Bank Agent

The World Bank (International Bank for Reconstruction and Development, or IBRD) has priced a catastrophe bond that will provide the government of Jamaica with up to US $ 185 million in financial protection against losses from named storms. during three Atlantic tropical cyclone seasons ending in December 2023.

The government of Jamaica is the first government in the Caribbean region and the first in a small island state to independently sponsor a catastrophe bond, also known as a cat bond. Jamaica was one of sixteen Caribbean Catastrophe Risk Insurance Mechanism countries that benefited from IBRD’s very first bond in 2014.

The bonds were issued under the IBRD’s “capital at risk” note program, which can be used to transfer risks associated with natural disasters and other risks from developing countries to capital markets. Payments to Jamaica will be triggered when a named storm event meets the parametric criteria for location and severity set out in the terms of the bond. The transaction includes an innovative reporting function allowing rapid calculation of payments, in the weeks following a qualified named storm. It is also the first cat bond to use an innovative cat-in-a grid parametric trigger design for tropical cyclone risk.

Jingdong Hua, Vice President and Treasurer of the World Bank, said, “We are delighted to be able to support this transaction and to bring together so many different partners, all committed to building Jamaica’s resilience in the face of tropical cyclones. We especially thank the capital market investors for their support and participation in this important mission.

Carlos Felipe Jaramillo, Vice President for Latin America and the Caribbean, World Bank, said: “The Caribbean region is vulnerable to climate-related events and we know how important it is to protect well-being. of the inhabitants of the region. We are proud to help Jamaica reduce the risks associated with these kinds of events. “

Dr the Hon. Nigel Clarke, Minister of Finance and Civil Service, Government of Jamaica, said: “The Government of Jamaica has strategically prioritized disaster risk financing to mitigate the negative fiscal impact of tropical cyclones and natural disasters, thereby strengthening Jamaica’s economic resilience. We are pleased with the successful placement of this Catastrophe Bond, which adds an indispensable layer of catastrophe risk financing that complements our multi-layered approach. In this transaction, Jamaica benefited from the vast technical resources of the World Bank and the strength of its balance sheet. We are also grateful to our bilateral partners, the governments of the United Kingdom and Germany, through the Global Risk Finance Facility, and to the United States through the United States Agency. for international development who provided financial support to the transaction.

Jamaica is highly exposed to tropical cyclones which pose a significant threat to Jamaica’s macroeconomic outlook. The Government of Jamaica has taken a proactive approach to building financial, physical and social resilience to disasters, and is supported by the World Bank through various financing instruments and technical assistance.

The cat bond complements Jamaica’s portfolio of disaster risk financing instruments and builds on the extensive engagement of the World Bank, including the preparation of disaster risk models and analyzes for Jamaica and the Jamaican government adopting a disaster risk financing strategy.

The cat bond transaction received financial support from the United States through the United States Agency for International Development, the United Kingdom-funded World Bank Disaster Protection Program, as well as Global Risk Financing Facility (GRiF). GRiF, implemented by the Global Facility for Disaster Reduction and Recovery (GFDRR) and the World Bank’s Disaster Risk Finance and Insurance Program, is supported by Germany and the United Kingdom to provide grants aimed at strengthening the financial resilience of vulnerable countries by establishing or in pre-established risk financing instruments.

Dr Heike Henn, Director of Climate and Energy, Sustainable Urban Development, Environment, German Federal Ministry for Economic Cooperation and Development, said: “We are happy to have contributed to this milestone. important in building Jamaica’s economic resilience to climate risks. Our support is an integral part of our efforts within the InsuResilience Global Partnership, whose vision is to strengthen the resilience of developing countries and protect the lives and livelihoods of poor and vulnerable people from the impacts of climate risks and climate change. disaster. the Partnership brings together governments, civil society, international organizations, the private sector and academia. Only together can we meet the challenges of climate change.

