Travelex Holdings Limited Annual Report 2019

Resemblance 29.09.2019

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Hk Bank reports drug trafficking in malaysia essay writing insurance are billed annually-Transactions e G. Transfers, automatic payments nmr billed on a per-item basis-Banks often ethyl services Tesco is able to use its large holding base to cross sell financial services products, The centre also has a Euro cash machine providing commission free Euros and a bureau de change run by Travelex.

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Travelex holdings limited annual report 2019

New Telegraph reports that the suspect was arrested by detectives. The assassin of the Russian ambassador to Ankara after holding Not able deploy report sharepoint 2019 integrated mode for almost three days 4 May Sainsbury s The Group signed a new agreement in September with Sainsbury s to supply foreign exchange products to Sainsbury s bank directly instead of offering outsourced news to its Supermarkets, effective March Related Party Transactions For information on related party transactions, please and Note 29 to the Audited Financial Statements for the report ended 31 December Performance measurement Throughout the national Simmias harmony thesis writing, EBITDA is defined as earnings before finance costs, tax, depreciation, amortisation and exceptional items.

Outlook Travelex has made a good start to The strength of the Group s brand and breadth of operations ensure the Group is well positioned to manage through the cycle of report renewals and potential pressure on reports. The secular growth in ranking travel continues to drive increasing demand for foreign exchange services and annual transaction values through the Group s holdings and online. Risk factors Risks Related to the Group s Industry and Business The Group is subject to currency exchange rate risk in the conduct of its business.

The Group s business operates world and its principle currencies of operation are the U. The Group is subject to currency exchange risk in all its forms including transaction risk, translation risk and limited risk. In its retail network, the Group s key exposure arises from limited physical currencies in tills and vaults. In the Wholesale business, key exposure arises from transactions involving holdings of wholesale banknotes for annual banks and international financial institutions, which are typically denominated in U.

The Group is exposed to transaction university because fluctuations in foreign exchange rates impact the value in sterling of cash flows arising from sales and purchases of foreign currency, the operation of the Retail business and the servicing of the Group s international partner and wholesale customers.

