money

Employment Law Implications of the New Anti-Money Laundering Act

When Congress overrode President Trump’s veto of the National Defense Authorization Act on January 1, 2021, it enacted the Anti-Money Laundering Act (AMLA), which was part of the defense authorization bill.  In doing so, Congress implemented the most sweeping anti-money-laundering statute since the USA PATRIOT Act.  In addition to a number of regulatory reforms and new disclosure requirements, the AMLA has put into place new whistleblower protections, adding to the range of statutes that have effectively created anti-retaliation provisions for virtually every activity regulated by federal




money

The Anti-Money Laundering Act Expands Whistleblower Protections

The recently enacted Anti-Money Laundering Act significantly increases the potential value of awards for whistleblowers under the Bank Secrecy Act. The challenge for a financial services employer is to establish that discipline against an employee in a compliance role is supported by evidence that the decision was based on the employee's incompetence or other inappropriate behavior, and that any whistleblowing activity he or she engaged in was not a consideration. Philip M. Berkowitz explores the issues in this edition of his Employment Issues column.

 




money

New Anti-Money Laundering Whistleblower Improvement Act Expands Coverage and Strengthens Incentives for Whistleblowers

On December 29, 2022, President Biden signed a new whistleblower law that significantly increases the risk and cost of whistleblower claims for domestic and overseas financial services institutions that must be cognizant of anti-money laundering (AML) laws and regulations. This covers 26 categories of institutions, including banks, branches and agencies of foreign banks, broker-dealers, insurance companies, operators of credit card systems, mutual funds, certain casinos, and travel agencies.




money

CSA encourages Canadians to have the “money talk” to prevent financial abuse

SAINT JOHN, NB - In recognition of Financial Literacy Month’s theme “Money on your Mind?




money

Flood Money (Classic)

Bill Pennington's house floods a lot: Three times over the course of three years. And every time his house floods, the government pays to help him repair the damage. Is something wrong here? | Subscribe to our weekly newsletter here.

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Afghanistan's Money Problem

Afghanistan's economy changed — almost overnight — after the Taliban retook control of the country | Subscribe to our weekly newsletter here.

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Planet Money's Supply Chain Holiday Extravaganza

Planet Money's Supply Chain Holiday Extravaganza Did the supply chain wreck your holiday shopping? Planet Money comes to the rescue. | Subscribe to our weekly newsletter here.

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Planet Money book club

Behind every Planet Money episode is a ton of reading. Today, we share some of our favorite books from along the way.

Here are our picks:

From Mary, American Bonds: How Credit Markets Shaped a Nation by Sarah L. Quinn

From Erika, The End of Globalization: Lessons from the Great Depression by Harold James

From Alexi, The Sixth Extinction: An Unnatural History by Elizabeth Kolbert

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Planet Money Records Vol. 1: Earnest Jackson

We try to start a real record label. Just to put one song out there. It's a song about inflation, recorded in 1975... and never released. Until now.

This is part one of the Planet Money Records series. Here's part two and part three.

Update: We now have
merch! We released a line of Inflation song gear — including a limited edition vinyl record; a colorful, neon hoodie; and 70s-inspired stickers. You can find it here: n.pr/shopplanetmoney.

Listen to "Inflation" on
Apple Music, Spotify, YouTube Music, Tidal, Amazon Music & Pandora.

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Planet Money Records Vol. 2: The Negotiation

We got our hands on the long-lost "Inflation" song, and now it's time to put it out into the world. So, we started a record label, and we're diving into the music business to try and make a hit.

This is part two of the Planet Money Records series. Here's part one and part three.

Update: We now have
merch! We released a line of Inflation song gear — including a limited edition vinyl record; a colorful, neon hoodie; and 70s-inspired stickers. You can find it here: n.pr/shopplanetmoney.

Listen to "Inflation" on
Apple Music, Spotify, YouTube Music, Tidal, Amazon Music & Pandora.

