The money laundering risk posed by low-risk financial products in South Africa : findings and guidelines

Purpose – The purpose of this paper is to investigate the level and nature of criminal abuse of financial products that are classified as posing a low anti-money laundering/combating of financing of terrorists (AML/CFT) risk in South Africa to determine the effectiveness of the simplified due diligence measures that apply to these products.

Design/methodology/approach – The paper presents empirical research on the views of bank officials and law enforcement officials regarding the criminal abuse of South African financial products that are subject to simplified customer due diligence controls.

Findings – South Africa's AML/CFT laws allow certain deposit-taking institutions and money remitters to implement simplified customer due diligence measures in relation to specific low-risk products that are mainly designed to allow previously unbanked persons to access financial services. The paper finds that the products have been abused by criminals but that the incidence of such abuse and the amounts involved are low. The paper investigates possible weaknesses in the current system that allow limited criminal abuse to occur. It concludes with a number of guidelines that emerge from the study and are of value to regulators that wish to implement a similar system.

Originality/value – The South African AML/CFT scheme in relation to low-risk products is of interest to many international regulators that are grappling with the interplay between effective AML/CFT controls and the impact of strict controls on the ability of socially and economically excluded persons to access appropriate financial services. This paper provides evidence that appropriately designed controls can facilitate financial inclusion while limiting the risk of criminal abuse.

New educational service products : tertiary EC/EB education - the Asia-Pacific region

Electronic Commerce (EC) / Electronic Business (EB) has been (and is expected to continue to be) a dynamic, rapidly evolving area of technology, requiring skilled people with up-to-date knowledge and skills. The global community has required (and still requires) tertiary academic programs to prepare and train these people quickly. In the late nineties, following a tidal wave of tertiary EC program development in the United States, new tertiary programs began to appear in the Asia-Pacific (AP) region to satisfy this need, over a very short period of time. This research project aims to examine whether the development and effectiveness of tertiary EC/EB educational programs can be enhanced through employing a particular marketing paradigm. Four regions - Australia, New Zealand, Hong Kong SAR and the Republic of Singapore — were selected from the AP region, for this study. Based on a review of marketing literature, an inductive approach is adopted to build a model for new educational service product offerings. I also provide a description and comprehensive analysis of EC/EB education, and explore the model empirically, examining how it applies to the way EC education programs have been developed, to date. Essentially, this project consists of two major activities: theory building and theory testing – and is divided into three parts. Part 1: Preliminary study – literature review for theory building. This section of the thesis provides a literature review of the domains of curriculum development, EC/EB program development and management, EC/EB component models and new service product development. Part 2 : Understanding the marketplace – quantitative analysis. This section comprises five major surveys which provide an understanding of EC/EB education. Part 3 : In-depth analysis – qualitative research for theory testing. This section discusses the results of the multiple case studies of EC/EB degree programs undertaken over a five year period. The results of this project highlight both theoretical and practical aspects of the topic. In terms of the theoretical aspect, I provide a contribution to existing theory concerning the planning and development of new tertiary education programs. Research into academic course development in the past has tended to assume that all program development is pedagogically based and influenced. There is an assumption that people only develop academic programs and academic courses for pedagogic reasons. What this research project has done is to suggest that there are, in fact, many possible reasons for developing new programs and that, although these reasons might be pedagogic in nature, they can also be industry-focased, and market-oriented in the following ways: -the university is shaping the way it is perceived by the public – that is, the market; -the university is highlighting where its expertise lies. This led me to a form of new service product development consistent with the new image of the university. There is a clear need for diverse models for program development which accommodate the dynamic roles of modern universities. My research project develops such a model based on conditions in the Asia-Pacific region, and discusses findings arising from the overall project, which can be used to improve new educational program offerings in future, in both the Asia-Pacific and, I suggest, in other regions. This potential use of my findings highlights the practical contribution made by the research Project.

Methionine regulates copper/hydrogen peroxide oxidation products of Aβ

Metal-catalysed oxidation (MCO) may play a causative role in the pathogenesis of Alzheimer's disease (AD). Amyloid peptide (A), the major biomarker of AD, in the presence of copper ions reduces Cu2+ to Cu+ and catalyses the formation of H2O2 that subsequently induces radicals through Fenton chemistry. A is also subject to attack by free radicals, where the presence of Cu2+ in conjunction with H2O2 catalyses oxygenation, primarily at the methionine sulfur atom. This work investigates MCO of A, to gain further insight into the role of oxidative stress in AD. By combining a fluorescence assay with gel electrophoresis to monitor MCO reactions of A (1-28) in the presence and absence of methionine it was determined that methionine can both protect some residues against MCO and promote the oxidation of Tyr(10) specifically. Electrospray ionization mass spectrometric analysis of methionine MCO products indicated the formation of methionine sulfoxide, methionine sulfone and related hydroxylated products. Similar products could be formed from the oxidation of Met(35) of A and may relate to changes in properties of the peptide following MCO.