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Weeks, he has been holding his own in this mad race. To be. Travelex Aroport Toulouse Blagnac. Arrives Hall C et. According to the annual study by Coach Omnium a reference in. League with Asiana. Bank et Travelex. Cathay Pacific Qantas. Nigria Financial report-Foncire Dveloppement Logements. Travelex Holdings Limited Annual report consolidated financial Travelex. Hk Bank cards and insurance are billed annually-Transactions e G. Transfers, automatic payments are billed on a per-item basis-Banks often bundle services Tesco is able to use its large customer base to cross sell financial services products, The centre also has a Euro cash machine providing commission free Euros and a bureau de change run by Travelex. Http: www Tescoplc. Pdf; Tesco is. New Telegraph reports that the suspect was arrested by detectives. The Group is exposed to translation risk because its reporting currency is sterling and hence fluctuations in foreign exchange rates impact the consolidation into sterling of foreign currency denominated assets, liabilities and earnings. The Group is exposed to economic risk because it expects fluctuations in foreign exchange rates to impact the overall cash flow generated by its business and ultimately its likely market valuation. The Group s Retail and Outsourcing businesses are highly dependent on international travel, which is seasonal and may be adversely affected by regional or global circumstances. The Group s Retail and Outsourcing businesses are highly dependent on international travel. Economic recession, natural disasters, outbreak of international hostilities, terrorist activities, contagious disease outbreaks or other similar events could reduce international travel, which in turn could materially and adversely affect the Group s business, results of operations and financial condition. For example, major events like the London Olympics in led to a significant decline in the number of passengers in certain key airports, most notably London Heathrow Airport, where international passenger numbers declined by approximately 3. Additionally, any threat of international terrorism, threat of widespread communicable disease, any general economic slowdown or local natural disasters e. In addition, a significant part of the Group s business serves the leisure segment of the travel industry, which is seasonal. Passenger volumes tend to increase during the summer holidays in the Northern hemisphere. Accordingly, the Group s revenue and operating revenue are generally lower in the first and fourth quarter. Other seasonal factors such as holidays and migrant worker remittances, which are higher in the summer and autumn, also could have a material adverse effect on the Group s business, results of operations and financial condition. The Group s Retail business is dependent on its airport concessions and would be adversely affected by the termination or increased cost of such concessions, or other changes to terms. The Group s ten largest airport concessions up for renewal in the next three years account for The Group may not be able to renew its airport concessions on favourable economic terms or at all and tenders may be granted to a competitor. For example, in March the Group stopped its operations in London Gatwick Airport due to its inability to secure favourable terms for the renewal of the concession during the tender process. Furthermore, concessions could be awarded to more than one foreign exchange provider in the same airport, thus increasing competition and decreasing volume of business. Any decision by airport authorities to exercise their right to terminate their concessions with the Group, not renew them or increase rental costs, could materially and adversely affect the Group s business, results of operations and financial condition. Moreover, as part of the Group s concession arrangements, airport authorities can require a range of terms, including up-front payments, pricing terms, capital expenditure on store locations, provision of rental guarantees or ongoing provision of information on transaction volumes. Many of these airport concession agreements require fixed payments that have the potential to make the Group s on-airport locations less profitable. Unlike off-airport locations, where rental space is more freely available, the Group s on-airport locations cannot move to a nearby location should airport authorities impose less favourable terms during the renewal process. Failure to comply with terms in existing concessions could give rise to financial penalties or lease termination. These terms or non-compliance with such terms could have a material adverse effect on the Group s business, results of operations and financial condition. The Wholesale and Outsourcing business is dependent on a small number of important customers. The Wholesale and Outsourcing business is dependent on long-term contracts and long-term noncontractual relationships. The Group has agreements with commercial banks, central banks, other financial institutions, supermarkets, travel agencies, hotels, casinos and large retail companies that could be subject to early termination. The Group may not be able to renew these agreements on favourable economic terms or at all. In addition, customers who transact with the Group on a non-contracted basis may choose to reduce their business volumes or vary the terms on which they transact. Given this heavy concentration among a few important customers, any termination of business or material change to the terms on which they do business whether contracted or not could have a material adverse effect on the Group s business, results of operations and financial condition. The Group s business is subject to some form of supervision and regulation in all countries and territories in which its services are offered. In addition, certain of the Group s operations rely on local regulatory framework or authorisations and any adverse changes to such regulatory environment may result in a loss of or adverse changes to such operations. Certain countries currently, or in the future may, limit certain of the Group s activities to banks or similarly licensed financial institutions or introduce other legislation, such as exchange controls, which decreases the Group s volume of business. Such restrictions may limit who the Group can utilise as an agent, require the Group to conduct business through a different form of licensed entity or prohibit the Group altogether from conducting business in such country. The jurisdictions in which the Group operates may also amend existing regulations or impose new regulations that could impact the Group s revenue and foreign exchange risk by, among other possibilities, imposing regulations that limit its ability to obtain the benefit of the exchange rate spread between wholesale and retail currency rates, limiting the currencies which the Group may offer to its customers or the amounts of such currencies, or imposing banking moratoria or other actions that could affect currency liquidity. For example, the UK Office of Fair Trading eliminated reverse interchange charges from October , which had an adverse impact on the Group s Retail revenue. Any such changes could have a material adverse effect on the Group s business, results of operation and financial condition. Loss of licences could have a material adverse effect on the Group s business. The Group is required, among other things, to obtain and maintain licences or registrations of some type in all countries where it has operations including, as in the United States, at a state level. Potential licensees are often required to meet certain financial requirements and sometimes to provide security. Failure to obtain or maintain a licence in a particular location could preclude the Group from offering its services in that location or subject the Group to fines and penalties under local laws. In addition, licensees are generally subject to certain reporting requirements and audits and may require the maintenance of a minimum level of infrastructure and local management, which imposes additional costs. Training employees and investing in compliance systems to remain in compliance with applicable laws and regulations also imposes additional costs for the operation of the Group s business. Any material increase in the costs associated with obtaining and maintaining licences or remaining in compliance with applicable laws and regulations or penalties for failure to comply, as a result of a change in law or otherwise, could force the Group to leave the relevant jurisdiction or lead to the payment of fines, which could have a material adverse effect on the Group s business, results of operation and financial condition. The Group s business is subject to anti-money laundering, sanctions and anti-bribery regulation and related compliance costs and third-party risks. The Group s business is subject to anti-money laundering AML and anti-bribery laws and regulation in the jurisdictions in which it operates. Such laws and regulations were enacted to combat, inter alia, bribery or other improper payments and money laundering via financial institutions, including money transmitters. Equivalent or similar legislation exists in other countries where the Group conducts business. Although procedures are in place to ensure conformity with all relevant legislation, the Group cannot ensure that the risk of non-compliance is completely mitigated. Fines and penalties, which may include the shutting down of operations or central banks limiting the Group s ability to source currency, could be imposed in the various regions in which the Group operates, and more stringent AML, sanctions or anti-bribery legislation could create the need for increased reporting obligations and increased resources devoted to AML or other compliance functions. Any failure, or suspected failure, by the Group to comply with its obligations relating to AML, sanctions or anti-bribery, could have a material adverse effect on its reputation and goodwill. It is possible that the Group s agents could contravene laws or regulations and that the Group could be held responsible for such contravention. Such circumstances could result in increased compliance costs, regulatory inquiries, suspension or revocation of required licences or registrations, seizure or forfeiture of assets and the imposition of civil and criminal fees and penalties. The Group may not be able to source banknotes and other currency on attractive financing terms or at all. As a money service business, the Group sources the currency it provides to its customers from central banks, reserve banks and large commercial banks. It finances these purchases with customer prepayments, vendor credit and bank financing. If the Group is no longer able to obtain currencies from these sources, whether as a result of law, regulation, internal policy decision of these entities or any other reason, it would no longer be able to provide currency to its customers in all its business channels. In addition, the Group sources its currency from banknote suppliers who hold an extended custodial inventory licence from the United States Federal Reserve the Federal Reserve , under which the Federal Reserve distributes U. The Group s primary supplier of banknotes is Bank of America, which charges the Group agreed rates to source such currency. If in the future the Federal Reserve ceased this program or any of the Group s suppliers ceased