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Planet Money tries election polling

Polling is facing an existential crisis. Few people are answering the phone, and fewer people want to answer surveys. On today's show, we pick up the phones ourselves to find out how polling got to this place, and what the future of the poll looks like.

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Planet Money Movie Club: It's a Wonderful Life

Welcome to the Planet Money Movie Club, a regular series from Planet Money+ in which we watch an economics-related movie and discuss! On today's episode, Kenny Malone, Wailin Wong, and Willa Rubin talk about Frank Capra's 1946 classic 'It's A Wonderful Life.' They discuss CPI adjustments, how a copyright lapse helped make the film more popular, and what exactly a 'Building and Loan' is.

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Meow Money Meow Problems

More than 20 years ago, something unusual happened in the small town of Dixfield, Maine. A lady named Barbara Thorpe had left almost all of her money—$200,000—to benefit the cats of her hometown. When Barbara died in 2002, those cats suddenly got very, very rich. And that is when all the trouble began.

Barbara's gift set off a sprawling legal battle that drew in a crew of crusading cat ladies, and eventually, the town of Dixfield itself. It made national news. But after all these years, no one seemed to know where that money had ended up. Did the Dixfield cat fortune just...vanish?

In this episode, host Jeff Guo travels to Maine to track down the money. To figure out how Barbara's plans went awry. And to understand something about this strange form of economic immortality called a charitable trust.

This episode was produced by Willa Rubin with help from Dave Blanchard. It was engineered by Josh Newell. Sally Helm edited the show and Sierra Juarez checked the facts. Jess Jiang is Planet Money's acting Executive Producer.

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Planet Money Records Vol. 3: Making a hit

Since we started Planet Money Records and released the 47-year-old song "Inflation," the song has taken off. It recently hit 1 million streams on Spotify. And we now have a full line of merch — including a limited edition vinyl record; a colorful, neon hoodie; and 70s-inspired stickers — n.pr/shopplanetmoney.

After starting a label and negotiating our first record deal, we're taking the Inflation song out into the world to figure out the hidden economics of the music business. Things get complicated when we try to turn the song into a viral hit. Just sounding good isn't enough and turning a profit in the music business means being creative, patient and knowing the right people.

This is part three of the Planet Money Records series. Here's part one and part two.

Listen to "Inflation" on
Apple Music, Spotify, YouTube Music, Tidal, Amazon Music & Pandora.

Listen to our remix, "Inflation [136bpm]," on
Spotify, YouTube Music & Amazon Music.

"
Inflation" is on TikTok. (And — if you're inspired — add your own!)

This episode was reported by Erika Beras and Sarah Gonzalez, produced by Emma Peaslee and James Sneed, edited by Jess Jiang and Sally Helm, engineered by Brian Jarboe, and fact-checked by Sierra Juarez.
Music: "
Inflation," "Superfly Fever," "Nola Strut" and "Inflation [136bpm]."

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Planet Money Live: Two Truths and a Lie

The shocks of the pandemic economy gave us a bunch of enormous natural experiments, which helped to prove or disprove conventional economic thinking.

Take, for example, the bullwhip effect, the idea that the further away from the customer you are in the supply chain, the more volatile your orders are likely to be. This theory played out at an enormous scale, in the pandemic. Consumers and companies overreacted to the risk of shortages by ordering more products and hoarding them, causing massive shifts in the supply chain – just like the theory says.

And the pandemic gave us a lot of natural experiments like this. So, on this special live edition of Planet Money, we looked for other big economic lessons from the past three years, and we took this information and turned it into... a gameshow! It's Two Truths and a Lie: Econ Edition. We get into questions about the workforce and labor market during the pandemic, and how it affected how economists view the world.

This episode was hosted by Mary Childs. It was produced by Dave Blanchard, and edited by Jess Jiang. It was engineered by Josh Newell with help from Robert Rodriguez. Original music by Jesse Perlstein.

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Summer School 1: Planet Money goes to business school

Find all episodes of Planet Money Summer School here.

