-profit volunteer.

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IMF’s Georgieva Gets Some EU Support As Board Debates Future Fri, 08 Oct 2021 23:22:00 +0000 World Bank Managing Director Kristalina Georgieva speaks during the China Development Forum (CDF) 2018 annual session at Diaoyutai State Guesthouse in Beijing, China on March 25, 2018. REUTERS / Jason Lee / File Photo

WASHINGTON, Oct. 8 (Reuters) – Some European governments on Friday backed Kristalina Georgieva to remain managing director of the International Monetary Fund as the IMF board debated her alleged role in a World Bank, people familiar with the matter said.

A source from the French finance ministry told Reuters that France plans to express support for Georgieva during the board meeting. Britain, Germany and Italy are also expected to back Georgieva, another source briefed on the matter said.

Officials from the French, British and German embassies in Washington did not immediately comment. The Italian Embassy did not immediately respond to the request for comment.

But hopes that the board would quickly reach consensus on its future at the lender in global crisis seemed to be fading amid the uncertainty surrounding the U.S. stance. An IMF board meeting went on for hours behind closed doors.

Some officials wanted more time to review the documents and discrepancies between Georgieva’s and law firm WilmerHale’s accounts, people familiar with the effort said.

WilmerHale’s investigative report prepared for the World Bank board claimed that when Georgieva was managing director of the World Bank in 2017, she put “undue pressure” on bank staff to change the data of the flagship “Doing Business” report in order to strengthen the ranking of the business climate in China.

The IMF’s board has considered the requests and held lengthy talks this week with Georgieva and WilmerHale lawyers.

Georgieva has firmly denied the allegations. His lawyer claims WilmerHale’s investigation partly violated World Bank personnel rules by denying him the opportunity to respond to the charges, a claim WilmerHale disputes.


Georgieva also received a statement of support from African finance ministers.

But the US Treasury, a major IMF powerhouse, declined to comment on Friday.

Treasury spokeswoman Alexandra LaManna said earlier this week that the department had “pushed for thorough and fair accounting of all facts” as part of the ongoing review. “Our primary responsibility is to maintain the integrity of international financial institutions,” she said.

The head of the IMF has traditionally been chosen by European governments, with the US administration appointing the president of the World Bank.

In 2019 France supported Georgieva, a Bulgarian economist who has held senior positions at the European Commission, as a compromise candidate to break the deadlock over the successor of Christine Lagarde, now President of the Central Bank European.


The deliberations of the IMF’s executive board came as the Fund prepares for its biggest political event next week, the annual meetings of the IMF and the World Bank in Washington. The question should dominate the meetings.

Current and former staff at both institutions said that regardless of who is to blame for the changed data, the scandal has tarnished the reputation of their researchers, raising critical questions about whether this work is subject to country influence. members.

Anne Krueger, former chief economist at the World Bank and first deputy managing director of the IMF, argued in a blog post Thursday that Georgieva must step down to restore the fund’s credibility.

“If Georgieva stays in her post, she and her staff will surely be pressured to change data and rankings for other countries,” Krueger wrote. “And even if they resist, the reports they produce will be suspect. The whole work of the institution will be devalued.”

Reporting by David Lawder and Andrea Shalal in Washington; Additional reporting by Leigh Thomas in Paris and Bart Meijer in Amsterdam; Editing by Marguerita Choy and Cynthia Osterman

Our Standards: Thomson Reuters Trust Principles.

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What are they and how to get one for your business Wed, 06 Oct 2021 21:05:28 +0000

In recent years, the convenience of a charge card has made it easy for many business owners to access their business checking account capital seamlessly and easily without having to write a check. Here’s what you need to know about business debit cards.

What is a business debit card?

A business debit card is a payment card that allows you to access funds in your business bank account to make purchases and withdraw money. Business debit cards are often popular with business owners who want the convenience of a charge card, but don’t want to make all of their purchases with a credit card. A business debit card will carry a Visa or Mastercard logo, allowing it to be used by the cardholder anywhere such cards are accepted.

Types of business accounts

A business debit card withdraws money from your linked bank account, which is usually a business checking account. It’s a good idea to have a business savings account as well, but it’s not necessary to get a debit card.

Other options may include business deposit cards that can be used for making deposits or business ATM cards that can be used for cash withdrawals at an ATM.

How do I get a debit card for my business?

