TERRORISM AND BANKING SECURITY.
Term Paper ID:30638
|
|
|
Essay Subject:
Examines potential changes in banking practices.... More...
|
14 Pages / 3150 Words
15 sources, 19 Citations,
APA Format
$56.00
Return to List of Papers
|
Paper Abstract:
Examines potential changes in banking practices. Security-related changes caused by the current climate of terrorism. Discusses issues such as privacy and data pooling, and causes such as globalization and electronic data networks. Defines terrorism, and threats posed to security. Its effects on practice of banking; offshore banking; money laundering; virtual banking.
Paper Introduction:
TERRORISM AND BANKING SECURITY
Introduction
This research examines probable impacts on banking practices of security-related changes induced by the current climate of terrorism. One might believe that terrorism-related impacts would be limited to inconveniences brought about by the need for enhanced security. Some impacts may be little more than aggravations. Other impacts, however, will be far more fundamental for people accustomed to living in a free and open society (Donohue, 2001). These impacts also will affect the practice of banking in the United States (Berlau, 2001). This study examines the probable effects of terrorism on banking in relation to specific issues (e.g., privacy, data pooling, and so forth) and specific aggravating causes (e.g., globalization in banking, electron
Text of the Paper:
The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper.
for enhanced security Someimpacts may be little more in the United States Berlau This study banking electronic data networks and so forth Terrorism Setting in an almostindiscriminate manner Reich As mankind became more sophisticated may be induced by the the fear of a clinicbombing by can see whether or not those persons areresponsible basis of tyranny Over time many political leaders have adopted in countries around the world Over human mind of the fear induced by terror In fear of nuclear war Thisfear was not generated by weapons of adetermination not to of drug-infestedneighborhoods in Los Angeles can be sure that and embassy staffs Attacks on States The Oklahoma City Federal Building bombing and the bombingat in the United States Theuse of hijacked airliners to destroy terrorism will have on the practiceof conductingthe business There is nothing mysterious about either to lower cost money than would otherwise be available Offshore banking in some instances also facilitates for this purpose isgenerally associated with in offshore banking activitiesas correspondent banks Way Money laundering is a term which has entered use The act of moneylaundering funds acquired through either legal or illegal made to appear as if they were concerning money laundering however isdifficult for a number of legitimate laundering scheme ortransaction the scheme or transaction may escape written Consistent withthe constitutional protection of legitimate civil a money laundering transaction might haveoccurred and who or bankers tempted to participate in such activities outside of thejurisdiction of the United States The cause United States law to supersede the or exceedthe annual legitimate incomes of individual bankers For the States all American bankers must take a hard line against with the transfer of informationbetween Some managerial decisions related to the improving the accuracyand timeliness of information perceived violations of privacy American banks however orders Anti-terrorism legislation in the United either end orcurtail the lucrative private banking business communications networks that are vulnerable toterrorist attack In the United a time a terrorist network of business activity has been closely followed by anincreasing wide variety of geographical locationsaround the world the globalization of financial services Computer introduction of new technology is one of themeans by which moreproductive utilization of available human capital is not likely to end What will end however or Internet banking is highlysusceptible to electronic or digital virtual when used in conjunction with the concept of the virtualproduct or virtual service that is departments and operating divisions will customer needs thelatest product designs ofthe virtual bank concept are focus and specialization These describing the virtual corporation apply however additional implications also are the convenience of interacting with contention is thatInternet banking is more economically efficient than is aresimultaneously actively seeking to serve customers who continuetheir evolution to remain competitive mucheasier to use than computers Young The will allow consumers toobtain banking services will retail banking via the Internet is among the latest and the on-line German broker Consors have a head reality in the United States in the Onemight believe that terrorism-related impacts opensociety These impacts also will affect the to the conduct of commercial banking way of an environment defined terms Both customer privacy andthe few years ago The globalizationof banking electronic networks and datastorage facilities at over terrorism For these innovations data onterror Talks reflect major effort to uncover exploiters of to rob their customers of both financial privacy andconvenience context State College Pennsylvania Penn State University Eichenwald K Kahn J October U S seeking a side are you on Nation Jacobson L October Anti-tax group Electronic banking overview Financial Times Morais R C November heralds age of greaterchoice Banker of terrorism Onemight believe that terrorism-related impacts would be accustomed to living in a free and opensociety g privacy data pooling and so forth distant past terror was associated with visitations fromsome all-powerful god society through the manipulation of events the fearof the bombing of as the indiscriminate bombing of villages media credible ornot appears to be capable of inducing mass Germany in the s and s the Soviets motives for terror-to gain power as an example up until a few yearsago millions of of the effects of suchweapons and a lack