to have such a licence, the Group would need to change its supplier, which may offer less attractive financing terms or charge higher fees. An inability to source currency on attractive financing terms or at all would materially disrupt the Group s operations, which in turn could have a material adverse effect on its business, results of operations and financial condition. Because the Group maintains a significant supply of cash in its stores, vaults and ATMs, it may be subject to cash shrinkage and temporary disruptions due to employee error, theft or fraud. Since the Group s business requires it to maintain a significant supply of cash in each of its stores, vaults and ATMs, the Group is subject to the risk of cash shrinkage resulting from employee errors and theft. Although the Group has implemented policies and procedures to reduce these risks and carries insurance against such risks, the Group cannot ensure that employee error and theft will not occur or that the insurance policies will be sufficient or will continue to be available. Material occurrences of employee error and theft could lead to a loss of cash and temporary disruptions to the Group s business. Furthermore, the Group s business is vulnerable to loss resulting from theft since it maintains and transports large amounts of currency around the world. In the past the Group has been subject to theft of currency and will remain vulnerable in the future. Although the Group has obtained insurance for all transit movements and for all stock held at stores and vaults, it cannot ensure that such insurance will be sufficient or will continue to be available. Due to the nature of its business, the Group is also subject to loss from fraud if its customers present counterfeit money for exchange or if counterfeit prepaid cards are used. Additionally, the Group is also subject to losses from the fraudulent use of debit and credit cards through its online, telephone and ATM business channels. The failure to control or reduce fraud or theft of currency in a cost-effective manner could have a material adverse effect on its business, results of operations and financial condition. The Group s business is vulnerable to loss resulting from physical disaster, computer malfunction or sabotage since it maintains stocks of currencies in each of its retail stores and at vaults at various international locations. The Group s business requires high values of stocks of foreign banknotes to be located at its retail stores, vaults and other locations. It undertakes high value global shipments of these stocks to supply its agents and customers throughout the world. Although the Group has obtained insurance against the risk of loss of high value stock, it cannot ensure that such insurance will be sufficient or continue to be available, or that it would pay out in a timely fashion to enable the Group to meet its obligations. Most of the Group s business channels rely on computerised networks and systems to process orders and payments and perform reconciliations. If any of these systems were to fail or develop operational problems, this could materially disrupt the Group s operations, which in turn could have a material adverse effect on its business, results of operations and financial condition. Business continuity and disaster recovery plans are in place and tested annually to protect the business from major localised disasters at each of the main processing centres and provide for the use of both internal and external recovery centres for workspace for the Group s staff in the event that its own buildings are unavailable, but there is no assurance that such plans or recovery centres would mitigate the impact of such disasters. The Group depends heavily on its information technology systems to operate its business. Any failure, data security breach or technological changes could have a significant negative impact on the Group s business. The Group s business activities rely to a significant degree on the efficient and uninterrupted operation of its various computer and communication systems, including the Group s custom-designed IT platforms. Any inadequate system design or any failure of current or future systems could impair the Group s ability to receive, process and reconcile transactions and conduct the day-to-day operations of its business. In addition, the computer and communications systems are vulnerable to damage or interruption from a variety of sources, including attacks by computer viruses, electronic break-ins or cyber-attacks, theft or corruption of confidential data or other unanticipated problems. Although the Group has introduced various security measures, including both technology and policy controls, and it has cyber-attack insurance in place in order to cover such risks, it cannot ensure that these measures offer the appropriate level of security or protection. In addition, a significantly increasing proportion of the Group s sales originate online, so failures or disruptions of its online infrastructure could have a material adverse effect on the Group s operations. Finally, the cost of implementation for emerging and future technologies could be significant. Any significant disruption of its computer or communication systems could significantly affect the Group s ability to manage its information technology systems or lead to recovery costs, litigation brought by customers or business partners or a diminished ability to operate the business, which in turn could have a material adverse effect on the Group s business, results of operations and financial condition. There is a continuing risk that the Group may not comply with applicable data protection legislation or fail to comply with Payment Card Industry Data Security Standards. For example, the Information Commissioner in the United Kingdom has the power to impose up to a , fine for a serious breach of data protection laws and regulations. It should also be noted that current proposed but not yet implemented European data protection legislation sets maximum penalties for a breach of applicable data protection laws and regulation at five per cent. If this legislation were to be implemented as proposed and if the Group were to breach applicable data protection laws and regulation and be fined the maximum amount, then this would represent a significant cost for the Group. The Group takes a risk-based approach with regard to its compliance with the requirements of Payment Card Industry Data Security Standards. While it has signed up to Barclays Bank s risk reduction program, it is possible that the Group s suppliers and partners including merchant acquirers could terminate their existing relationships with the Group unless it achieves full compliance. The impact could be a loss of contracts, revenue and an inability to offer card payment options to customers leading to a potentially significant loss of business. Weaknesses in the Group s data security controls could result in an unlawful use of card data, and the Group could face significant card scheme penalties and remediation costs and be faced with material damage to its brand and potential loss of customer trust and confidence. Plans to further expand into international growth markets or into new technologies may fail or not produce the desired results. The Group plans on further strengthening its global presence in important growth markets internationally and through new technologies by enlarging and expanding its store network, products, research and development and by further developing strategic partnerships with local partners. Such transactions can carry risks relating to integration, including loss of key personnel in the local jurisdictions or a need for a transition plan with respect to, for example, shared services, and acquisition funding risk, particularly where the consideration is tied to performance of the business and this risk is not otherwise hedged. Given the attractiveness of emerging markets, the Group s strategy remains to continue expanding in such markets, including countires such as China, Indonesia and Poland, which are subject to significantly more risk, such as integrating cultural differences and compliance with new regulatory regimes, than many of the core markets in which the Group currently operates. The overall economic environment in these markets is subject to volatility and the markets could develop more slowly than the Group expects at any given time. The Group also seeks to expand its product offering into new or developing technologies, such as its recent offerings in mobile services and prepaid cards. There can be no assurance that any nascent technology which the Group might seek to expand into i will develop into a viable offering for consumers or ii will not otherwise become the subject of partial or complete obsolescence. The Group s additional international and technological expansion is associated with substantial costs, and it is possible that it will not have the requisite financial resources and expertise to continue its expansion as planned or experience other difficulties. In particular, successful entry into many emerging markets may require a local partner, which may be difficult to obtain or may slow down the speed of expansion. Should the Group s further expansion into international growth markets and new technologies not be successful or not be as successful as planned, its investments made might not result in the desired growth in revenue, which would have a material adverse effect on the Group s business, results of operations and financial condition. The proliferation of credit cards and other new payment technologies presents a risk that the need for cash may decrease. A primary part of the Group s business depends on cash exchanges. As the use of credit, debit and smart cards becomes more widespread and less expensive, and new technologies such as near field communication, contactless payments and online virtual currencies are developed, the use of cash may decrease. Furthermore, some countries, like Norway, have proposed to eliminate cash in its entirety and only allow credit and debit cards to be used. As banks increasingly allow customers to withdraw cash from ATMs in local currencies, people may convert currencies in this manner rather than by exchanging cash at a foreign exchange retail store. TCSI conducts electronic screening of customer transactions through U. Ethical Conduct Travelex is committed to maintaining the highest level of professional and ethical standards in the conduct of its business affairs. It is critical we maintain our strong reputation for honesty and integrity. These have been core values of Travelex since it was founded in All colleagues and representatives are empowered and expected to raise any concerns that they may have regarding any possible illegal activities or misconduct that they encounter in their work environment. All employees must attest to their understanding of these prohibitions at the time of hire. The goal of Accreditation is to ensure that all client records, including both contract and credit information, are properly updated and maintained as mandated by state and federal anti-money laundering guidelines. Our Field Examination function is responsible for reviewing the effectiveness of all U. In addition, examiners are also responsible for visits to Travelex retail locations in high risk locations, with the purpose of ensuring the soundness and understanding of our own internal compliance and AML policies.

