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Showing posts from April, 2017

Ultimate Beneficial Owner

The banks are finally catching up with the Fourth European Commission AML Directives.Which part of the directive, in particular? The ultimate beneficial owner (UBO). It is stated, finally, explicitly, in the directive on how a legal person or a legal arrangement couldn't ever be the ultimate beneficial owner. In the past year I was servicing-to-clear the AML/KYC requests from the banks/regulatory bodies, however, almost all (except for one) didn't insist on receiving the data of a natural, physical person that is the ultimate beneficial owner of the whole fund. The information about a legal person (which by definition of the law, could mean an entity) seem to suffice for them. Which is a wonder as the directive had been implemented since May 2015, and is due for full implementation this upcoming June 2017.Now, less than 3 months into the full incorporation of the directives into the respective jurisdictions national law, they began to panic as in the directive it is an absolut…

FYA

There are too many opinions in the world.There are way too many biases that support these opinions. You might argue that opinions don't matter, but facts do. But why do you think these two differ? The very fact that they are born from the  same human minds, what makes them, hence, differ? Is fact more reliable because of consensus? Why and who decides that majority approvals make a fact, a fact? History was written by the victors, the losers vanish and leave no traces. But why do either facts, or opinions, ever matter at all? These are words. Words can hurt mentally, but actions that follow suit can hurt physically. FYA. For Your Actions.

(Eye) Scars

"Since it has been scalded so many times, it may be permanently scarred and affect your vision adversely." So the corneal specialist-ophthalmologis cast his verdict. From the outset, the eyes look rather normal. Too normal, in fact. The eyes of Dry Eyes Syndrome sufferers don't show visible and unusual signs, i.e. prolonged redness that warrants further examination. It doesn't show anything much except occasional slight redness and occasional overproduction of tears (even when it's not red). But the sufferrers feel utterly intermittent discomfort.(Severe) Dry Eye Syndrome sufferers live a debilitating day-to-day. Prolonged exposure to moving air (cold/hot/normal), creates dryness, burning sensation - signs of inflammation of the eyes. A normal human being, will, open his eyes and be exposed to moving air even when he doesn't want to. The air we breathe is the only air, and it always moves. In addition, the condition creates photophobia, where normal intensity…

My Bucket List

Everybody has one bucket list - it gives them the sense of purpose on what one-off event that hopefully could happen in their lives. I've never had one, so I'm going to write it here and fingers crossed, hopefully some of them come true! - Try Archery
- Try Skydiving
- Try Skiing, Snowboarding
- Have an ultra fast internet connection and at least 2 desktop screens
- Win a public speaking contest
- Give a keynote speech in my almamater, or anywhere else in that matter
- Get picked to be mentored
- Be a mentor
- Buy a house and a new lifestyle for my parents and visit them 3x a year no matter what
- Have a beach house in a private island
- Perform (sing) pop songs on stage
- Win the Women Entrepreneurial Award
- Sleep under the Aurora
- Own a dog, and a falcon
- Have a blog like Seth Godin's typepad
- Publish a book (fiction)
- One month travel to immerse myself in the local culture
- Get paid to travel to seek new global opportunities
- Caligraphy
- Headhunted to be CE…

Do or Do Not

Do or Do Not, there is no try. Short, but very impactful quote from Yoda in Star Wars - The Empire Strikes Back. I'm not a huge fan of Star Wars, but surprisingly I've been living my life as suggested. In other people's opinion, I may have taken this too literally in an extreme way. But you know what? It works. That single-mindedness to accomplish something is really what is needed. No good results ever come out from doing things half-heartedly.A couple of examples are as follows:If I'm gonna have to keep fit during my college years, I might as well join a sports club - the most extreme, most daunting yet simultaneously most prestigious mountain climbing co-curricular activity among others during my years. That was some tough shit for 2 years - similar to  the National Service training, but for girls and while I was studying full time. If my friends in university are gonna be those working full time in the day and studying part time at night, I might as well do the sam…

Life Goals

After started earning and school is no longer a limit of what you could do, the sense of purpose on what to accomplish in your life may be gone. In my case, I keep a life goal list that could be checked when I think I have put in enough effort into it - I have quite a high standard so this is not gonna be easy, but the aim is really to simply be a better person. After all, everything's worthy does not happen overnight - it is built upon consistency. So I'm going to write it here to hold myself accountable and to really strive for it (I've already started doing those that takes a while to complete at the end of my life, i.e. getting myself certified in CAIA!).- Be an expert at work (be a good communicator and the best in my role)
- Stay Healthy (no more migraine and dry eyes) through regular exercises and healthy diets
- Wake up and go back to sleep thankful for being alive
- Have more mentors who can assist my self-development
- Make (connection) friends wherever I go
- F…

Communication

When you were a baby, you learned how to say your a b c. Strings of sentences started to form when you were a toddler.When you're in kindergarten, you learned how to communicate what you wanna know more - why is the sky blue, why is the grass green, why can't you drive..yet, even though you pretended to be the number one racer in the world. When you're slightly a bit older, you learned that not everyone thinks like you, and got into disagreements, fights, and went home with bruises after school. Words could hurt or could be soothing. You learned over time that there are ways to get people to do what you want besides fighting, got away with it, and discovered to be a fraud. Good job. That cute girl/boy that you were looking at the other day, s/he likes you too. You got together and learned that there is an entirely different universe than yours alone. Your professor didn't like how you disrespect him in front of the whole class simply because you asked a question he can…

Panama Papers

When I was first hired by my current company, Panama Papers was the international sensation. Everybody I know came to ask me if I'm going to help my clients evade taxes, just like all the other fund management companies do. My parents were among the last who ask, hesitantly, if I'm doing the same.

Being new and unaware of what exactly I got myself into, I went to search for the answer. Well, my finding is that the answer isn't a straightforward no.
Panama Papers describes how Mossack Fonseca (the law firm) creates offshore investment vehicles (aka companies) to help their wealthy clients keep their money overseas to evade tax. It is a normal practice in private equity to create offshore companies - not to avoid tax, however, but to avoid contamination of assets into different investments. The side effect is that these investment vehicles allow for more tax savings, simply due to the legal form of the investment vehicles, tax regulations and bilateral treaties between co…