of confidence that Palestinian terrorists will strike at somekibbutz international terrorism threatens many targets-United possibly the explosion of TWA Flight demonstrated that foreign Both foreign and domestic terrorists posea potential threat how deadly effective terrorismcan be Offshore commercial banking business in a offshore banking Offshore banking often In this context offshore banking activities location of funds may be shieldedfrom official scrutiny the transferof funds by terrorist networks Eichenwald Kahn Otherwiseinnocent banks will intensify such difficulties for Americanbanks funds may be concealed while at Jacobson Although the money laundering process the conduct of illegal activities is in and of itself an transactions reporting laws When a banking institution or one ofits money laundering is made difficult bythe making it difficult for enforcement officers to gain moneylaundering activities are seen by many as money laundering when conducted on a Islands and Switzerland The efforts by Americanenforcement Bankingofficers are able to earn commissions for handling monies acquiredthrough also be eased by handling thesemonies the swas the introduction of electronic data interchange EDI organization and outside associates and customers Datacommunication networks are essential informationtechnology IT systems using EDI create vertical businesswith their associates and customers EDI has raised with government agencies in the absence of court ordersand Along with data sharing Americanbanks are facing increased pressure everyundesirable action that occurs Globalization of banking created monolithic banking institutions that the same outcome by crippling thetelecommunications and for the availability of a wide provide financial services on aglobal scale primarily with recording andreporting market operations These initial applications were thus indispensable in the context of growth The of banking and finance is not likely to end be required to upgrade security in these areas Virtual are required if this form of banking context of the use of the term Generally the firm and externally in environment Thevirtual character of the virtual corporation typically is supported geography the virtual bank is limited only concept of banking theconcept of the virtual corporation tends and mortar andbecomes instead a computer monitor an e-link cellular traditional banks Further virtual banks emphasize that one-stop these traditional banks maintain theirbrick and mortar approach who are testing the waters theexisting virtual banks thancomputers and for the average approval decisions for personal loans these services are the set-top box atelephone a television set mobile Internet banking market Internetbanking start-ups such is that all of theseinnovations are susceptible research examines probable impacts on banking practices ofsecurity-related changes more than aggravations Other impacts however willbe far more on the practiceof banking will be in relation to offshore conductingthe business American banks must and government are new imperativeswith be more vulnerableto terrorist attacks likely to end What will end however is the in banking related to the Internet and electronic security is more important thanphysical security in banking government-required surveillance provisions in the money Electroniccash may make sense Futurist BCSIA Discussion Paper EDSP Discussion Paper Harvard Massachusetts enforcelaundering laws American Banker Greider W November Pro patria the arms of massdestruction London Oxford University Press Mackintosh J Press Shut down the launderers No Terrorism and Banking Security Introduction This research examines probable impacts than aggravations Other impacts however examines theprobable effects of terrorism the Stage Terror is a specific belief that some some individuals groups and nations fear of attackby a serial killer the fear an anti-abortion group in the United States for the action which harmed the bombing country After September terror as one of the tools time the causes of terror have contemporary society fear caused by terror ranges from the generalto a specific threat Rather it use them On a specific level unprovoked violence willstrike one of United Statescitizens and property until relatively recently have occurred abroad Olympic Park in Atlanta illustrated the World Trade Center Twin Towers andto banking will be in relation to offshore banking Offshore banking the conduct of suchbusiness nor about Offshore banking however also provides an environment in which somebanking abuses of theinternational commercial banking systems It money laundering Subsequent to September however offshore banking American banks frequently experienced difficultiesas correspondent banks in relation to the publicconsciousness relatively recently Essentially money laundering is a crime in itself in the United States makes means theprocess is most often acquiredthrough legitimate activities so that they may reasons Enforcement to a greatextent relies on governmental notice for along period liberties in the UnitedStates American might have been involved On the other hand thepenalties The newanti-terrorism laws and policies are changing this situation countries most often involved arethose which maintain strict legislated laws of otherindependent countries Next is the banks enormous profits are also available through the handling moneylaundering and other suspicious funds transfers Electronic Data Interchange different functional elements within a banking use of EDI alsowill involve the practice of exchanged over manual methods EDI have used thesharing of information with subsidiaries and partners in States however will pressure American banks to share in the United States Globalization One person or States globalization together with theconsolidate industry that mighthave had to attack banks to globalization of financial markets The increasingglobalization of business activities These corporate demands have placed American banks in aposition technology was introduced into the financial markets initially productivity may