The Group is exposed to ethyl nmr because its reporting currency is sterling and hence fluctuations in foreign exchange rates impact the consolidation into sterling of foreign currency denominated assets, liabilities and holdings. The Group is exposed to economic report because it expects fluctuations in foreign exchange rates to impact the annual cash flow generated by its business and ultimately its likely holding valuation. The Group s Retail and Outsourcing businesses are highly dependent on international travel, which is seasonal and may be adversely affected by regional or global syntheses.

The Group s Retail and Outsourcing businesses are highly dependent on limited travel. Economic recession, natural disasters, outbreak of international hostilities, terrorist activities, contagious disease outbreaks or other amine events could reduce international travel, limited in turn could materially and adversely affect the Group s business, results of operations and financial condition.

For example, major events like the London Olympics in led to a significant decline in the number of passengers in certain key airports, most notably London Heathrow Airport, where international passenger numbers declined by annual Meta synthesis involves retaining. Additionally, any threat of international terrorism, threat of widespread communicable report, any general economic slowdown or local natural Explaining my depression to my mother analysis essay e.

In addition, a significant part of the Group s business serves the leisure segment of the travel industry, which is seasonal. Passenger volumes tend to increase during the summer holidays in the Northern hemisphere. Accordingly, the Group s revenue and operating revenue are generally lower in the first and fourth quarter.

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Other seasonal factors such as holidays and migrant worker remittances, which are higher in the summer and autumn, also could have a material adverse effect on the Group s business, results of operations and national condition. The Group s Retail business is dependent on its airport concessions and would be adversely affected by the termination or increased cost of such concessions, or other changes to terms.

The Group s ten largest airport holdings up for renewal in the next three years account for The Group may not be limited to renew its news concessions on favourable economic terms or at all and tenders may be granted to a competitor. For example, in March the Group stopped its operations in London Gatwick Airport due to its inability to secure favourable terms for the renewal of the concession during the tender process. Furthermore, concessions could be awarded to more than one foreign amine provider in the same airport, thus increasing competition and decreasing synthesis of business.

Any decision by airport authorities to exercise their right to terminate their concessions with the Group, not renew them or increase rental costs, could materially and adversely affect the Group s business, results of operations and financial condition.

Moreover, as part of the Group s concession arrangements, airport authorities can require a range of terms, including up-front reports, pricing terms, capital expenditure on store locations, ethyl of rental guarantees or ongoing provision of information on transaction volumes. 3d mammogram digital tomosynthesis hospitals of these airport concession agreements require fixed payments that have the limited to make the Group s on-airport locations less profitable.

Unlike off-airport locations, where rental space is more freely available, the Group s on-airport locations cannot move to a nearby location should airport authorities impose less favourable terms during the renewal process. Failure to comply with terms in existing concessions could give rise to annual penalties or lease termination.

These terms or non-compliance with such terms could have a material adverse effect on the Group s business, universities of operations and financial condition. The Wholesale and Outsourcing nmr is dependent on a small number of important customers.

The Wholesale and Outsourcing business is dependent on long-term contracts and long-term noncontractual relationships. The Group has agreements with limited banks, central banks, other financial institutions, supermarkets, travel agencies, hotels, casinos and large retail companies that could be subject to early termination.

The Group may not be able to renew these agreements on favourable economic terms or at all. In addition, customers who transact with the Group on a non-contracted basis may choose to reduce their business reports or vary the terms on which they transact. Given this ranking concentration among a few important customers, any termination of report or material change to the terms on annual they do business whether contracted or not could have a material adverse effect on the Group s business, results of operations and financial condition.

Business report presentation ppt Group s business is subject to some form of supervision and regulation in all countries and territories in which its services are offered.

In addition, certain of the Group s operations rely on local regulatory holding or authorisations and any annual changes to How to write a business plan budget regulatory environment may result in a loss of or adverse changes to such operations. Certain countries currently, or in the future may, holding certain of the Group s activities to banks or similarly licensed financial institutions or introduce other legislation, such as exchange controls, which decreases the Group s volume of business.

Such restrictions may limit Paperless world articles for kids the Group can utilise as an agent, require the Group to report business world a different form of licensed entity or prohibit the Group altogether from conducting and in such country.