Asif Ahmad, British High Commissioner to Jamaica, said: “The UK stands in solidarity with countries on the front lines of climate change, especially small island states like Jamaica which are particularly vulnerable. This is why we have used our Presidencies of the G7 and the COP this year to advance the use of innovative finance for resilience. We congratulate Jamaica on this new catastrophe bond, which will ensure that funds are available quickly for a rapid response and recovery from hurricanes. The UK is delighted to have supported this work through the Global Risk Finance Facility, alongside our G7 partners Germany and the US, as well as the World Bank. “

Jason Fraser, Jamaica Representative, United States Agency for International Development, said, “This obligation solidifies the commitment of USAID and the United States Government to support innovative disaster financing mechanisms that provide financial reserves following natural disasters. enable Jamaica to fund its own recovery from natural disasters and reduce recovery costs. This agreement is an important milestone in Jamaica’s long-standing partnership with the United States and our growing engagement with the Caribbean region as neighbor, partner and friend.

Aon Securities and Swiss Re Capital Markets are joint structuring agents and joint bookkeepers for the transaction. AIR Worldwide is the modeler and risk calculation agent.

Paul Schultz, CEO of AON Securities, said: “Aon Securities is delighted to partner with the World Bank to help the Government of Jamaica bring this landmark transaction to the capital markets. We recognize that natural disasters can have a significant impact on the country, and we are delighted to help establish this protection to help Jamaica build a stronger social safety net and a more resilient economy for its citizens. “

Jean-Louis Monnier, Managing Director and Head of Retro & ILS Structuring, Swiss Re Capital Markets, said: “Swiss Re Capital Markets is proud to have partnered with the World Bank and the Government of Jamaica to carry out the the country’s first catastrophe bond issue. on the market. This groundbreaking transaction includes innovative payment mechanisms that allow Jamaica to access disaster relief funds more quickly following a trigger event. As such, she embodies Swiss Re’s mission to make the world more resilient.

Dar es Salaam. Four days after the Electronic and Postal Communications Act (CAP 306) came into force, the Tanzania Association of Mobile Network Operators (Tamnoa) said activity had dropped significantly, calling on the government to change the new fees.
In an effort to increase its revenue by 1.254 trillion shillings to partially fund the 36.68 trillion shillings budget for fiscal year 2021/22, the government last month amended the Electronic and Postal Communications Act ( CAP 306) by imposing a levy on all mobile money transactions, depending on the amount sent and withdrawn.
Calling it “Patrioism Levy,” Finance and Planning Minister Mwigulu Nchemba said it was important that every Tanzanian participate.
“With this tax, we are looking to increase government funds so that we can meet our urgent needs. We have schools that don’t have running water. Besides cholera, there is also the global Covid-19 pandemic which requires hand washing. The money will be paid through mobile money transactions, ”he said in an interview a few days before the new law came into force.

Tamnoa Chairman Hisham Hendi, also CEO of Vodacom Tanzania Plc, said millions of customers have stopped using their services, especially those in rural areas, due to rising costs threatening their businesses.
“Customers complain a lot, especially in rural areas, although we continue to provide the best possible service, recognizing that mobile financial services are an important service to the community. We believe the government will see this and take appropriate action as this tax affects businesses and harms people, ”Hendi said in a joint statement released by Tamnoa.
Despite the loss of business, the telecommunications companies providing financial services, namely Vodacom (Mpesa), Tigo (Tigopesa), Airtel (Airtel Money), Halotel (Halopesa), Zantel (Eazypesa) and the Tanzania Telecommunications Corporation (TTCL Pesa), said the tax reduced competition. in the market and reduces the motivation to invest more.
In a bid to recover, Hendi said the telecommunications companies will continue to engage the government and parliament to voice their concerns which he says will be resolved in the best interests of the nation.
He said they were taking such steps realizing that the situation could worsen in the future as the five days of the first deduction did not go well.
“The revenues have dropped dramatically because consumers are not using our services as they were in the beginning. The situation is not good, ”he said.
On tax equality, the Executive Director of the Tanzania Private Sector Foundation (TPFS), Francis Nanai, said the best tax system is one that involves many people, with taxes being levied at lower rates.
“The idea of ​​introducing a transaction tax was a good thing, but the rates charged are not friendly. TPSF hears complaints from us, but we believe that nothing is impossible. The government should sit down with stakeholders to reconsider these standards and banks should not be left out. This. Because of technology, the phone is also a bank. There are people who borrow or keep savings on their phones, ”Nanai said.
Listening to feedback from mobile financial service providers, customers and agents, the director said research is needed to determine the most appropriate way to implement this tax.