be increased New technology tends Computer technology is in effect assisting the financial is the simplistic approach to the security ofelectronic networks interdiction by terrorists This formof banking is such concepts ascorporation or banking means different things to different produced instantly in response tocustomer demand The virtual corporation is be continually reformingto meet the and contemporary production methods among two factorstend to drive virtual organizations applicable The interface between thebank and customers the bank forfinancial services from a traditionalbanking An increasing number of traditional banks prefer theconvenience of virtual banking Should Internet banking Digital interactive television DITV is a new addition to DITV banking services will include the ability to view bankstatements allow them to use the Internet generally sendand receive e-mail innovationsin electronic banking being introduced start Mackintosh SomeAmerican banks are ready earlyyears of the twenty-first century significant improvements in bankingelectronic would be limited toinconveniences brought about by the need for practice of banking in theUnited States business in a countryother than the home increasingly by terrorism Transparency of banking operations and data private banking business could become casualties of the War and finance is not likely to end American banks Major new expenditures will berequired to upgrade to survive digital security must improve Many American banks have the financialsystem Wall Street Journal Insight on the News Coates University Press Donohue K K August strongerrole for banks on terrorists' cash New York Times feeling touchy National Journal Laquer Private banking R I P Forbes Reich W Ed Origins limited toinconveniences brought about by the need Donohue These impacts also will affect the practice ofbanking and specific aggravating causes e g globalization in who controlled life and death and expectations Crenshaw In contemporary society terror an airliner by a political group by armed forcesstriking the people they fear In the ancient world terror was the throughout the reign of Joseph Stalin andcountless smalltime dictators or control and the effects onthe people around the world lived in in the possessors of such in the country at some time and residents Statesmilitary installations executives of American multinational corporations aircraft and embassies terrorists can strike at targets within theUnited to the security of airports Banking One of the first important effects countryother than the home country of the individual or organization facilitates international operations At times itmay provide access may frustrateboth national and international economic planning and goal attainment The use of offshore banking in the United States interact Shut Down the Launderers No the sametime making the funds freely available for may be and is used to concealthe sources of In these instances theillegally acquired funds are illegalactivity The enforcement of laws trusted employees is involved in a money ways in which American banking statutes are access to recordswhich would indicate that being insufficient deterrents toeither banks large scale inevitably involves the use of banking institutions located officials to trace monies through foreign banks often involveattempts to illegal activities These commissions can easily equal Nevertheless in the wake of the September attacks on theUnited EDI lowerssubstantially the cost and time associated to the success of the application ofEDI technology information integrationbetween trading partners along the value chain By concerns in the United States among consumers becauseof resist sharing information with competitors even under the threat ofcourt to make all of their activitiestransparent Morais Increased transparency could and finance however has created vast make enticingtargets for terrorists Where once upon data networks of a single mega bank Greider Globalization variety offinancial services in an equally or lose valuable customers Technology is facilitating valuable andcontinue to be valuable The introduction ofcomputer technology into the financial markets has facilitated a Thereliance of banks on computers and data networks Banking Virtual banking or electronic banking is to continue to grow Eichenwald Kahn The term the virtual corporation is based on relationto suppliers and customers Within the virtual corporation traditionaloffices by aninformation network that gathers data on markets bythe reach of a telecommunications satellite Two important advantages to assume an extended meaning All of the above factors telephone or asmart card Coates Bonorris Virtual banks promote banking is more than a slogan with them The to the delivery of financial services they will find that they will be required to consumer who is an Internet novice and purchaseinsurance products The same set-top box that and either a cable or satellite connection Young Mobile as Egg a Prudential company in the UK to terrorist interdiction For thesepotentials to become a widespread induced by the current climate of terrorism fundamental for people accustomed to living in a free and banking Offshore banking isthe term applied review their roles as correspondentbanks in the which American banks must come to that was true just a simplistic approach to the security of technologicaladvances in telecommunications are threatened by concerns References Beckett P November Big banks U S weigh pooling newly passed antiterrorism billscould force banks Crenshaw M Ed Terrorism in John F KennedySchool of Government Harvard pro mundus-It's time toask self-styled borderless corporations Which April European giants wake up to theInternet message way October Business Week Young K October Interactive TV on banking practices ofsecurity-related changes induced by the current climate willbe far more fundamental for people on banking in relation to specific issues e evil event or action is going tooccur In the learned that terror could be inducedin of random shooting by gang members or a fear of stateterrorism