You may not even need to apply for a debit card. Most financial institutions automatically issue a business debit card when you open a business checking account. In addition to banks, credit unions and some online financial service providers offer debit cards when you open a checking account. (Online business bank accounts have become more popular with business owners who don’t want to visit a bank branch, and there are plenty of options with features aimed at small business owners.)

If you don’t have a business bank account, you’ll need to open one first to get a business debit card.

Note that a debit card is different from a prepaid card. With a prepaid card, you load funds onto the card so that you can then spend those funds.

Things to consider when choosing accounts for your business

Opening a separate account for your business is a crucial step in helping your business look and function professionally. Business debit cards can also be extremely useful for separating your business and personal finances and for tracking purchases for accounting purposes.

Here are some questions to ask yourself before opening an account:

What are the fees? There may be a variety of fees associated with the account, including:

  • Monthly maintenance fees
  • Transfer fees
  • ATM fees
  • Overdraft fees or NSF
  • Cash handling fees
  • Excess transaction fees
  • Statement fees
  • Annual fees

Note that even free business chequing accounts can come with fees, but there may be ways around them. For example, you may be able to avoid monthly maintenance fees by maintaining a minimum average daily balance. Or you might be able to add an overdraft line of credit to avoid bad checks and incur insufficient funds charges (NSF or overdraft). You’ll always want to read the fine print so you won’t be surprised by unexpected charges.

How many transactions will I make? What kinds? As you can see from the list of possible charges, you’ll want to make sure you avoid unnecessary charges by choosing the right type of account.

Will I earn interest? While interest rates are low on deposit accounts these days, something can be better than nothing. If you plan to maintain decent sized balances, you might want to look at the Annual Percentage Return (APY).

Will I need to use a branch to deposit money? If your business relies heavily on cash sales, you may want to choose a financial institution with a convenient branch to make these deposits. You will also need to know the fee schedule for cash deposits. (Cash handling fees can only apply to transactions over a certain limit.)

Do I have to withdraw money? If so, you’ll want to make sure the ATM network is convenient and inexpensive. Otherwise, you risk paying expensive ATM fees for off-network (aka “foreign”) transactions. Some financial institutions reimburse ATM fees up to a limit.

Is it compatible with mobiles? The ability to access online banking features should be a given, but if you plan to access your account frequently from your mobile device, you’ll want to check the mobile app’s app to make sure it has the mobile banking functionality you need. If you want to deposit checks without going to the bank, make sure mobile deposit is also available.

How easy is it to open an account? Some issuers make it easier than others to open a professional bank account. Keep in mind, however, that all financial institutions must comply with banking regulations to verify customers, so be prepared to share both business and personal information when opening a business bank account.

Will it integrate with other systems? Another consideration is whether the account will integrate with your accounting software. The ability to easily import transactions can make it easier for you or your accountant to keep your accounts up to date.

Which business debit card is the best?

Most financial institutions automatically issue a business debit card when you open an account. So your choice is usually not: “Which business debit card is better?” But rather which business checking account is best for your business. The debit card is an extension of the account.

That said, there are some features you might want to look out for, including:

  • Virtual account numbers: These allow you to create unique account numbers that can be used with specific merchants, to pay for subscription services, etc.
  • Sub accounts: Instead of having to open multiple bank accounts for budgeting purposes, you can use these sub-accounts to set aside funds for specific taxes or spending goals.
  • Employee checks: Find out if you can restrict employee purchases to certain expense types and / or set spending limits.
  • Awards: Credit cards generally offer higher rewards than debit cards, but some debit cards offer rewards programs. Typically, rewards are tied to card transactions for which you do not enter a PIN. In addition, some issuers offer welcome offers for new customers. However, since opening a new bank account is complicated, choose your account for the long term and not just a short term bonus.

Some large financial institutions may offer more than one business debit card program. One card may offer rewards, for example, or employee cards, while another may be more of a no-frills card.

What are the protections against fraud?

Debit cards are different from business credit cards in that they draw on funds from the linked bank account. Business debit cards are not covered by federal law for unauthorized use. Instead, issuers typically offer zero liability policies. Read the disclosures you receive to find out what to do in the event of fraud. Don’t wait for this to happen to you!

Keep in mind that if you give cards to employees, you are responsible for the fees they charge. Just because you do not approve purchases made by an employee with the card does not mean that they are considered unauthorized purchases.

It should also be noted that the choice of “debit” or “credit” at checkout may affect the way certain transactions are processed if you are to enjoy zero liability coverage, so, again, read the disclosures.