What service providers are saying
In a more or less similar vein, mobile money agents are already claiming customers blame them for the high fees, with some saying they’ve been cheated.
In a recent interview with The Citizen, a Tabata-based agent in the city, Mr. Toni James, said some clients accused him of scamming him by deducting excessively huge sums in cash-out transactions.
“Activity is already down. Today (yesterday) people are not using mobile money transactions as they normally do in the recent past, ”he lamented.
Ms. Rahel Farahani said: “My business is a home bakery. I rely on network customers because I have no business premises. These deductions are going to seriously hurt my business – and I am considering moving away from home. “
Ms Farahani also claimed that the government’s decision on the new charges will harm people, including women and young self-employed workers.

To “marinate” something, you visit the world of cooking. To witness someone’s marinade in Aspen in the last century, you met at Ute City Bank restaurant.

The Bank was as close to the city’s zero point as possible. It was not a place to hide. It had windows on three sides (some on an interior arch). Even the bar had three sides, with a legendary vault installed high above. Today it is the Marcus women’s boutique, a “lifestyle boutique”. Back then, it was seeing and being seen.

Or see and be marinated.

Since the Bank was the epitome of downtown, it was usually busy for lunch, dinner, and overnight. The town of Ute adhered to the Aspen dress code. No one, under any circumstances, wore a costume. A costume, seen inside the Ute City Bank, had consequences.

According to legend, the only costume dwellers in town were IBM, IRS, or DEA. Alphabet soup. Even the judges wore robes, not suits. If you saw one in there, you were watching a very lost wedding party from out of town or the relaxing cast of one of Aspen’s many theater groups, or a very lost lawyer.

Wearing a suit was a must see. And look. You were subjected to the “treatment”, according to legend.

My newspaper, the Aspen Daily News, was young. Computers weren’t quite the scene yet, so we “composed” the paper on an elegant IBM “Correcting Selectric” – a sophisticated electric typewriter that weighed more than most of us. We rented one from IBM.

This beautiful machine broke down one day, but we needed it every day to run the copy readers that readers would see in the newspaper. We told IBM we needed a quick fix and a loan. I then learned about IBM’s corporate policy. They would fix it in due time, no loan. And if you read your lease, you would know that the payments are continuing.

I told IBM that they could pick up their machine, and they sent someone to meet me in Aspen with an invoice.

I made a reservation at Ute City at midday. To be late in fashion, I arrived at 12:15. The big boss of IBM was seated elegantly. He glanced around and noticed that everyone was looking at him. Who was he, where was he from and what was he doing in town?

He developed a fine sweat by the time I arrived. He had been softened. It was pure drama. This guy would do whatever I asked him to just get out of there. It was no longer about an abandoned machine and a lease.

The only other time I dared to try “the cure” was on another Alphabet member, the IRS. At the time, the newspaper was only a sole proprietorship – the type of organization viewed by taxpayers as a hotbed of cash and misconduct. Indeed, we have been selected for a random audit. I invited the agents to meet me at the bank before going to the office. Of course, I arrived a bit late.

They got right to the point. What have I done, they asked, loads of money that I need to collect from the classifieds? I don’t know, I replied. It’s in the hands of our classifieds department. He’s going to the bank.

How did I know it had gone to the bank?

“If the money disappears, they get shot,” I reassured them with a straight face.

“Beaten down?” asked an agent.