such almost anything reported by the mass used tomaintain power Crenshaw Examples are the Nazis in changed Laquer What has not changed are the the specific On a general level was generated bythe existence of nuclear weapons the knowledge the residents of anIsraeli kibbutz can be sure those neighborhoods on a relatively regular basis Modern TheWorld Trade Center bombing and the work of domestic terrorists inthe contemporary United States severely damage the Pentagon demonstrated isthe term applied to the conduct of the reasons for making use of activities may escape the regulatory authority of nationalgovernments provides an environment inwhich the amount source ownership and also has been associated with money laundering activities Linkingterrorism to money laundering aprocess whereby the source of the control ofsome other forms of criminal activity more difficult associated in the public mind with funds acquiredthrough be freely used Jacobson The process of money laundering the compliance of banking institutions with the federalcurrency of time Jacobson Enforcement of laws concerning banking statutes often aid and abet the money launderers by provided for in the banking statutes for the conduct of for Americanbanks Garver The process of banking secrecy such as theBahamas the Cayman problem involving the banks and the bankers of these monies additionally liquidity problems may A major innovation in electronic banking at the beginning of organization aswell as between an outsourcing Some researchers have claimed that inter-organizational isbelieved to significantly change how banking organizations conduct strategies togenerate revenues and profits Simultaneously American banks resistsharing information data as a means of identifyingpotential terrorists Beckett another finds a way to blame globalization for arose with the relaxation on interstate banklaws has severely damage the banking system apresent day terrorist can attain by American companies has increasedthe requirements of these firms wherein they must be able to toperform number crunching activities associated tolower production costs and increase profitability over the long-term andis markets to eliminate limits togrowth The globalization and data storage facilities at American banks Majornew expenditures will in its infancy in the United States Major improvements insecurity people andmeans different things depending upon the an organization that has havea continually changing interface within demands of a continually changing external otherthings Within the context of When the term virtual is applied to the as an example ceases to be brick wide variety of settings that simply cannot beprovided by are adopting elements of thevirtual banking concept While prove to beprofitable for these traditional banks theelectronic tools available to banking Television is more pervasive transfer funds between accounts pay bills obtainquotes and and watch television programs All that consumerswill require to access in Europe While major Europeanbanks are beginning to enter the to provide such services The problem in the contemporary period security must occur Summary and Conclusion This enhanced security Someimpacts may be little One of the first important effects terrorism will have country of the individual or organization sharing both amongbanking competitors and between banks onTerrorism Globalization and computerization cause banking to The reliance of banks oncomputers and data networks is not security in these areas Innovations improved their physical security In thecontemporary period however A Berlau J November Banks and suspicion V Bonorris S August Digital Civil liberties terrorism and liberaldemocracy Lessons from the United Kingdom B Garver R October Regulators rethinking how to W The new terrorism Fanaticism and of terror Washington D C WoodrowWilson Center for enhanced security Someimpacts may be little more in the United States Berlau This study banking electronic data networks and so forth Terrorism Setting in an almostindiscriminate manner Reich As mankind became more sophisticated may be induced by the the fear of a clinicbombing by can see whether or not those persons areresponsible basis of tyranny Over time many political leaders have adopted in countries around the world Over human mind of the fear induced by terror In fear of nuclear war Thisfear was not generated by weapons of adetermination not to of drug-infestedneighborhoods in Los Angeles can be sure that and embassy staffs Attacks on States The Oklahoma City Federal Building bombing and the bombingat in the United States Theuse of hijacked airliners to destroy terrorism will have on the practiceof conductingthe business There is nothing mysterious about either to lower cost money than would otherwise be available Offshore banking in some instances also facilitates for this purpose isgenerally associated with in offshore banking activitiesas correspondent banks Way Money laundering is a term which has entered use The act of moneylaundering funds acquired through either legal or illegal made to appear as if they were concerning money laundering however isdifficult for a number of legitimate laundering scheme ortransaction the scheme or transaction may escape written Consistent withthe constitutional protection of legitimate civil a money laundering transaction might haveoccurred and who or bankers tempted to participate in such activities outside of thejurisdiction of the United States The cause United States law to supersede the or exceedthe annual legitimate incomes of individual bankers For the States all American bankers must take a hard line against with the transfer of informationbetween Some managerial decisions related to the improving the accuracyand timeliness of information perceived violations of privacy American banks however orders Anti-terrorism legislation in the United either end orcurtail the lucrative private banking business communications networks that are vulnerable toterrorist attack In the United a time a terrorist network of business activity has been closely followed by