Finally, current business accounts may be covered by insurance from the Federal Deposit Insurance Corporation if the financial institution is a member of the FDIC. This coverage will be subject to specific limits.

Can business accounts have debit cards?

Small business owners rely on a variety of financial products to operate their business and manage their cash flow, including business bank accounts, credit cards, small business loans, and more. And yes, debit cards are one of those tools. So yes, business accounts can have debit cards, and many business owners are looking for them. Be sure to study the options for choosing the right account (and the right card) for your business.

This article was originally written on October 6, 2021.

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Japan Post moves forward with $ 9 billion stock sale Wed, 06 Oct 2021 10:03:07 +0000

Japan Post is moving forward with the sale of a $ 9 billion tranche of shares, marking the last step in a difficult privatization process that began in 2005 and has involved political unrest, a sales scandal abuse of insurance, a collapse in stock prices and a disastrous expansion abroad.

People close to the large company, whose listed subsidiaries include one of Asia’s largest life insurers and a bank that was at one time the world’s largest financial institution, said the company was preparing to step up. a global search for alternatives, higher productive assets such as real estate.

In a statement on Wednesday, Japan Post said the government plans to sell up to 1.03 billion of its shares, 75 percent of which will be sold to domestic investors – mostly individuals – and the rest to foreign institutions. . The process will leave the Japanese government as the largest shareholder with a 33 percent stake.

Daiwa Securities will act as the lead underwriter of a sale that brokers and ad industry executives expect will be involved in the effort will require a call for patriotism and nostalgia from the potential investors, rather than an expectation that stocks will outperform in the longer term.

Since the first tranche of Japan Post was sold with great fanfare during the IPO in 2015, shares of the holding company, bank and insurer have significantly underperformed the rest of the Tokyo market. .

“Eighty percent of IPOs in 2015 went to individuals. Since then, the stock has underperformed Topix by 58%. It dropped 47%, so you would have been better off putting half of your money in a time capsule and burning the rest, ”said Nicholas Smith, CLSA strategist.

Basic postal delivery service is in structural decline, and the company’s efforts to expand overseas – via the $ 5 billion acquisition of Toll in Australia in 2015 – resulted in sharp depreciation and disbandment. disorderly business.

People close to the company said that in recent years it has explored a number of possible acquisitions abroad, some of which remain on the table.

Japan Post cannot easily cut costs because of its commitment to maintaining a universal postal service. His bank, on the other hand, is legally restricted from engaging in certain activities and operates in an environment where credit spreads have been declining for many years.

Japan Post Insurance was involved in a sell-out scandal that came to light in 2019.

The latest offer will be valued at the end of this month, but based on Wednesday’s closing price. The government is expected to raise around 952 billion yen ($ 8.5 billion) through the sale. The money will be used for reconstruction efforts related to the Tohoku earthquake in 2011.

Japan Post said it will also repurchase up to 100 billion yen of its own shares as part of the offer.

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Money laundering: the Senate will ban transactions with shell banks Tue, 05 Oct 2021 03:07:02 +0000

The Senate has taken steps to ban the establishment and operation of shell banks in Nigeria in order to strengthen the existing anti-money laundering system.

It also aims to prohibit the country’s banks and other financial institutions from having commercial relations with shell banks.

A shell bank is a bank that has no physical presence in the country in which it is incorporated or authorized, and is not affiliated with a regulated financial group subject to effective consolidated supervision.

Shell banks operate by using a postal address for mail and other correspondence or by having a representative or person who accepts mail on their behalf.

The Central Bank of Nigeria (CBN) in 2018 called for the enactment of a law that would ban shell bank operations in the country.

Mr. Godwin Emefiele, the governor of the CBN, made the call during a public hearing organized by the House Committee on Banking and Currency on a bill to amend the Law on Banks and Other Financial Institutions ( BOFIA) and other bills.

He said shell banks, in addition to being used for money laundering, distort the banking system and pose major problems for regulators.

Emefiele, who was represented at the event by Johnson Akinwumi, Director of CBN, Department of Legal Services, said: “We would like to propose the introduction of new paragraphs 3 (6 and 7) for the shell bank ban in response. to the latest recommendations of the Financial Action Task Force (FATF) on Money Laundering to read:

“Any bank or its subsidiaries without a physical presence in the country where it is incorporated and licensed and not affiliated with any financial services group subject to effective consolidated supervision will not be permitted to operate in Nigeria and any Nigerian bank or its subsidiaries. not establish or continue any relationship with this bank or subsidiary, ”he said.