“Absolutely,” I replied. “It’s the Wild West. We are not joking. The cemetery is the same as that which houses the grave of the original owner of the Bank, HP Cowenhoven. At that, I smiled at owner Jere Michael, who was enjoying the scene.

The agents kind of gave up. They decided I was honest, a lost cause, or both. We were given a clean rating which was good. We were hardly worth their time.

The town of Ute seemed very theatrical. There was an old phone booth. One night we were a little too far in the past remembering a legendary engineer from KSPN, where I had worked before starting the diary. The engineer had a memorable voice, and I stumbled upon an impersonation. The contents of our table required that I call the owner of the station, pretend to be the engineer, and ask for a raise.

I took up the challenge. I almost lost him laughing halfway through, but held my line, put it on the table, and ended the call courteously. A few days later, we learned that the engineer had received a nice raise – strange, because he had never asked for it.

The Ute City Bank is now gone, as are the other nearby memorable bars like Little Annie’s, Andre’s and the Lower East Side.

You can tell you’ve been in Aspen for too long when you describe places not by what they are, but by what they were. Do you remember when Mezzaluna was the Texaco station?

The writer ([email protected]) is one of the founders of Aspen Daily News and his column appears here on Sundays.

BALTIMORE, MD — A judge has sentenced a Baltimore County man to more than four years in prison in connection with an identity theft scheme.

United States District Court Judge Ellen L. Hollander sentenced Igor Cooper Rosensteel, 30, of Middle River, to 50 months in federal prison for device fraud and aggravated identity theft, related to a scheme in which he presented himself as a federal law enforcement officer or federal employee to defraud a total of at least 15 victims.

Rosensteel has previously admitted to posing as a U.S. Secret Service agent to gain the trust of his victims, and then he exploited them, stealing bank checks and credit cards, among others. The guilty plea was entered on September 1, 2020. Rosentel also pleaded guilty to additional charges of identity theft he committed while on bail in June and July 2020.

The sentence was announced by Acting US Attorney Jonathan F. Lenzner; Special Agent in Charge Bo Keane of the US Secret Service – Baltimore Field Office; and Lieutenant-Colonel Kevin M. Anderson, Police Chief of the Maryland Transportation Authority.

According to his guilty plea, on August 3, 2018, Rosensteel was driving in Baltimore when he was arrested by Maryland Transportation Authority police for driving on a suspended license. When the patrol officer requested Rosensteel’s license and registration, Rosensteel instead took out a law enforcement badge from his pocket, placed it in his lap, and told the officer he was a secret service agent. The officer detected the smell of alcohol emanating from the vehicle and believed Rosensteel was attempting to use his law enforcement badge to get out of a traffic ticket.

Rosensteel was taken to the police station and continued to claim he was a law enforcement officer. Local police contacted US Secret Service in Washington, DC The investigation revealed that Rosensteel had never worked as an officer or employee of the US government. After real Secret Service agents came to the Baltimore Police Station, Rosensteel finally admitted that he lied that he was an agent and that the badge was fake.

As detailed in his plea agreement, further investigation found that from around January 2018 to around February 2019, Rosensteel falsely presented himself as a federal law enforcement officer and he used that enforcement status of the law to defraud at least eight victims. Specifically, Rosensteel has used his law enforcement status to gain everything from free parking and food in restaurants to the trust of the women he has met online. Using his fake law enforcement persona to create a sense of security and trust, Rosensteel then exploited his victims by cashing in bank loans on behalf of the victims, imposing debt and the resulting fees on the victims. After being invited to the victims’ homes, Rosensteel admitted that he surreptitiously searched their belongings, stole keys, bank checks and credit cards, and then used these items for lavish expenses, with resulting losses further of $ 20,000.

According to his second plea agreement, Rosensteel was provisionally released on January 30, 2020, due to his pending federal charges. While on bail, Rosensteel used his previous strategy of deceptive online relationships and began a romantic relationship with Person A under the alias “Cooper Kent”. In this relationship, Rosensteel falsely claimed he was an employee of the Central Intelligence Agency. After an argument with his third-party custodian on June 3, 2020, Rosensteel removed his ankle watch bracelet and fled Maryland.