Planet Money Summer School is back! It's the free economics class you can take from anywhere... for everyone! For Season 4 of Summer School, we are taking you to business school. It's time to get your MBA, the easy way!

In this first class: Everyone has a million dollar business idea (e.g., "Shazam but for movies"), but not everyone has what it takes to be an entrepreneur. We have two stories about founders who learned the hard way what goes into starting a small business, and getting it up and running.

First, a story about Frederick Hutson, who learned about pain points and unique value propositions when he founded a company to help inmates and their families share photos. Then, we take a trip to Columbia, Maryland with chefs RaeShawn and LaShone Middleton. Their steamed crab delivery service taught them the challenges of "bootstrapping" to grow their business. And throughout the episode, Columbia Business School professor Angela Lee explains why entrepreneurship can be really difficult, but also incredibly rewarding, if you have the stomach for it.

(And, we should say, we are open to investors for "Shazam but for movies." Just sayin'.)

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Planet Money Paper Club

We here at Planet Money love economics papers. And that is also the case for so many of the economists we speak with. For them, new research can explain something they have always wondered about, or make them see something they have never noticed before. And it inspires their own work.

So, to bring that same sense of discovery to you, the listener, today we are dedicating our show to a special experiment. A new way to share some of the most fascinating, clever and surprising economics papers in a segment we're calling: The Econ Paper Club.

On today's show, we read the econ papers so you don't have to. We take a joyous romp through some of the most fascinating ideas floating around economics right now. And we find that some of those fascinating ideas are about some of the biggest things in life: the careers we choose, the expectations that come with parenting and what one eminent economist calls 'greedy jobs.'

This episode was hosted by Erika Beras and Kenny Malone. It was produced by Sam Yellowhorse Kesler and James Sneed. It was edited by Molly Messick. It was fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Alex Goldmark is our executive producer.

Help support Planet Money and get bonus episodes by subscribing to Planet Money+
in Apple Podcasts or at plus.npr.org/planetmoney.

Always free at these links:
Apple Podcasts, Spotify, Google Podcasts, NPR One or anywhere you get podcasts.

Find more Planet Money:
Facebook / Instagram / TikTok / Our weekly Newsletter.

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A very Planet Money Thanksgiving

Here at Planet Money, Thanksgiving is not just a time to feast on turkey, stuffing, mashed potatoes, green bean casseroles and pie(s). It's also a time to feast on economics. Today, we host a very Planet Money Thanksgiving feast, and solve a few economic questions along the way.

First: a turkey mystery. Around the holidays, demand for turkey at grocery stores goes up by as much as 750%. And when turkey demand is so high, you might think that the price of turkey would also go up. But data shows, the price of whole turkeys actually falls around the holidays; it goes down by around 20%. So what's going on? The answer has to do what might be special about supply and demand around the holidays.

We also reveal what is counted (and not counted) in the ways we measure the economy.

And we look to economics to help solve the perennial Thanksgiving dilemma: Where should each dinner guest sit? Who should sit next to whom?

This episode was hosted by Erika Beras and Jeff Guo. It was produced by James Sneed with an assist from Emma Peaslee and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Josh Newell.

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in
Apple Podcasts or at plus.npr.org/planetmoney.

Always free at these links:
Apple Podcasts, Spotify, Google Podcasts, the NPR app or anywhere you get podcasts.

Find more Planet Money:
Facebook / Instagram / TikTok / Our weekly Newsletter.

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Why is everyone talking about Musk's money?

We've lived amongst Elon Musk headlines for so long now that it's easy to forget just how much he sounds like a sci-fi character. He runs a space company and wants to colonize mars. He also runs a company that just implanted a computer chip into a human brain. And he believes there's a pretty high probability everything is a simulation and we are living inside of it.

But the latest Elon Musk headline-grabbing drama is less something out of sci-fi, and more something pulled from HBO's "Succession."