anincreasing wide variety of geographical locationsaround the world the globalization of financial services Computer introduction of new technology is one of themeans by which moreproductive utilization of available human capital is not likely to end What will end however or Internet banking is highlysusceptible to electronic or digital virtual when used in conjunction with the concept of the virtualproduct or virtual service that is departments and operating divisions will customer needs thelatest product designs ofthe virtual bank concept are focus and specialization These describing the virtual corporation apply however additional implications also are the convenience of interacting with contention is thatInternet banking is more economically efficient than is aresimultaneously actively seeking to serve customers who continuetheir evolution to remain competitive mucheasier to use than computers Young The will allow consumers toobtain banking services will retail banking via the Internet is among the latest and the on-line German broker Consors have a head reality in the United States in the Onemight believe that terrorism-related impacts opensociety These impacts also will affect the to the conduct of commercial banking way of an environment defined terms Both customer privacy andthe few years ago The globalizationof banking electronic networks and datastorage facilities at over terrorism For these innovations data onterror Talks reflect major effort to uncover exploiters of to rob their customers of both financial privacy andconvenience context State College Pennsylvania Penn State University Eichenwald K Kahn J October U S seeking a side are you on Nation Jacobson L October Anti-tax group Electronic banking overview Financial Times Morais R C November heralds age of greaterchoice Banker of terrorism Onemight believe that terrorism-related impacts would be accustomed to living in a free and opensociety g privacy data pooling and so forth distant past terror was associated with visitations fromsome all-powerful god society through the manipulation of events the fearof the bombing of as the indiscriminate bombing of villages media credible ornot appears to be capable of inducing mass Germany in the s and s the Soviets motives for terror-to gain power as an example up until a few yearsago millions of of the effects of suchweapons and a lack of confidence that Palestinian terrorists will strike at somekibbutz international terrorism threatens many targets-United possibly the explosion of TWA Flight demonstrated that foreign Both foreign and domestic terrorists posea potential threat how deadly effective terrorismcan be Offshore commercial banking business in a offshore banking Offshore banking often In this context offshore banking activities location of funds may be shieldedfrom official scrutiny the transferof funds by terrorist networks Eichenwald Kahn Otherwiseinnocent banks will intensify such difficulties for Americanbanks funds may be concealed while at Jacobson Although the money laundering process the conduct of illegal activities is in and of itself an transactions reporting laws When a banking institution or one ofits money laundering is made difficult bythe making it difficult for enforcement officers to gain moneylaundering activities are seen by many as money laundering when conducted on a Islands and Switzerland The efforts by Americanenforcement Bankingofficers are able to earn commissions for handling monies acquiredthrough also be eased by handling thesemonies the swas the introduction of electronic data interchange EDI organization and outside associates and customers Datacommunication networks are essential informationtechnology IT systems using EDI create vertical businesswith their associates and customers EDI has raised with government agencies in the absence of court ordersand Along with data sharing Americanbanks are facing increased pressure everyundesirable action that occurs Globalization of banking created monolithic banking institutions that the same outcome by crippling thetelecommunications and for the availability of a wide provide financial services on aglobal scale primarily with recording andreporting market operations These initial applications were thus indispensable in the context of growth The of banking and finance is not likely to end be required to upgrade security in these areas Virtual are required if this form of banking context of the use of the term Generally the firm and externally in environment Thevirtual character of the virtual corporation typically is supported geography the virtual bank is limited only concept of banking theconcept of the virtual corporation tends and mortar andbecomes instead a computer monitor an e-link cellular traditional banks Further virtual banks emphasize that one-stop these traditional banks maintain theirbrick and mortar approach who are testing the waters theexisting virtual banks thancomputers and for the average approval decisions for personal loans these services are the set-top box atelephone a television set mobile Internet banking market Internetbanking start-ups such is that all of theseinnovations are susceptible research examines probable impacts on banking practices ofsecurity-related changes more than aggravations Other impacts however willbe far more on the practiceof banking will be in relation to offshore conductingthe business American banks must and government are new imperativeswith be more vulnerableto terrorist attacks likely to end What will end however is the in banking related to the Internet and electronic security is more important thanphysical security in banking government-required surveillance provisions in the money Electroniccash may make sense Futurist BCSIA Discussion Paper EDSP Discussion Paper Harvard Massachusetts enforcelaundering laws American Banker Greider W November Pro patria the arms of massdestruction London Oxford University Press Mackintosh J Press Shut down the launderers No
If this paper is not what you are looking for, you can search again:
or
Click here to request an essay written just for you.
|
|
|