On July 7, 2020, the United States Marshal’s Service apprehended Rosensteel in another state, and it was discovered that he had at least seven debit and credit cards on behalf of at least six other victims. Law enforcement also discovered Rosensteel had bank details of another victim, which had been handwritten in a note inside his wallet.

photo by RODNAE Productions of Pexels

Buenos Aires, Argentina, July 16, 2021 / PRNewswire / – Empresa Distribuidora y Comercializadora Norte SA. (the “Transmitter“) announced today that it is seeking consents (the”Consent solicitation“) of all registered holders (individually, a”Holder, “and collectively, the”Holders“) of its 9.75% Senior Guaranteed Bonds maturing in 2022 (the”Remarks“), under the terms and conditions described in the Issuer’s Consent Solicitation Statement, dated July 16, 2021 (the “Declaration“), certain proposed exemptions (the”Proposed exemption“) under the act dated October 25, 2010 (the “Indenture“), between the Issuer and The Bank of New York Mellon, as trustee, under which the Bonds were issued.

The proposed waiver will allow the Issuer not to comply with Section 10.3 of the Indenture (Redemption at the option of the holders in the event of a change of control) in connection with the acquisition of control of the Issuer by Empresa de Energía del Cono Sur SA., without the Notes being subject to any defect or event of default as a result of such omission. Unless defined otherwise herein, capitalized terms used herein have the meanings given to them in the Declaration.

The consent solicitation will expire at 5:00 p.m.New York time on July 30, 2021, unless it is extended or terminated earlier by the Issuer in its sole discretion (the date and time, which may be extended, the “Expiration date“). The date of registration of the consent request is 5:00 p.m., New York City It’s time July 15, 2021.

The Solicitation of Consents is subject to, and conditional on, the satisfaction or waiver of certain customary conditions described in the Declaration, including receipt of consents from holders of at least the majority of the total principal amount of the outstanding Bonds ( the “Consents required“).

In the event that the required consents for the Notes are received on or before the Expiration Date, the Issuer will pay a total cash payment equal to US $ 20 through US $ 1,000 principal amount of the banknotes (the “Payment of consent“) for which the consents required to the proposed waiver are validly issued on or before the expiration date and not validly revoked before (i) receipt of the required consents and (ii) the expiration date. Payment of consent should be paid on a date after the expiration date, but no later than five business days after the expiration date and the later effective time of consent.

The proposed waiver will be effective and effective upon execution for all Holders at the time the consent becomes effective, whether or not a Holder has granted consent.

BCP Securities, LLC. is acting as solicitation agent in the consent solicitation, Quantum Finanzas is acting as financial advisor to the issuer and DF King has been retained to serve as information and tabulation agent.

Persons with questions regarding the consent solicitation should contact BCP Securities, LLC. at +1 (203) 629-2186. Disclosure requests should be directed to DF King at (866) 828-6931, new York and +44 20 7920 9700 London, or by e-mail at [email protected], or can be viewed through the consent website: https://sites.dfkingltd.com/edenor.

None of the Issuer, the solicitation agent, the financial advisor, the information and tabulation agent and the trustee or any of their respective affiliates makes any recommendation as to whether the Noteholders should give their consent in response to the Consent Request. Holders must make their own decisions as to whether or not to issue consents.

This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. This announcement is also not a solicitation of consents with respect to the proposed waiver or otherwise. The solicitation of consent is made only through the aforementioned statement and related documents. The Consent Solicitation is not made to Noteholders in a jurisdiction in which the Issuer is aware that completing the Consent Solicitation would not comply with the laws of that jurisdiction. In any jurisdiction in which securities laws or blue sky laws require that the solicitation of consent be made by a broker or licensed broker, the solicitation of consent will be deemed to be made on behalf of the issuer by the solicitation agent or one or more registered brokers or dealers licensed under the laws of that jurisdiction.