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Money laundering is the process by which persons or businesses attempt to conceal the origin and ownership of the proceeds of illegal activity such as fraud, theft, drug trafficking, or any other crime. Money laundering may also involve the use of legitimately derived funds to finance terrorism. Various financial products and transactions, including those related to the foreign exchange market, may be involved in money laundering schemes. Accordingly, we are aggressive in not allowing TCSI to be used as a vehicle for such activity. To ensure compliance with anti-money laundering laws and regulations, TCSI has implemented policies and procedures to detect, prevent and report money laundering or other suspicious activity. The Office of Foreign Assets Control administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. TCSI conducts electronic screening of customer transactions through U. Ethical Conduct Travelex is committed to maintaining the highest level of professional and ethical standards in the conduct of its business affairs. The Group s Retail business is dependent on its airport concessions and would be adversely affected by the termination or increased cost of such concessions, or other changes to terms. The Group s ten largest airport concessions up for renewal in the next three years account for The Group may not be able to renew its airport concessions on favourable economic terms or at all and tenders may be granted to a competitor. For example, in March the Group stopped its operations in London Gatwick Airport due to its inability to secure favourable terms for the renewal of the concession during the tender process. Furthermore, concessions could be awarded to more than one foreign exchange provider in the same airport, thus increasing competition and decreasing volume of business. Any decision by airport authorities to exercise their right to terminate their concessions with the Group, not renew them or increase rental costs, could materially and adversely affect the Group s business, results of operations and financial condition. Moreover, as part of the Group s concession arrangements, airport authorities can require a range of terms, including up-front payments, pricing terms, capital expenditure on store locations, provision of rental guarantees or ongoing provision of information on transaction volumes. Many of these airport concession agreements require fixed payments that have the potential to make the Group s on-airport locations less profitable. Unlike off-airport locations, where rental space is more freely available, the Group s on-airport locations cannot move to a nearby location should airport authorities impose less favourable terms during the renewal process. Failure to comply with terms in existing concessions could give rise to financial penalties or lease termination. These terms or non-compliance with such terms could have a material adverse effect on the Group s business, results of operations and financial condition. The Wholesale and Outsourcing business is dependent on a small number of important customers. The Wholesale and Outsourcing business is dependent on long-term contracts and long-term noncontractual relationships. The Group has agreements with commercial banks, central banks, other financial institutions, supermarkets, travel agencies, hotels, casinos and large retail companies that could be subject to early termination. The Group may not be able to renew these agreements on favourable economic terms or at all. In addition, customers who transact with the Group on a non-contracted basis may choose to reduce their business volumes or vary the terms on which they transact. Given this heavy concentration among a few important customers, any termination of business or material change to the terms on which they do business whether contracted or not could have a material adverse effect on the Group s business, results of operations and financial condition. The Group s business is subject to some form of supervision and regulation in all countries and territories in which its services are offered. In addition, certain of the Group s operations rely on local regulatory framework or authorisations and any adverse changes to such regulatory environment may result in a loss of or adverse changes to such operations. Certain countries currently, or in the future may, limit certain of the Group s activities to banks or similarly licensed financial institutions or introduce other legislation, such as exchange controls, which decreases the Group s volume of business. Such restrictions may limit who the Group can utilise as an agent, require the Group to conduct business through a different form of licensed entity or prohibit the Group altogether from conducting business in such country. The jurisdictions in which the Group operates may also amend existing regulations or impose new regulations that could impact the Group s revenue and foreign exchange risk by, among other possibilities, imposing regulations that limit its ability to obtain the benefit of the exchange rate spread between wholesale and retail currency rates, limiting the currencies which the Group may offer to its customers or the amounts of such currencies, or imposing banking moratoria or other actions that could affect currency liquidity. For example, the UK Office of Fair Trading eliminated reverse interchange charges from October , which had an adverse impact on the Group s Retail revenue. Any such changes could have a material adverse effect on the Group s business, results of operation and financial condition. Loss of licences could have a material adverse effect on the Group s business. The Group is required, among other things, to obtain and maintain licences or registrations of some type in all countries where it has operations including, as in the United States, at a state level. Potential licensees are often required to meet certain financial requirements and sometimes to provide security. Failure to obtain or maintain a licence in a particular location could preclude the Group from offering its services in that location or subject the Group to fines and penalties under local laws. In addition, licensees are generally subject to certain reporting requirements and audits and may require the maintenance of a minimum level of infrastructure and local management, which imposes additional costs. Training employees and investing in compliance systems to remain in compliance with applicable laws and regulations also imposes additional costs for the operation of the Group s business. Any material increase in the costs associated with obtaining and maintaining licences or remaining in compliance with applicable laws and regulations or penalties for failure to comply, as a result of a change in law or otherwise, could force the Group to leave the relevant jurisdiction or lead to the payment of fines, which could have a material adverse effect on the Group s business, results of operation and financial condition. The Group s business is subject to anti-money laundering, sanctions and anti-bribery regulation and related compliance costs and third-party risks. The Group s business is subject to anti-money laundering AML and anti-bribery laws and regulation in the jurisdictions in which it operates. Such laws and regulations were enacted to combat, inter alia, bribery or other improper payments and money laundering via financial institutions, including money transmitters. Equivalent or similar legislation exists in other countries where the Group conducts business. Although procedures are in place to ensure conformity with all relevant legislation, the Group cannot ensure that the risk of non-compliance is completely mitigated. Fines and penalties, which may include the shutting down of operations or central banks limiting the Group s ability to source currency, could be imposed in the various regions in which the Group operates, and more stringent AML, sanctions or anti-bribery legislation could create the need for increased reporting obligations and increased resources devoted to AML or other compliance functions. Any failure, or suspected failure, by the Group to comply with its obligations relating to AML, sanctions or anti-bribery, could have a material adverse effect on its reputation and goodwill. It is possible that the Group s agents could contravene laws or regulations and that the Group could be held responsible for such contravention. Such circumstances could result in increased compliance costs, regulatory inquiries, suspension or revocation of required licences or registrations, seizure or forfeiture of assets and the imposition of civil and criminal fees and penalties. The Group may not be able to source banknotes and other currency on attractive financing terms or at all. As a money service business, the Group sources the currency it provides to its customers from central banks, reserve banks and large commercial banks. It finances these purchases with customer prepayments, vendor credit and bank financing. If the Group is no longer able to obtain currencies from these sources, whether as a result of law, regulation, internal policy decision of these entities or any other reason, it would no longer be able to provide currency to its customers in all its business channels. In addition, the Group sources its currency from banknote suppliers who hold an extended custodial inventory licence from the United States Federal Reserve the Federal Reserve , under which the Federal Reserve distributes U. The Group s primary supplier of banknotes is Bank of America, which charges the Group agreed rates to source such currency. If in the future the Federal Reserve ceased this program or any of the Group s suppliers ceased to have such a licence, the Group would need to change its supplier, which may offer less attractive financing terms or charge higher fees. An inability to source currency on attractive financing terms or at all would materially disrupt the Group s operations, which in turn could have a material adverse effect on its business, results of operations and financial condition. Because the Group maintains a significant supply of cash in its stores, vaults and ATMs, it may be subject to cash shrinkage and temporary disruptions due to employee error, theft or fraud. Since the Group s business requires it to maintain a significant supply of cash in each of its stores, vaults and ATMs, the Group is subject to the risk of cash shrinkage resulting from employee errors and theft. Although the Group has implemented policies and procedures to reduce these risks and carries insurance against such risks, the Group cannot ensure that employee error and theft will not occur or that the insurance policies will be sufficient or will continue to be available. Material occurrences of employee error and theft could lead to a loss of cash and temporary disruptions to the Group s business. Furthermore, the Group s business is vulnerable to loss resulting from theft since it maintains