Indian individual support services & legal solutions
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Although the AML policy may differ from bank to bank, the major principles are common customer due diligence procedures (CDD) based on know your client principle. Due diligence procedure is based on client provided information in the questionnaire. Such questionnaire must be frequently updated.. If the person transfers funds significantly exceeding the indicated cash flow - the bank may ask additional questions in order to verify the purpose of such transfer. If the company changes the business profile, it must notify the bank. In addition, if the company starts co-operation with a new company, it must notify the bank in order to provide smooth transfer process. Usually banks or other large financial institutions incorporate a specific department that challenges AML. Such department are called Legal Compliance Department.

AML and customer due diligence definitely affect client's privacy. However, the purpose of investigation is solely based on protection of public interests and prevention of financial crimes and support of terrorism. Consequently, lack of investigation would greatly threaten the internal market of the Europe Union.

Goals of AML policy

AML policy was introduced with the ultimate goal to establish a general framework to fight against money laundering, terrorism, corruption and other financial crimes. The other goal is to protect community from money legalization and to ensure that the organization complies with relevant laws and regulations.

By introducing AML policy, it is planned to provide transparent and trackable cash flow that must be maintained in order to prevent terrorist financing and to control its usage by suspected terrorists and criminal groups and their own financial resources. The full transparency and traceability of transfers of funds is an important and valuable mechanism in the prevention process, identification and investigation of money laundering and terrorist financing. If the bank detects a suspicious transaction,it may freeze the funds until the client provides an explanatory reasoning.

 

An online trading company is a trading company that operates primarily through the internet and its e-commerce tools. Like any normal trading company, online trading companies specialize in buying goods from manufacturers and reselling them to consumers or other retailers. However, the online nature of this business makes it different and has specific advantages and limitations. Selling goods online offers tremendous opportunities and benefits, as it allows you to trade on a global scale and save on organizational and administrative costs such as wages, office rent and others.

The main difference is that a 100% online trading company (with no physical stores whatsoever, just headquarters and warehousing facilities) requires a virtual infrastructure, not a physical one. An offline trading company requires offices, shops, storage units and a logistics network connecting suppliers, offices and branches; An online trading company needs offices, storage units, powerful servers and websites, and a flexible logistics system that allows it to serve customers in many locations.

As you can see, online trading companies require less physical infrastructure, but they also have to be much more flexible in serving their customers. While a website is a beneficial addition for a regular trading company, for an online trading company it is an essential tool without which the company cannot function – hence the high demands on the performance of the website and the host server.
 

Functions of an online trading company

The main function of an online trading company is to purchase goods from a manufacturer and sell them on to retailers and consumers. A secondary, but nonetheless essential, task is to deliver the goods to customers, as usually online trading companies lack physical infrastructure, such as shops, outlets and other points of sale.

To buy and sell goods, an online trading company must set up a hub for transferring products from manufacturers to customers. In this case, that hub is a website. Just as a physical shop requires designers and marketing specialists to arrange and present products in the most advantageous way, a digital shop also requires specialists to guide customers through the possible buying options.

As for delivering goods, an online trading company can choose to either establish the delivery network itself, or outsource this task by entering into a contract with a logistics company. The online trading company then hands over its goods to the logistics company, which takes care of delivering the goods using its own network.

 

A cryptocurrency is a digital asset designed as a medium of exchange. It uses cryptography to secure transactions and control the creation of additional currency units. Cryptocurrencies are digital currencies, a subset of alternative currencies. The most popular cryptocurrency is bitcoin, and since their invention, the various new cryptocurrencies that have been created are often referred to as altcoins, short for bitcoin alternative.

Bitcoin was designed as a peer-to-peer system for online payments without the need for a trusted central authority. Since its invention in 2008, Bitcoin has evolved into a currency, a technology, an investment vehicle, and a user community. In fact, it is believed to be the first cryptocurrency, although as mentioned earlier, similar schemes have existed before. Because the Bitcoin system works without a single administrator (like PayPal) or a central repository, the US Treasury Department categorized Bitcoin as a decentralized virtual currency. In fact, the first decentralized digital currency would be a more correct term than the first cryptocurrency.

Since all transactions are digital and take place directly between users and without intermediaries, it is necessary to ensure that users do not spend more bitcoins than they own. Therefore, all transactions are verified by network nodes and recorded in a publicly distributed ledger called the blockchain.

While everyone has heard of Bitcoin and other cryptocurrencies, few have a thorough knowledge of how they work. In the remainder of this article, we will present you with the most important advantages and disadvantages that you should consider before taking advantage of the possibilities of Bitcoin.