On September 15, 2021, the Senate introduced a bill to repeal the 2011 Money Laundering (Prohibition) Law and enact the 2021 Money Laundering (Prevention and Prohibition) Law.

The new bill, sponsored by Senator Sadiq Umar (North Kwara), passed first reading in the Red Chamber.

The bill, according to the proponent, aims to provide an effective and comprehensive legal and institutional framework for the prevention, prohibition, detection, prosecution and suppression of money laundering and other related offenses in Nigeria.

The bill, a copy of which was obtained by our correspondent, aims to broaden the scope of money laundering offenses and provide for appropriate penalties; ensure the protection of employees of various institutions, organizations and professions likely to discover money laundering, and strengthen customer vigilance.

Important provisions

Clause 27 of the bill seeks to prohibit the establishment or operation of a shell bank in Nigeria.

It also stipulates that banks and other financial institutions in Nigeria must not establish a correspondent banking relationship with (a) a shell bank; or (b) another financial institution that has a business relationship with a shell bank.

Subsection 3 of this section requires financial institutions to end their business relationship with a shell bank within 14 days of becoming aware of such ties.

Subsection 5 states that any financial institution that knowingly enters into a relationship with a shell bank or does not terminate the relationship after realizing that it has entered into a banking relationship with a shell bank is guilty of an offense and is liable, upon conviction, to a fine of 100 N. million euros and withdrawal of its operating license.

The bill also states that an executive of a financial institution who facilitates a banking relationship with a shell bank faces a fine of N 10 million or a two-year prison term or both.

Subsection 7 states that a fine of N 10 million or two years imprisonment or both awaits a person who establishes or operates a shell bank in Nigeria.

The bill also seeks the creation of a department under the Economic and Financial Crimes Commission (EFCC) which will be known as the Special Unit for the Control of Money Laundering (SCUML).

Any bank that does not comply with this provision is liable, upon conviction, to a fine of N25 million or more.

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$ 67 million in loans available under the Heir Property Loan program; aims to help agricultural producers, landowners solve land ownership and inheritance issues | Farm and ranch Sun, 03 Oct 2021 11:00:00 +0000

The United States Department of Agriculture (USDA) is providing $ 67 million in competitive loans under the new Heir Property Loan Program (HPRP), which aims to help agricultural producers and landowners solve problems of land ownership and inheritance of heirs. Intermediary lenders – co-ops, credit unions and nonprofits – can apply for loans of up to $ 5 million at 1% interest during the two-month enrollment window, which has expired. open end of August.

Once the Farm Service Agency (FSA) has selected the lenders, the heirs can apply directly to these lenders for loans and assistance. Heir ownership issues have long been a barrier for many growers and landowners to access USDA programs and services, and this restitution program provides access to capital to help growers find a solution to these issues. .

According to the agency, the Heirs’ Property Relending Program is another example of how the USDA is working to rebuild trust with American farmers and ranchers. The HPRP is a loan and will need to be repaid in accordance with the guidelines of the 2018 Farm Bill.

The benefits of the program extend far beyond its participants. It will also keep farmland in use, protect family farming heritage and support economic viability.

Eligible lenders

To be eligible, intermediary lenders must be certified as a community development finance institution and have the experience and capacity to grant and manage agricultural and commercial loans of a similar nature.

The selected intermediary lenders will determine the rates, terms and payment structure for loans to heirs. The interest rates will be the lowest rate sufficient for the intermediaries to cover the costs of operating and maintaining the loan.

Restitution to heirs

Heirs can use the loans to resolve title issues by financing the purchase or consolidation of real estate interests and the financing costs associated with an estate plan. It may also include the costs and fees associated with redeeming fractional interests of other heirs in condominiums to clear title, as well as closing costs, appraisals, title searches, investigations, document preparation. , mediation and legal services.

The heirs cannot use the loans for land improvement, development, acquisition or repair of buildings, acquisition of personal property, payment of operating expenses, payment of research fees. or similar fees.

More information

Heir property is a legal term that refers to family land inherited without a will or legal document of ownership. It has always been difficult for heirs to benefit from USDA programs due to the belief that they cannot obtain a farm number without proof of ownership or control of the land. However, the FSA offers alternative options that allow an heir to obtain a farm number. In states that have passed the Uniform Division of Heirs’ Property Act (UPHPA), producers can provide specific documents to receive a farm number. To learn more about heir ownership, HPRP, or UPHPA, visit

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All In Credit Union Donates School Supplies to Coffee County Family Service Center | New Sat, 02 Oct 2021 17:00:00 +0000

Pictured left to right: Judy Crawley, Director of the Coffee County Family Services Center and Katy Sellers, Business Development Manager for All In Credit Union.