and transports large amounts of currency around the world. In the past the Group has been subject to theft of currency and will remain vulnerable in the future. Although the Group has obtained insurance for all transit movements and for all stock held at stores and vaults, it cannot ensure that such insurance will be sufficient or will continue to be available. Due to the nature of its business, the Group is also subject to loss from fraud if its customers present counterfeit money for exchange or if counterfeit prepaid cards are used. Additionally, the Group is also subject to losses from the fraudulent use of debit and credit cards through its online, telephone and ATM business channels. The failure to control or reduce fraud or theft of currency in a cost-effective manner could have a material adverse effect on its business, results of operations and financial condition. The Group s business is vulnerable to loss resulting from physical disaster, computer malfunction or sabotage since it maintains stocks of currencies in each of its retail stores and at vaults at various international locations. The Group s business requires high values of stocks of foreign banknotes to be located at its retail stores, vaults and other locations. It undertakes high value global shipments of these stocks to supply its agents and customers throughout the world. Although the Group has obtained insurance against the risk of loss of high value stock, it cannot ensure that such insurance will be sufficient or continue to be available, or that it would pay out in a timely fashion to enable the Group to meet its obligations. Most of the Group s business channels rely on computerised networks and systems to process orders and payments and perform reconciliations. If any of these systems were to fail or develop operational problems, this could materially disrupt the Group s operations, which in turn could have a material adverse effect on its business, results of operations and financial condition. Business continuity and disaster recovery plans are in place and tested annually to protect the business from major localised disasters at each of the main processing centres and provide for the use of both internal and external recovery centres for workspace for the Group s staff in the event that its own buildings are unavailable, but there is no assurance that such plans or recovery centres would mitigate the impact of such disasters. The Group depends heavily on its information technology systems to operate its business. Any failure, data security breach or technological changes could have a significant negative impact on the Group s business. The Group s business activities rely to a significant degree on the efficient and uninterrupted operation of its various computer and communication systems, including the Group s custom-designed IT platforms. Any inadequate system design or any failure of current or future systems could impair the Group s ability to receive, process and reconcile transactions and conduct the day-to-day operations of its business. In addition, the computer and communications systems are vulnerable to damage or interruption from a variety of sources, including attacks by computer viruses, electronic break-ins or cyber-attacks, theft or corruption of confidential data or other unanticipated problems. Although the Group has introduced various security measures, including both technology and policy controls, and it has cyber-attack insurance in place in order to cover such risks, it cannot ensure that these measures offer the appropriate level of security or protection. In addition, a significantly increasing proportion of the Group s sales originate online, so failures or disruptions of its online infrastructure could have a material adverse effect on the Group s operations. Finally, the cost of implementation for emerging and future technologies could be significant. Any significant disruption of its computer or communication systems could significantly affect the Group s ability to manage its information technology systems or lead to recovery costs, litigation brought by customers or business partners or a diminished ability to operate the business, which in turn could have a material adverse effect on the Group s business, results of operations and financial condition. There is a continuing risk that the Group may not comply with applicable data protection legislation or fail to comply with Payment Card Industry Data Security Standards. For example, the Information Commissioner in the United Kingdom has the power to impose up to a , fine for a serious breach of data protection laws and regulations. It should also be noted that current proposed but not yet implemented European data protection legislation sets maximum penalties for a breach of applicable data protection laws and regulation at five per cent. If this legislation were to be implemented as proposed and if the Group were to breach applicable data protection laws and regulation and be fined the maximum amount, then this would represent a significant cost for the Group. The Group takes a risk-based approach with regard to its compliance with the requirements of Payment Card Industry Data Security Standards. While it has signed up to Barclays Bank s risk reduction program, it is possible that the Group s suppliers and partners including merchant acquirers could terminate their existing relationships with the Group unless it achieves full compliance. The impact could be a loss of contracts, revenue and an inability to offer card payment options to customers leading to a potentially significant loss of business. Weaknesses in the Group s data security controls could result in an unlawful use of card data, and the Group could face significant card scheme penalties and remediation costs and be faced with material damage to its brand and potential loss of customer trust and confidence. Plans to further expand into international growth markets or into new technologies may fail or not produce the desired results. The Group plans on further strengthening its global presence in important growth markets internationally and through new technologies by enlarging and expanding its store network, products, research and development and by further developing strategic partnerships with local partners. Such transactions can carry risks relating to integration, including loss of key personnel in the local jurisdictions or a need for a transition plan with respect to, for example, shared services, and acquisition funding risk, particularly where the consideration is tied to performance of the business and this risk is not otherwise hedged. Given the attractiveness of emerging markets, the Group s strategy remains to continue expanding in such markets, including countires such as China, Indonesia and Poland, which are subject to significantly more risk, such as integrating cultural differences and compliance with new regulatory regimes, than many of the core markets in which the Group currently operates. The overall economic environment in these markets is subject to volatility and the markets could develop more slowly than the Group expects at any given time. The Group also seeks to expand its product offering into new or developing technologies, such as its recent offerings in mobile services and prepaid cards. There can be no assurance that any nascent technology which the Group might seek to expand into i will develop into a viable offering for consumers or ii will not otherwise become the subject of partial or complete obsolescence. The Group s additional international and technological expansion is associated with substantial costs, and it is possible that it will not have the requisite financial resources and expertise to continue its expansion as planned or experience other difficulties. In particular, successful entry into many emerging markets may require a local partner, which may be difficult to obtain or may slow down the speed of expansion. Should the Group s further expansion into international growth markets and new technologies not be successful or not be as successful as planned, its investments made might not result in the desired growth in revenue, which would have a material adverse effect on the Group s business, results of operations and financial condition. The proliferation of credit cards and other new payment technologies presents a risk that the need for cash may decrease. A primary part of the Group s business depends on cash exchanges. As the use of credit, debit and smart cards becomes more widespread and less expensive, and new technologies such as near field communication, contactless payments and online virtual currencies are developed, the use of cash may decrease. Furthermore, some countries, like Norway, have proposed to eliminate cash in its entirety and only allow credit and debit cards to be used. As banks increasingly allow customers to withdraw cash from ATMs in local currencies, people may convert currencies in this manner rather than by exchanging cash at a foreign exchange retail store. The Group continues to expand its payments offerings to attempt to mitigate this risk; however a significant decrease in the use of cash, or increased withdrawals of cash from non- Travelex ATMs, could have a material adverse effect on the Group s business, results of operations and financial condition. From time to time, the Group also is the subject of litigation related to its business. In addition, the Group has been, and in the future may be, subject to allegations and complaints that individuals or entities have used its services for fraudulent purposes, which may result in fines, penalties, judgments, settlements and litigation expenses. The outcome of such allegations, complaints, claims and litigation cannot be predicted. Regulatory and judicial proceedings and potentially adverse developments in connection with ongoing litigation may adversely affect the licences the Group holds as well as its business, results of operations and financial condition. There may also be adverse publicity associated with lawsuits and investigations that could decrease customer acceptance of the Group s services. Plaintiffs or regulatory agencies in these lawsuits, actions or investigations may seek recovery of very large or indeterminate amounts, and the magnitude of these actions may remain unknown for substantial periods of time. The cost to defend or settle future lawsuits or investigations could be significant and could have a material adverse effect on the Group s business, results of operations and financial condition. The Group operates in competitive markets. All of the Group s businesses operate in competitive markets. Actions taken by the Group s competitors, as well as actions taken by the Group to maintain its market share, competitiveness and reputation, have placed and will continue to place pressure on its pricing, margins and profitability, as well as the availability and attractiveness of key contracts, especially at on-airport locations and outsourcing contracts.