Elon Musk helped take Tesla from the brink of bankruptcy to one of the biggest companies in the world. And his compensation for that was an unprecedentedly large pay package that turned him into the richest person on Earth. But a judge made a decision about that pay package that set off a chain of events resulting in quite possibly the most expensive, highest stakes vote in publicly traded company history.

The ensuing battle over Musk's compensation is not just another wild Elon tale. It's a lesson in how to motivate the people running the biggest companies that – like it or not – are shaping our world. It's a classic economics problem with a very 2024 twist.

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Can money buy happiness?

People often say that money can't buy you happiness. Sometimes, if you ask them to tell you more about it, they'll mention a famous 2010 study by Nobel Prize winners Daniel Kahneman and Angus Deaton. That study found that higher household income correlates with greater emotional well-being, but only up to around $75,000 a year. After that, more money didn't seem to matter.

This was a famous study by two famous academics. The result stood for over a decade. And it feels good, right? Maybe the rich aren't so much happier than anyone else. But researchers have recently done a complete 180 on this idea. In 2021, psychologist Matt Killingsworth found nearly the opposite: That more money does correlate with more happiness. And that the relationship continues well beyond $75,000 per year.

Today on the show: Does more money mean fewer problems? Two researchers with totally different takes come together to hammer out a better understanding of the relationship between money and happiness.

This episode was hosted by Sally Helm and Nick Fountain. It was produced by Sean Saldana, Sam Yellowhorse Kesler, and Emma Peaslee. It was edited by Meg Cramer and fact-checked by Sierra Juarez. Engineering by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

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in Apple Podcasts or at plus.npr.org/planetmoney.

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A Century Of Money

Recessions, depressions, bubbles, and blue skies — our economy has a history of soaring and plummeting. This hour, TED speakers look to the past for lessons on building a more stable financial future. Guests include journalist Kathleen Day, financial advisor Tammy Lally, writer Elizabeth White, and filmmaker Abigail Disney.

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Listen Again: A Century Of Money

Original broadcast date: December 11, 2020. Recessions, depressions, bubbles, and blue skies — our economy has a history of soaring and plummeting. This hour, TED speakers look to the past for lessons on building a more stable financial future. Guests include journalist Kathleen Day, financial advisor Tammy Lally, writer Elizabeth White, and filmmaker Abigail Disney.

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money

Listen Again: A Century Of Money (2020)

Original broadcast date: December 11, 2020. Recessions, depressions, bubbles, and blue skies — our economy has a history of soaring and plummeting. This hour, TED speakers look to the past for lessons on building a more stable financial future. Guests include journalist Kathleen Day, financial advisor Tammy Lally, writer Elizabeth White, and filmmaker Abigail Disney.

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Want to Be Happier? Value Time Over Money

Here’s how to know if you’re making enough time for happiness, and what to do if you’re not.




money

Money Is Good, but Skills Are Better: 5 Side Hustles That Can Make You Better at Your Day Job

When you think of the value a side hustle can bring to your life, what comes to mind? If one of your first thoughts is "making extra money," you're not wrong. Starting a side gig is a great way to bring in extra income during your time away from your primary job. But you might also want to consider how the right side hustle can make you better and more ...




money

White Paper: How High-Efficiency Climate Control Solutions Save Energy and Money

High temperatures in industrial settings are a leading cause of downtime. Controlling units and microprocessors age quickly under heat pressure, which means that generated heat must be removed efficiently or heat damage will occur.




money

Big Money from Small Data

The hype around "big data" has mainly aimed at niche market sales without delivering expected benefits. Similarly, the business world's obsession with Lean Six Sigma has shown minimal returns on investment. In contrast, over the last 25 years, I've leveraged small Excel files to significantly cut costs and increase profits, often by millions of dollars, through a reliable sequence I discovered.




money

Madison Police Saving Energy, Money at New Midtown District Building

The building, which opened in September, features energy-saving qualities that include insulated walls, occupancy sensors for lighting, and high-efficiency HVAC and boilers.