Advantages and disadvantages of using bitcoin

Due to bitcoin's relatively novel nature, its price can increase or decrease unpredictably over a short period of time, and it can sometimes be more illiquid than other types of currency. This means that keeping your savings in bitcoins is a risky decision and not recommended. Bitcoin is seen as a high-risk asset, and it is not advisable to store money in bitcoins that you cannot afford to lose. On the other hand, due to its high volatility, those willing to take a risk may see considerable returns over a short period of time. Lack of awareness and understanding of bitcoin means it is relatively rarely used among businesses as a billing method. Once more and more businesses and private individuals start using bitcoin, its volatility and its liquidity risk should settle down.

Another thing to consider before acquiring bitcoins is the security of your digital wallet. Like your real wallet, your bitcoin wallet needs to be safe. Indeed, since bitcoin makes it possible to quickly and easily transfer funds anywhere in the world, the security concerns it poses are even greater. Remember, it is your responsibility to adopt good security practices. Overall, bitcoin is considered to be a safe and transparent system due to its cryptographic security. As a bonus, bitcoin users can enjoy considerably smaller transaction fees than those charged by credit cards or PayPal.

Bitcoin trading

Bitcoin has successfully positioned itself as another business opportunity for forex and other traders. As discussed earlier, buying and selling bitcoins is an easy, fast and cheap process. Before setting up your bitcoin account, you should be familiar with the status of bitcoin in your country, as well as any other applicable legal regulations and requirements. Bitcoin’s legal status varies significantly from country to country, and in many cases is still undefined or in flux. In 2013, the G7’s Financial Action Task Force issued a statement announcing that bitcoin and other internet-based payment services pose an increased risk of terrorist financing and money laundering. Meanwhile, in the same year, Germany classified bitcoin as a legally binding financial instrument that is essentially a unit of account.

Serviced office space

A serviced office space is an office that is provided for and is equipped by a facility management company. The services provided may vary amongst different providers, but generally include specialized office space (conference rooms, working space, etc.), utilities, IT infrastructure and various office equipment.

In general, serviced offices aim to provide all the necessary business facilities in a bundle and in a ready-to-use state, removing the need for preparations and setup procedures. Depending on the provider, a serviced office may be rented out on different conditions for payment and the use of equipment:

• Facilities and equipment may be rented out together for a fixed payment that covers the majority of equipment and services or each article may be rented separately, making the price policy more flexible
• All the equipment may be rented out to a single business for exclusive use by the employees of the business or it may be used within a common space, shared by other companies renting out serviced office space in the same business center

Serviced office advantages

Serviced office advantages are numerous and can be roughly divided into the following categories:

• Convenience;
• Business presence
• Economic substance

Convenience
One of the most direct advantages of a serviced office space is its convenience. For a fixed payment a company is able to acquire a ready-to-use working space and often the equipment, which requires no special maintenance. This is an effective time-management measure, as no time for setting the office up is wasted. Besides that, it may significantly reduce maintenance costs for the business, as most of the time the price of renting a serviced office is lower than the price of buying all the equipment and setting one from scratch. It is also beneficial for companies with smaller budgets, which otherwise would not be able to afford both the space and the equipment.

Flexible renting schemes allow saving even more finances, as equipment may be rented irregularly or together with other companies, which in the long run makes its price-per-use lower, reducing maintenance costs. This also makes it feasible not worrying about possible emergencies, when a certain facility is urgently needed, but would not be immediately available without renting a serviced office.

To summarize, in general the convenience of a serviced office space comes from the fact that its maintenance is performed by a dedicated facility management company, reducing the costs and removing the need to follow the maintenance process.

Business presence
Business presence is an important part of corporate branding, and a serviced office space can enhance its capabilities. Often such offices are located in prestigious business centers, which gives additional credibility to companies that are quartered there. Besides that, a serviced office is a simple and fast way to establish business presence in a new location. It allows for a more rapid market entry, which may become crucial if competition is intense. Although indirectly, this benefit may prove especially useful at the initial stage of business development.

Economic substance
Above all, economic substance is often the most noticeable benefit of a serviced office space. Many jurisdictions (and almost all the major ones) require economic substance for tax benefit purposes, ensuring that no company registers in particular jurisdictions just to receive tax benefits, without any intent to do actual business and contribute to the economy. As this is a legal requirement, companies are obliged to comply it in order not to be over-taxed. Serviced offices are a perfect way to provide the economic substance, as many of them are located in prestigious business centers, neighboring many other businesses. This gives any company situated there enough credibility to apply for tax benefits and other incentives.

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