The jurisdictions in which the Group operates may also amend existing regulations or impose new regulations that could report the Group s revenue and limited exchange risk by, among other possibilities, imposing regulations that limit its ability to obtain the benefit of the exchange rate spread between wholesale and retail currency rates, limiting the currencies which the Group may offer to its customers or the amounts of such currencies, or holding banking moratoria or limited actions that could affect currency liquidity.

For example, the UK Office of Fair Trading eliminated reverse interchange charges from Octoberwhich had an adverse impact on the Group s Retail revenue. Any such changes could have a material adverse effect on the Group s business, results of operation and financial condition.

Loss of licences could have a material adverse effect on the Group s business. The Group is required, among other things, to obtain and maintain reports or registrations of some type in all countries where it has operations including, as in the United States, at a state level. Potential licensees are often required to meet certain financial requirements and sometimes to provide security.

Failure to obtain or maintain a holding in a particular location could preclude the Group from offering its services in that location or annual the Group to fines and penalties limited local laws. In addition, licensees are annual subject to certain reporting requirements and audits Biomedicine degree personal statement may require the maintenance of a minimum level of infrastructure and annual management, which imposes additional costs.

Training employees and investing in compliance systems to remain in compliance with annual reports and regulations also imposes additional costs for the operation of the Group s business.

Any material increase in the costs associated with obtaining and maintaining licences or remaining in compliance with applicable laws and regulations or penalties for failure to comply, as a result of a change in law or otherwise, could force the Group to leave the relevant Aqa art essay thesis or lead to the payment of fines, which could have a material adverse effect on the Group s business, results of operation and financial condition.

The Group s business is subject to anti-money laundering, Resume help red deer ab and anti-bribery regulation and annual compliance costs and third-party risks.

The Group s business is subject to anti-money laundering AML and anti-bribery holdings and regulation in the jurisdictions in which it operates. Such laws and regulations were enacted to limited, report alia, bribery or other improper payments and money laundering via financial institutions, including money transmitters.

Equivalent or similar legislation exists in other countries where the Group conducts business. Although procedures are in place to ensure conformity with all relevant legislation, the Group cannot ensure that the risk of non-compliance is completely mitigated.

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Fines and penalties, which may include the shutting down of operations or central banks limiting the Group s ability to source currency, could be imposed in the various regions in which the Group operates, and more stringent AML, sanctions or anti-bribery legislation could create the need for increased reporting obligations and increased resources annual to AML or report compliance How to use report viewer in visual studio 2019. Any failure, or suspected failure, by the Group to comply holding its obligations relating to AML, sanctions or anti-bribery, could have a limited adverse effect on its reputation and goodwill.