All In Credit Union recently donated funds to the Coffee County Family Service Center and 11 other local organizations in its service areas to help students and teachers during the 2021-22 school year. Donations have been made by members and employees of All In Credit Union in an effort to give back to the community. This year marks the tenth year that All In has organized a campaign to donate school supplies in each of its 26 branches. Donated funds remain in the local service area of ​​each branch.

Donations were also given to the following organizations:

Andalusia Primary School – Andalusia, Ala.

Security Arch – Mobile, Ala.

Dothan Education Foundation – Dothan, Ala.

Jackson County Early Years Program – Marianna, Florida.

Midland City Elementary School – Midland City, Alabama.

Mulkey Elementary School – Geneva, Alabama.

Opp Elementary School – Opp, Alabama.

Riverside Elementary School – Crestview, Florida

Troy Elementary School – Troy, Alabama.

Volunteers from America — Mobile, Ala.

West DeFuniak Elementary School – DeFuniak Springs, Florida

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California Attorney General Focuses On Targeted Advertising And Disclosures In CCPA Enforcement | Hudson Cook, LLP Sat, 02 Oct 2021 01:04:42 +0000

The California Attorney General’s Office began enforcing the California Consumer Privacy Act (“CCPA”) over a year ago and recently released a set of sample enforcement cases that it has pursued against individuals. companies. The examples are anonymous and do not constitute a complete list of all cases of application, but the descriptions can provide useful advice to businesses subject to the law. Even companies that typically deal with exempt personal information may find it useful to review the examples as they demonstrate the MA’s enforcement strategy, enforcement priorities, and give an indication of how the GA interprets the provisions. of the law.

The GA press release notes that companies currently have 30 days to remedy the suspected non-compliance after receiving a notice of suspected non-compliance. However, businesses should be aware that this 30-day processing period will end in 2023, when the CCPA changes as a result of the California Privacy Rights Act that was approved by California voters last year. Taking note of these examples now can help companies get a head start on their own CCPA compliance. Here is a brief summary of some important examples:

Relationship to entity receiving data for online advertising and analysis – is this a “sale” to a third party or a share with a service provider?

A striking number of examples focus on the use of data for targeted advertising and analysis. In several instances, the GA referred to companies engaging in targeted advertising involving the exchange of personal information, the GA characterized as “selling” personal information requiring opt-out rights and disclosures. In one example in particular, the MA referred to a retailer using third-party tracking technology on their website that was sharing data with advertisers about consumer shopping activity. The AG criticized the company for not having established a service provider relationship with the recipient advertiser.

To take with: Businesses need to thoroughly analyze who receives their data and how the relationship is characterized, including for online marketing and analytics purposes. Businesses using service providers should be reminded to enter into service provider agreements that contractually prohibit the service provider from retaining, using or disclosing personal information outside of what is permitted by law.

Third party trackers – what data is analyzed and how can consumers opt out of its use?

One example referred to the use of third-party trackers employed for site analysis purposes. However, the GA does not provide details on the nature of the data that is of concern for this example. In particular, how this data meets the definition of “personal information” under the CCPA is unknown at this point. Another example indicates that implementing a “global privacy control” browser extension that allows site visitors to refuse to allow third-party online trackers, such as cookies, to collect data may be. necessary.

To take with: Businesses that have third-party trackers, such as cookies, present on their websites should consider whether granting opt-out rights or establishing relationships with service providers are appropriate responses.

Opt-out – what is an effective means?

In other instances, the MA has suggested that a business is failing to comply with opt-out requirements for online advertising simply by referring consumers to third-party trade association opt-out tools, perhaps by referencing to tools made available by the Network Advertising Initiative and the Digital Advertising. Alliance.

To take with: Businesses subject to CCPA opt-out rights should ensure that they do not use verification procedures, such as the requirement for government identification and a consumer invoice, before making a purchase. ‘grant a withdrawal request.

The company is a financial institution under the GLBA – does the company still have to think about CCPA compliance?