Neither the Declaration nor any documents relating to the Consent Solicitation have been filed, approved or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has commented on the accuracy or adequacy of the statement or of any material relating to the solicitation of consent, and it is illegal and may constitute a criminal offense to make a statement to the contrary.

Forward-looking statements

This press release contains forward-looking statements. Forward-looking statements are information that is not historical in nature or that relates to future events and is subject to risks and uncertainties. No assurance can be given that the transactions described in this document will be completed or as to the ultimate terms of such transactions. The Issuer assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information or future events or for any other reason.

SOURCE Empresa Distribuidora y Comercializadora Norte SA

The securitization solution named CRYSP was created in cooperation with GenTwo Digital, the leading provider of modern securitization platforms for digital assets. The solution allows all asset managers, whether banking or external, to build bankable cryptocurrency-based products and then offer them to their clients in the form of actively managed certificates (AMCs) without having to manage the whole -at the top.

A global white label offer
Through the white label approach, asset managers and banks are able to implement and deliver their crypto strategies to their clients easily and in compliance. At the same time, AMCs allow active management of structured financial products. In accordance with the white label approach, banks and asset managers have the option of providing their crypto AMCs with their own fee templates and distributing them under their own name. Entry into this innovative segment is made easier for sponsors: As a pure transaction bank, InCore Bank takes care of all the technical and regulatory implementation of strategies as well as the issuance and payment of the corresponding certificates for its customers. .

GenTwo Digital sets up and coordinates the securitization platform and calculates the value of the certificates. InCore Bank operates and represents the crypto asset solution. At the same time, the Zurich-based transaction bank acts as a paying agent. Execution of transactions and custody of assets will be done through Kraken’s leading platform. As the leader in Euro volume and liquidity for crypto, clients will have access to over 70 different assets and trade in 7 different fiat currencies.

“With CRYSP, we are excited to make it easier than ever for banks and asset managers to offer investments in digital assets,” said Mark Dambacher, CEO of InCore Bank AG. “The fact that we are close to the issuance and trading of the first certificates is testament to the dynamism of the market.”

Two asset managers have already announced that they will launch investment products using the solution in the second half of 2021. The first products on CRYSP are co-created by DuLac Capital, based in Zurich, as well as CV VC, based in Zug. The first two crypto asset investment solutions allowing investors to enter this promising segment are: 1) a basket of the eight largest coins traded on Kraken and 2) a selection of so-called DEFI tokens.

Bangalore-based Unique code, a digitalization platform for the sales ecosystem, announced Thursday $ 5 million in funding led by The surge of Sequoia Capital India and Nexus Venture Partners, with the participation of WaterBridge Ventures.

OneCode funding is also backed by angel investors Aakrit Vaish (Haptik), Amrish Rau (Pine Labs), Anand Chandrasekaran, Arjun Vaidya, Ashish Dave (Mirae Asset), Cloud Capital, Gaurav Munjal (Unacademy), Harshil Mathur (Razorpay) ), Jitendra Gupta (Jupiter Money), Kunal Shah, Lalit Keshre (Groww), Miten Sampat, Pravin Jadhav (Raise Financial Services), Rahul Mathur (Bimape), Sandeep Srinivas (Redcarpet), Sujeeth Kumar (Udaan), Sweta Rau and Vivek Ananda (Bounce).

OneCode connects a network of sales agents to a group of potential customers who may not be so tech-savvy. The startup mission is to digitize 50 million sales agents across India, and bridge the gap between brands and potential buyers who may need face-to-face interactions and physical touchpoints before committing to a purchase.

“OneCode helps provide brands with an outsourced sales army, which enables residents of Level II and III cities to become sales agents with a stable source of income. Even in these difficult times, it is heartwarming to see how we can still provide our sales agents with a livelihood from the comfort of their own homes, ”said Manish Shara, co-founder of OneCode.