money

Florida Budget Includes IRA Money

Florida Gov. Ron DeSantis, who dropped out of the presidential race early this year, has backtracked on accepting his state’s share of federal funding for the Home Electrification and Appliance Rebates program.




money

Investors Put Their Money Into HVAC Products for Improved Sustainability

Some savvy investors realize the greatest potential for helping the environment and getting a good return on investment comes from the HVAC industry.




money

In Line for Federal Money for Heat Pumps, OEMs are Ready to get to Work

As the federal government plans millions in grant funding to boost heat-pump manufacturing in the U.S., a big player in the market as well as a newcomer are thrilled with the opportunity.




money

Salary Negotiation: Make More Money, Be More Valued | Kalzumeus Software

a long but well written and informative posting on how to negotiate your salary when taking a new job




money

Coach's Corner: Synergy vs. Money | Team Building Pt. 15

The more disgruntled your team, the more they focus on money (paychecks). The better the synergy, the less money is the key motivator for doing good work.




money

NY Fed Perli says there's been more friction in money mkts lately, repo rate rise orderly

The New York Federal Reserve branch's Roberto Perli is manager of the Fed’s System Open Market Account (SOMA).

  • Recent quarter-end money market volatility not historically large.
  • Still strong evidence reserve levels remain abundant.
  • No imminent signs of issues for Fed to implement monetary policy.
  • Recent quarter-end pressure was contained.
  • Slow rise in repo rates has been orderly.
  • Standing repo facility stands ready to provide liquidity.
  • Notes there’s been more friction in money markets lately.

---

The Federal Reserve’s System Open Market Account (SOMA) is the central portfolio used by the Federal Reserve to conduct monetary policy. It holds the securities that the Fed buys and sells through open market operations, primarily U.S. Treasury securities, agency debt, and mortgage-backed securities. SOMA is a key tool for influencing short-term interest rates and managing the money supply. By adjusting the size and composition of this portfolio, the Fed can influence liquidity, credit conditions, and the overall stance of monetary policy in the economy.

In addition to domestic assets, SOMA also holds foreign currency assets, allowing the Fed to participate in foreign exchange markets when necessary. The New York Federal Reserve Bank manages SOMA on behalf of the entire Federal Reserve System.

This article was written by Eamonn Sheridan at www.forexlive.com.




money

OSCE supports workshop on risks-oriented approach in combating money laundering and financing of terrorism in Kyrgyzstan

ISSYK-KUL, Kyrgyzstan, 8 July 2016 – A five-day training course supported by the OSCE Centre in Bishkek on a risk-oriented approach in supervising activities related to anti-money laundering and combating the financing of terrorism concluded today in Bosteri village, in the Issyk-Kul region.

The aim of the workshop, which was organized by the State Financial Intelligence Service under the Government of the Kyrgyz Republic (SFIS) in partnership with the International Monetary Fund (IMF), was to update the relevant State agencies and financial institutions on the practical aspects of a risks-oriented approach in their work. Some 46 officials from law enforcement agencies, supervisory agencies and financial institutions took part.

“A risks-oriented approach is the process which allows the countries to identify, assess and understand risks to effectively combat money laundering and financing of terrorism,” said Nana Baramidze, Senior Economic and Environmental Officer at the OSCE Centre. “The OSCE Centre in Bishkek fully supports the efforts of the Kyrgyz Government in its attempt to establish effective systems to counter money laundering and the financing of terrorism.”

Chyngyz Kenenbayev, Head of the Organizational and Legal department of the SFIS, said: “We are holding this educational seminar to train representatives of national authorities and the private sector so that we can successfully pass the second round of the evaluation by the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG). In order to fulfil international obligations under the EAG, the Kyrgyz Republic is to conduct a mutual assessment of its anti-money laundering and combating the financing of terrorism system. From 28 November to 9 December 2016, a visiting mission of EAG evaluators will conduct this assessment within the Financial Action Task Force (FATF) initiative."

The training course, which was conducted by two IMF experts and three SFIS officials, was part of the OSCE assistance to the Kyrgyz Government in preparing for the second round of the FATF evaluation.

