Identifying and managing low money laundering risk : perspectives on FATF's risk-based guidance

Purpose – The purpose of this paper is to investigate Financial Action Task Force (FATF)'s risk-based guidance to combat money laundering and terrorist financing to determine its approach to the identification and management of low-risk providers, products and transactions.

Design/methodology/approach – The paper analyses the relevant FATF recommendations and its guidance notes and reflects on key questions for regulators and financial institutions.

Findings – FATF has not defined “risk” for purposes of the risk-based approach. The absence of a clear definition complicates the identification of low-risk products. FATF do provide an example of a risk matrix that can be used to identify low-risk banks, but the example is based on assumptions and generalisations that are not sustainable. In addition, it identifies certain low-value transactions as “low risk” transactions. The paper reflects on the role of value as an indicator of risk and concludes with a number of suggestions to clarify the conceptual framework.

Originality/value – Low-risk products and transactions are often overlooked because the risk-based approach focuses attention on high-risk matters. Low-risk products are however crucial to the efforts to increase financial inclusion. The paper identifies gaps in the current conceptual framework and indicates ways in which they can be addressed.

Sensor fusion based missile guidance

In this paper we improve the guidance system performance via sensor fusion techniques. Vision based guidance systems can be improved in performance via radar tacking or employing video tracking by unmanned jying vehicles. We also introduce an image texture gradient based image segmentation technique to identify the target in a typical surface-to-air type application with the proposed Robust Extended Kalman Filter based state estimation technique for the implementation of the Proportional Navigation guidance controlleller.

"Tell us something new!" : the response of planning and transport professionals to public health guidance on the built environment and physical activity

A large proportion of non-communicable disease can be attributed to modifiable risk factors such as poor nutrition and physical inactivity. We present data on planning and transport practitioners' perceptions and responses to government public health guidance aimed at modifying environmental factors to promote physical activity. This study was informed by questions on the role of evidence-based guidance, the views of professionals towards the guidance, the links between guidance and existing legislation and policy and the practicality of guidelines. A key informant 'snowball' sampling technique was used to recruit participants from the main professional planning organisations across England. Seventy-six people were interviewed in eight focus groups. We found that evidence-based public health guidance is a new voice in urban and town planning, although much of the advice is already reflected by the 'accepted wisdom' of these professions. Evidence-based health guidance could be a powerful driver affecting planning practice, but other legislated planning guidance may take priority for planning and transport professionals.

A multi-wavelet based technique for calculating dense 2D disparity maps from stereo

A vision based approach for calculating accurate 3D models of the objects is presented. Generally industrial visual inspection systems capable of accurate 3D depth estimation rely on extra hardware tools like laser scanners or light pattern projectors. These tools improve the accuracy of depth estimation but also make the vision system costly and cumbersome. In the proposed algorithm, depth and dimensional accuracy of the produced 3D depth model depends on the existing reference model instead of the information from extra hardware tools. The proposed algorithm is a simple and cost effective software based approach to achieve accurate 3D depth estimation with minimal hardware involvement. The matching process uses the well-known coarse to fine strategy, involving the calculation of matching points at the coarsest level with consequent refinement up to the finest level. Vector coefficients of the wavelet transform-modulus are used as matching features, where wavelet transform-modulus maxima defines the shift invariant high-level features with phase pointing to the normal of the feature surface. The technique addresses the estimation of optimal corresponding points and the corresponding 2D disparity maps leading to the creation of accurate depth perception model.

Choosing response scale labels and length: guidance for researchers and clients

There has been much debate over the optimal format for scales, particularly in regard to two key issues - the labelling of points and the overall length of response scales. This paper reviews the evidence regarding the advantages of different scale types and lengths, and provides guidance as to what scale types suit different research objectives. Using a direct comparison of 400 responses on 5-point and 11 -point scales to the same question, by the same people, we examine some of the important differences previously found and then illustrate the impact they have on data quality and useability. Our conclusion, based on past research and our own analysis, is that longer, balanced and unlabelled scales offer the maximum flexibility and reliability in the majority of cases.

Better-practice approaches for culture-based fisheries development in Asia

"Culture based fisheries are an effective way of increasing supplies of fish in rural areas. Farmers with relatively little experience in fish culture can productively engage, manage and benefit from culture based fisheries around lakes and reservoirs. This manual will provide guidance to development workers and program planners for integrating community based fisheries into rural development plans"--ACIAR website.