Aspergillus species, cyclic dimeric dipeptide derivative substance P antagonist biosynthetic products thereof, and process for preparation thereof

A novel Aspergillus species, cyclic dimeric dipeptide derivatives which are biosynthetic products thereof and are useful as Substance P antagonists and therefore as analgesic and/or antiinflammatory agents, and a process for preparation of the biosynthetic products are disclosed.

Children's liking and wanting of snack products : influence of shape and flavour

Background : Children's food choices are guided by their preferences. However, these preferences may change due to repeated exposure.

Methods : This study investigated children's (n = 242, 7–12 yrs-old) liking and wanting for snacks over 3 weeks of daily consumption. The snacks differed in size (small vs large) or flavour (sweet vs sweet-sour). Two conditions were designed: 1) a monotonous group in which children continuously consumed the same snack across the 3 weeks, and 2) a free choice group in which children were allowed to freely choose amongst 3 different flavours of the snack each day during 3 weeks.

Results : Shape influenced long-term liking, i.e. small shaped snacks remained stable in liking over repeated consumption, whereas large shaped snacks with the same flavour decreased in liking. Mean wanting ratings for all snack products decreased over 3 weeks daily consumption. Flavour did not significantly influence liking and wanting over time. The ability to freely choose amongst different flavours tended to decrease children's liking (p < 0.1) and wanting (p < 0.001) for these products. Changes in liking rather than initial liking was the best predictor of snack choice during the intervention.

Conclusion : Wanting rather than liking was most affected by repeated daily consumption of snack foods over three weeks. In order to increase the likelihood that children will repeatedly eat a food product, smaller sized healthy snacks are preferred to larger sized snacks. Future research should focus on stabilizing wanting over repeated consumption.

Sources of Sodium in Australian children's diets and the effect of the application of sodium targets to food products to reduce sodium intake

The average reported dietary Na intake of children in Australia is high: 2694 mg/d (9–13 years). No data exist describing food sources of Na in Australian children's diets and potential impact of Na reduction targets for processed foods. The aim of the present study was to determine sources of dietary Na in a nationally representative sample of Australian children aged 2–16 years and to assess the impact of application of the UK Food Standards Agency (FSA) Na reduction targets on Na intake. Na intake and use of discretionary salt (note: conversion of salt to Na, 1 g of NaCl (salt) = 390 mg Na) were assessed from 24-h dietary recall in 4487 children participating in the Australian 2007 Children's Nutrition and Physical Activity Survey. Greatest contributors to Na intake across all ages were cereals and cereal-based products/dishes (43 %), including bread (13 %) and breakfast cereals (4 %). Other moderate sources were meat, poultry products (16 %), including processed meats (8 %) and sausages (3 %); milk products/dishes (11 %) and savoury sauces and condiments (7 %). Between 37 and 42 % reported that the person who prepares their meal adds salt when cooking and between 11 and 39 % added salt at the table. Those over the age of 9 years were more likely to report adding salt at the table (χ2 199·5, df 6, P < 0·001). Attainment of the UK FSA Na reduction targets, within the present food supply, would result in a 20 % reduction in daily Na intake in children aged 2–16 years. Incremental reductions of this magnitude over a period of years could significantly reduce the Na intake of this group and further reductions could be achieved by reducing discretionary salt use.

Predicting amount of saleable products using neural network metamodels of casthouses

This study aims at developing abstract metamodels for approximating highly nonlinear relationships within a metal casting plant. Metal casting product quality nonlinearly depends on many controllable and uncontrollable factors. For improving the productivity of the system, it is vital for operation planners to predict in advance the amount of high quality products. Neural networks metamodels are developed and applied in this study for predicting the amount of saleable products. Training of metamodels is done using the Levenberg-Marquardt and Bayesian learning methods. Statistical measures are calculated for the developed metamodels over a grid of neural network structures. Demonstrated results indicate that Bayesian-based neural network metamodels outperform the Levenberg-Marquardt-based metamodels in terms of both prediction accuracy and robustness to the metamodel complexity. In contrast, the latter metamodels are computationally less expensive and generate the results more quickly.

Historical data of Backwell IXL: a Geelong appliance, car component and foundry products manufacturer

The collection documents the history of the Geelong company, Backwell IXL, which commenced in 1858 (first trading under the name E. Backwell & Son) as a blacksmith's shop and stove maker and covers the growth of the business to an appliance, car component and foundry products manufacturer. This collection comprises records, accounts, photographs and product data sheets. It also includes the manuscript of the 'Memoirs of Albert Leslie Backwell', which contained a brief history of the company from the late 1850s to 1980s, including recollections of the management of the company from the early 1920s to the mid 1975s.