The platform works with a variety of financial institutions, such as banks, as well as discount brokers and credit card companies, such as ICICI Bank, Axis Bank and Red carpet. By using technology to mobilize this network of agents, these companies are able to increase their distribution in level II and III cities. In addition to providing sales agents with access to relevant products and services and the opportunity to earn money from those sales, OneCode also claims to give them visibility into their earnings on the app, where they can track how much they have won and how much is expected or owed to them.

Pratik Poddar, Director, Nexus Venture Partners, added,

“We believe India is a single market where you can create a lot of value by empowering channel partners. Manish and Yash solve a major problem for the 50 million financial services agents and institutions, and we are very happy to support the OneCode team. ”

To ensure that sales agents have the relevant product skills and knowledge to work independently across the country, OneCode also provides agents with comprehensive on-the-job training. Through interactive videos, sales agents can better understand how to sell, who to sell to, and how to maximize their income.

OneCode was founded in March 2019 through Manish shara and Yash Desai. Manish is a computer science graduate from the University of Rajasthan who previously founded and sold two startups. Manish and Yash previously worked together at Dineout, a foodservice technology solutions company for individuals and businesses, where Manish headed the product department and Yash, an MBA from Hult International Business School in San Francisco, was entrepreneur.

OneCode is part of Surge’s fifth cohort of 23 companies that have developed new digital solutions to help businesses and individuals live, work and learn better in a rapidly changing Southeast Asian landscape.

BOSTON – A Leicester woman and man have been indicted in a substitute indictment by a federal grand jury in Worcester in connection with their alleged involvement in a pandemic unemployment fraud program.

The replacement indictment added one count of conspiracy to commit wire fraud against 19-year-old Destinee Snay, who was arrested today. In April 2021, co-accused William Cordor, 26, was charged with one count of conspiracy to commit wire fraud, four counts of wire fraud and four counts of aggravated identity theft. Cordor had previously been arrested by a criminal complaint.

According to the indictment, from around June 2020 to around October 2020, Cordor and Snay conspired with others to file bogus and fraudulent unemployment assistance claims in several states, including Nevada, using identities. stolen and transferring payments to prepaid debit card accounts they obtained. . It is alleged that on August 18, 2020, Cordor was encountered by police in connection with a domestic violence incident and found in possession of around 21 prepaid debit cards with around 13 different names. In addition, evidence related to this scheme was allegedly found on Cordor’s computer and cell phone.

Cordor is also said to have engaged with others in a second wire fraud scheme that involved the use of stolen identities to fraudulently apply for COVID-19 loans in the event of an SBA injury-related economic disaster and filed the same. way loans on prepaid debit card accounts.

Prosecution documents allege that in May 2020 Cordor admitted to federal agents that he fraudulently obtained unemployment benefits from the Commonwealth of Massachusetts. On the same day, Cordor agreed to return to federal authorities the balance of $ 79,000 in his bank account that was the proceeds of his unemployment fraud scheme in Massachusetts. This happened before Cordor filed the fraudulent unemployment claim with Nevada in July 2020.

The conspiracy to commit wire fraud and wire fraud charges carry a sentence of up to 20 years in prison, up to three years of supervised release and a fine of $ 250,000. The aggravated identity theft charge carries a mandatory sentence of two years in prison in addition to any other sentence imposed, up to one year of supervised release and a fine of $ 250,000. Sentences are imposed by a judge in a federal district court based on US sentencing guidelines and other statutory factors.

Acting US Attorney Nathaniel R. Mendell; Michael Mikulka, Special Agent in charge of the Ministry of Labor, Office of the Inspector General, Bureau of Investigations; and Frederick J. Regan, Special Agent in Charge of US Secret Service, Boston Field Office, made the announcement today. Valuable assistance in this matter was provided by the Leicester and Marlboro Police Services. Assistant US Attorney John T. Mulcahy of Mendell’s Worcester branch is pursuing the case.