Improving outcomes-based engineering education in Australia

Graduate attributes are now a ubiquitous feature of higher education in Australia and internationally, and have been part of engineering education for more than a decade. The idea of graduate attributes is an apparently simple concept, focusing on educational outcomes, rather than inputs and process. While there is evidence of some benefits in engineering education arising from the introduction of outcomes-based accreditation, there is also evidence of many short-comings of the graduate attributes approach. There would be significant value in Engineers Australia providing additional discipline-specific guidance on attribute development. There would be significant value in Engineers Australia simplifying and consolidating the current multi-document accreditation system. A genuinely outcomes-based accreditation system would be based (only) on the demonstrated individual student attainment of appropriate graduate attributes, which might be delivered/gained by a range of means, including distance education. To fully meet the letter and spirit of the law for accreditation, programs will need to adopt some method of certification of individual student attainment of graduate attributes - one such method would be the use of student portfolios.

A principles-based Anglo governance system is not a science but an art

Anglo governance systems rely of a number of controls to align shareholder and boards of director’s interests. In general they are referred to as market control, regulatory control, and political and cultural control. Agency theory proposes that these control mechanisms are necessary as human nature is such that directors and managers act in a self-interested and boundedly rational manner in decision-making that can result in sub optimality. Notwithstanding that each country within the Anglo system accepts such controls are necessary they have their own foci and priorities, being a product of their own system’s characteristics. This paper through interviewing a number of Australian business executives adds to the academic literature by providing evidence from the field of the important characteristics of the Australian governance system, the drivers of change and the effectiveness of the principles-based approach. It argues that debate needs to move beyond the principles versus rules approach to look at how firms can be provided with more guidance in operationalising some of the principles that appear to be key to governance effectiveness. It concludes that there is a need for a holistic model of governance that is broader than that focusing on the control/legalistic approach; that top management is important in setting and driving the in-firm governance agenda; that the public needs to be informed and educated about governance and its importance; and that disclosure still requires an improvement in quality.

Physical activity and environment programme guidance : fieldwork report

This quick reference guide presents the recommendations on ‘Promoting and creating built or natural environments that encourage and support physical activity’. It is for NHS and other professionals who have a direct or indirect role in – and responsibility for – the built or natural environment. This includes those working in local authorities and the education, community, voluntary and private sectors. It may also be of interest to members of the public. The guidance offers the first national, evidence-based recommendations on how to improve the physical environment to encourage physical activity. It demonstrates the importance of such improvements and the need to evaluate how they impact on the public’s health.

High level segmentation of instructional videos based on content density

Automatically partitioning instructional videos into topic sections is a challenging problem in e-learning environments for efficient content management and cataloging. This paper addresses this problem by proposing a novel density function to delineate sections underscored by changes in topics in instructional and training videos. The content density function draws guidance from the observation that topic boundaries coincide with the ebb and flow of the 'density' of content shown in these videos. Based on this function, we propose two methods for high-level segmentation by determining topic boundaries. We study the performance of the two methods on eight training videos, and our experimental results demonstrate the effectiveness and robustness of the two proposed high-level segmentation algorithms for learning media.

Landmark based corridor discrimination

For a mobile robot to perform some sort of useful function it usually must have some sort of global understanding of its environment. This is usually expressed in the form of map. Through real-world experiments, using a mobile robot inspired by insect visual guidance, we present results showing the performance of a mobile robot in recognising a previously encountered corridor environment and discriminating between various corridors. This is achieved through the building and refinement of maps based on the observation of simple landmarks en route.

Dynamic shot suggestion filtering for home video based on user performance

This paper presents novel additions to our existing amateur media creation framework. The framework provides at-capture guidance to enable the home movie maker to realize their aesthetic and narrative goals and automation of post-production editing. A common problem with the amateur filming context is its contingent nature, which often results in the failure to gain footage vital to the user's goals, even with at-capture software embedding. Accordingly, we have modelled minimizing the difference between target and captured footage at a given time during filming as a probability distribution divergence problem. We apply two policies of feedback to the user on their performance, passive communication via a suggestion desirability measure, and active filtering of undesirable suggestions. We demonstrate the framework using each policy with a simulation of various user and filming situations with promising results.

Film grammar based refinements to extracting scenes in motion pictures

To enable high-level semantic indexing of video, we tackle the problem of automatically structuring motion pictures into meaningful story units, namely scenes. In our recent work, drawing guidance from film grammar, we proposed an algorithmic solution for extracting scenes in motion pictures based on a shot neighborhood color coherence measure. In this paper, we extend our work by presenting various refinement mechanisms, inspired by the knowledge of film devices that are brought to bear while crafting scenes, to further improve the results of the scene detection algorithm. We apply the enhanced algorithm to ten motion pictures and demonstrate the resulting improvements in performance.