Related Stories




money

OSCE Programme Office trains notaries and advocates on countering money laundering and financing of terrorism

Seminar
Tue, 2016-08-16 (All day)
Astana, Kazakhstan
The OSCE Programme Office in Astana, the Financial Monitoring Committee under the Finance Ministry
OSCE Programme Office in Astana
Central Asia
Economic activities

The OSCE Programme Office in Astana will support a training seminar on preventing money laundering and combating the financing of terrorism (AML/CFT) for some 40 designated non-financial business and professions, namely notaries and advocates. The expert from the Russian Federation will present their country’s best practices on the efficient implementation of the AML/CFT national legislation and familiarize the audience with the AML/CFT international legal standards and requirements. The event also aims to enhance the co-operation between the non-financial sector actors and the AML/CFT national authorities.

The event is part of the Office’s long-standing efforts to promote good governance and AML/CFT framework in the host country.

Related Stories




money

OSCE supports workshop on risks-oriented approach in combating money laundering and financing of terrorism in Kyrgyzstan

ISSYK-KUL, Kyrgyzstan, 8 July 2016 – A five-day training course supported by the OSCE Centre in Bishkek on a risk-oriented approach in supervising activities related to anti-money laundering and combating the financing of terrorism concluded today in Bosteri village, in the Issyk-Kul region.

The aim of the workshop, which was organized by the State Financial Intelligence Service under the Government of the Kyrgyz Republic (SFIS) in partnership with the International Monetary Fund (IMF), was to update the relevant State agencies and financial institutions on the practical aspects of a risks-oriented approach in their work. Some 46 officials from law enforcement agencies, supervisory agencies and financial institutions took part.

“A risks-oriented approach is the process which allows the countries to identify, assess and understand risks to effectively combat money laundering and financing of terrorism,” said Nana Baramidze, Senior Economic and Environmental Officer at the OSCE Centre. “The OSCE Centre in Bishkek fully supports the efforts of the Kyrgyz Government in its attempt to establish effective systems to counter money laundering and the financing of terrorism.”

Chyngyz Kenenbayev, Head of the Organizational and Legal department of the SFIS, said: “We are holding this educational seminar to train representatives of national authorities and the private sector so that we can successfully pass the second round of the evaluation by the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG). In order to fulfil international obligations under the EAG, the Kyrgyz Republic is to conduct a mutual assessment of its anti-money laundering and combating the financing of terrorism system. From 28 November to 9 December 2016, a visiting mission of EAG evaluators will conduct this assessment within the Financial Action Task Force (FATF) initiative."

The training course, which was conducted by two IMF experts and three SFIS officials, was part of the OSCE assistance to the Kyrgyz Government in preparing for the second round of the FATF evaluation.

Related Stories




money

Dolphins give big money to nose tackle, bring in prospects with local ties among undrafted free agents

The Miami Dolphins immediately got to work adding undrafted free agents to their rookie class upon completion of the NFL draft Saturday night.




money

Oppo Find N5 May Arrive Soon To Take Lunch Money From Folding Phone Rivals

Foldable smartphones may still be niche products, but they've become tech showcases for their respective brands. Chinese phone maker Oppo is arguably one of the forerunners in this aspect and if rumors of the upcoming Find N5 are any indicators, this foldable will be the most potent of its kind come 2025. With more models launching next year,




money

FIGI - DFS - Technical Report on Methodology for inter-operator and cross-border P2P money transfers

FIGI - DFS - Technical Report on Methodology for inter-operator and cross-border P2P money transfers








money

Mastering the game of money

Motivational speaker Tony Robbins offers tips on navigating the complexities of finance; his new book is called "MONEY Master the Game: 7 Simple Steps to Financial Freedom"




money

Army changing the color of money used to modernize software

The Army will keep most software development efforts in ongoing development mode and not transition them to sustainment as part of its modernization efforts.

The post Army changing the color of money used to modernize software first appeared on Federal News Network.