On May 17, 2021, the Attorney General created the COVID-19 Fraud Enforcement Working Group to mobilize the resources of the Department of Justice in partnership with government agencies to strengthen efforts to combat and prevent the pandemic fraud. The Working Group strengthens efforts to investigate and prosecute the most culpable national and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud, among other methods, by scaling up and integrating mechanisms coordination, identifying resources and techniques for uncovering fraudulent actors and their programs, and sharing and leveraging information and knowledge gained from previous enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Anyone with information about alleged attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Enforcement (NCDF) hotline at 866-720 -5721 or via the NCDF web complaint form at: https: // www. .justice.gov / disaster-fraud / ncdf-disaster-complaint-form.

The details contained in the indictment are allegations. Defendants are presumed innocent unless and until their guilt has been proven beyond a reasonable doubt by a court.

In an effort to improve financial inclusion, the Central Bank of Nigeria (CBN) recently released regulatory guidelines and a framework for mobile money services in the country.

According to the CBN, the advent of mobile telephony in Nigeria, its rapid development and acceptance, and the recognition of person-to-person payments as a viable approach to financial inclusion have made the use of the mobile channel essential to foster financial inclusion among the unbanked.

Financial inclusion continues to gain traction among policymakers, academics and development organizations around the world. Its importance stems from its potential as a vector of economic growth, particularly in terms of poverty reduction, job creation, wealth creation and increase in well-being and overall standard of living. .

Under Section 47 (2) of the 2007 Act, the Central Bank of Nigeria (CBN) is empowered to promote and facilitate, in accordance with its mandate to promote a sound financial system in Nigeria, the establishment of ‘an effective and efficient trading system arrangements, including electronic payment systems. CBN therefore introduced the guidelines on mobile money services in Nigeria with the aim of promoting financial development.

This guideline covers the business regulations governing mobile money service operations and describes the basic characteristics required of any mobile payment service and solution in Nigeria. It describes and defines the participants of the mobile money service system in their expected roles and functions. It also lays the groundwork for the regulation of services provided at various levels by participants.

Key takeaways from CBN guidelines

These guidelines defined two models for implementing mobile money services: bank-led (the bank and / or its consortium as lead initiator) and bank-led (a legal entity regulated by the CBN as the main initiator).

The bank-led model

This is a model in which a bank, either alone or as a member of a consortium of banks, aims to provide financial services through the mobile payment system. This model can be used in situations where the bank operates independently or in partnership with other banks and other authorized organizations. One bank or group of banks will serve as the primary initiator.

The non-banking approach

This approach allows a legal person duly licensed by the CBN to provide mobile money services to users. A commercial organization (other than a depository bank, national mortgage bank, national microfinance bank, or telecommunications company) that has been explicitly authorized by the CBN to provide mobile money services in Nigeria will be l main initiator.

The following practices are prohibited for mobile money operators:

• The granting of any type of loan, advance or guarantee (directly or indirectly).
• Acceptance of foreign currency deposits.
• Trade in the forex market except as permitted by section 4.1 (ii) and iii) of the Current Guidelines for the Licensing and Regulation of Payment Service Banks in Nigeria.
• Insurance subscription.
• Accept any closed-ended electronic value (eg airtime) as a form of deposit or payment.
• Establish an affiliate and engage in any other transaction not authorized by these guidelines, as well as any other conduct that the CBN may deem illegal.

Mobile Money Operators (MMOs) must establish specific processes that cover the entire solution delivery process, including user registration and management, agent recruitment and management, consumer protection , dispute resolution procedures, risk management procedures and transaction settlement. All participants in the mobile money ecosystem will be covered by these processes, which will span the entire value chain.

The savings portfolio fund will be invested only in Nigerian Treasury Bills (NTBs), MMOs will be treated as clients mandated by CBN for the NTB subscription through a CBN NTB window. MMOs will use their Savings Wallet Master Pool accounts as a process to determine the appropriate money balance, which will meet clients’ savings wallet withdrawal requirements at all times.