Yes. For example, car dealerships should consider personal information they collect that is not regulated by the Gramm-Leach-Bliley Act and is subject to the CCPA because an example application refers to a dealership that has collected personal information from consumers taking a test drive without providing notice. to the Collection.

To take with: Financial institutions should conduct data inventories to assess whether they collect or disclose data sets that are subject to CCPA.

Privacy program – what do the policies say?

Looking at the examples, it is clear that the Attorney General is making an effort to ensure that privacy policies accurately and fully describe a company’s practices in handling personal information, including information collected, how they are used and how they are shared.

To take with: Businesses need to ensure that their privacy programs are integrated across the enterprise and capture all data practices, as well as changes to those practices. The examples also show that the MA pays attention to complaints submitted to it by consumers, so it is important that companies have a good complaints handling program and are sensitive to consumer complaints.

The privacy program has been implemented – the case is over, isn’t it?

No, businesses should be reminded that they might not be able to set up a CCPA compliance program and leave it alone. The CCPA will change in 2023 as a result of the California Privacy Rights Act, adding new requirements for businesses subject to the law and transferring enforcement power to a new agency, the California Privacy Protection Agency. The agency is also embarking on a rule-making exercise to roll out regulations to reflect changes to the CCPA. And over time, as is the case with these application examples, we will continue to learn more about regulators’ interpretation of the CCPA and enforcement priorities.

To take with: As with all good compliance programs, companies should implement a regular review of their CCPA compliance program to ensure that legal updates are recorded and adjustments are made to both changes in business practices. and changes in the law, taking appropriate account of consumer complaints and demands.

Trained advisors can help businesses take smart compliance approaches to answer each of these questions as being directly applicable to your business and its processes.

Businesses can find sample application cases here:

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Safe Bulkers, Inc. Completes First $ 60 Million Sustainability Linked Credit Facility to Refinance Existing Loan Facilities Fri, 01 Oct 2021 13:00:00 +0000

MONACO, October 01, 2021 (GLOBE NEWSWIRE) – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of dry bulk shipping services, today announced that the Company has entered into a new $ 60.0 million credit facility with a term of five-year guarantee with five vessels, including a $ 30.0 million term loan tranche and a revolving credit facility tranche providing for up to $ 30.0 million drawdown capacity, decreasing from its fourth year. This agreement represents the Company’s first sustainable development credit facility and incorporates an incentive discount on the interest rate, linked to independently verified pre-determined emissions targets.

The proceeds of the credit facility will refinance the credit facilities with the same financial institution of an outstanding term loan tranche of $ 71.1 million and a revolving credit facility tranche with drawing capacity. of $ 6.5 million, currently secured by six vessels and maturing in 2024, five of which will secure the new credit facility and one of which will remain debt-free. The Company does not intend to use the full capacity of the declining portion of the revolving credit facility at this time. The agreement contains financial covenants consistent with the Company’s existing loan and credit facilities.

Dr. Loukas Barmparis, Chairman of the Company, said: “This is a new deleveraging measure, while at the same time the Company strengthens its balance sheet and maintains its financial flexibility through existing cash reserves and unused revolving credit facilities. We expect that by the end of the year, if the charter market continues to perform well, we will achieve a leverage ratio that we consider optimal.

About Safe Bulkers, Inc.

The Company is an international provider of dry bulk shipping services, transporting bulk cargoes, particularly coal, grain and iron ore, along global shipping routes for some of the world’s largest users of shipping services. dry bulk sea transport. The common shares of the Company, the Series C preferred shares and the Series D preferred shares are listed on the New York Stock Exchange and trade under the symbols “SB”, “SB.PR.C” and “SB.PR .D ”, respectively.

Forward-looking statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding future events, the Company growth strategy and measures to implement this strategy, including expected vessel acquisitions and completion of other on-time charters. Words such as “expects”, “intention”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct. These statements involve known and unknown risks and are based on a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in demand for dry bulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside of United States and other factors listed from time to time in documents filed by the Company with the Securities and Exchange Commission. The Company expressly disclaims any obligation or commitment to publish any update or revision of any forward-looking statement contained herein to reflect any change in the Company’s expectations in this regard or any change in the events, conditions or circumstances on which a statement is based.

For more information please contact:

Company details :
Dr Loukas Barmparis
Safe Bulkers, Inc.
Phone. : +30 2 111 888 400
Fax: +30 2 111 878 500

Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230, avenue du Parc, office 1536
New York, New York 10169
Phone. : (212) 661-7566
Fax: (212) 661-7526

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