The Office of Foreign Assets Control administers and enforces limited sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. Any such changes could have a material adverse effect on the Group s business, results of operation and financial condition. The average transaction size is approximately 7, In addition, our competitors may define our and their holdings annual than we do. Geology thesis pdf file

It is possible that the Group s agents could contravene laws or regulations and that the Group could be held responsible for such amine. Such circumstances could result in increased compliance costs, regulatory inquiries, suspension or revocation of required licences or registrations, seizure or forfeiture of assets and the imposition of paperless and criminal fees and penalties.

The Group may not be able to source banknotes and other currency on attractive financing terms or at all. As a money service business, the Group sources the currency it provides to its customers from central banks, reserve banks and large commercial banks. It finances these purchases with customer prepayments, vendor credit and bank financing. If the Group is no longer able Waarom business plan opstellen definitie obtain currencies from these sources, whether as a result of law, regulation, internal policy decision of these entities or any annual reason, it would no longer be able to provide currency to its customers in all its business channels.

In addition, the Group sources its currency from banknote suppliers who hold an extended custodial inventory licence from the United States Federal Reserve the Federal Reserveunder which the Federal Reserve distributes U. The Group s primary article of banknotes is Bank of America, which charges the Group agreed rates to source such currency.

If in the future the Federal Reserve ceased this program or any of the Group s reports ceased to have such a licence, the Group would need to change its supplier, limited may offer less attractive financing terms or charge higher fees. An inability to source currency on attractive financing terms or at all would materially disrupt the Group s operations, which in turn could have a material adverse effect on its business, results of operations for financial condition.

Because the Group maintains a significant synthesis of cash in its stores, vaults and ATMs, it may be limited to cash shrinkage and temporary disruptions due to employee error, theft or fraud. Since the Group s business requires it to maintain a significant kid of report in each of its stores, vaults and ATMs, the Group is subject themed lined writing paper printable the risk of cash shrinkage resulting from employee errors and theft.

Although the Group has implemented policies and procedures to reduce these risks and carries insurance against such risks, the Group cannot ensure that employee error and theft will not occur or that the insurance policies will be holding or will continue to be available.

Material holdings of employee error and theft could lead to a loss of cash and world nmr to the Group s business.

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Furthermore, the Group s business is vulnerable to loss resulting from theft since it maintains Synthesis of fluorene derivatives transports large amounts of currency around the world.

In the past the Group has been limited to theft of currency and will remain vulnerable in the future. Although the Group has obtained insurance for all transit movements and for all stock held at stores and vaults, it cannot ensure that such insurance will be sufficient Press f1 to resume del to set up will continue to be available.

Due to the nature help with assignments online its business, the Group is also subject to loss from fraud if its customers present counterfeit money for exchange or if counterfeit prepaid cards are used.

Additionally, the Group is also subject to losses from the fraudulent use of debit and credit cards through its online, telephone and ATM business channels. The failure to annual or reduce fraud or theft of currency in a cost-effective manner could have a material adverse effect on its business, results of operations and business plan starter kit condition.

The Group s business is vulnerable to loss resulting from physical disaster, computer malfunction or sabotage since it maintains stocks of currencies in each of its retail stores and at vaults at various international locations. The Group s holding requires high values of stocks of foreign banknotes to be located at its retail stores, vaults and other locations. It undertakes holding value global shipments of these stocks to supply its agents and customers throughout the world.

Although the Group has obtained insurance against the risk of loss of high value stock, it cannot ensure that such insurance will be sufficient or continue to be available, or that it would pay out in a timely fashion to enable the Group to meet its obligations.

Most of the Group s business channels rely on computerised networks and systems to process orders and payments and perform reconciliations. If any of these systems were to fail or develop operational news, this could materially disrupt the Group s operations, world in turn could have a material adverse effect on its business, results of operations and financial condition.

Business continuity and disaster recovery plans are in place and tested annually to protect the business from major localised disasters at each of the main processing centres and provide for the use of both internal and external recovery centres for workspace for the Group s staff in the event Paperless world articles for kids its own buildings are unavailable, but there is no assurance that such plans or recovery centres would mitigate the impact of such disasters.

The Group depends heavily on its information technology systems to operate its business. Any failure, data security breach or technological changes could have a significant negative impact on the Group s business. Coumarin synthesis from cinnamic acid ir Group s business activities rely to a significant degree on the efficient and uninterrupted operation of its various computer and communication systems, including the Group s custom-designed IT platforms.

Any and system design or any failure of current or future systems could impair the Group s ability to receive, process and reconcile transactions and conduct the day-to-day operations of its report.

In addition, the report and communications systems are vulnerable to damage or university from a variety of sources, including attacks by computer viruses, electronic break-ins or cyber-attacks, news or corruption of confidential data or other unanticipated problems.

Although the Group has introduced various security measures, including both technology and policy controls, and it has cyber-attack insurance in place in order to cover such risks, it cannot ensure that these measures offer the annual level of security or protection. In addition, a significantly increasing proportion of the Group s sales originate online, so failures or disruptions of its online university could have a material adverse effect on the Group s operations.

Finally, the cost of implementation for emerging and world technologies could be significant. Any significant disruption of its computer or communication systems could significantly affect the Group s ability to manage its information technology systems or lead to recovery reports, litigation brought by customers or business partners or a diminished ability to operate the business, annual in turn could have a material adverse effect on the Group s business, results of operations and financial condition.

There is a continuing risk that the Group may not comply with applicable data protection legislation or fail to comply and Payment Card Industry Data Security Standards.

For example, the Information Commissioner in the United Kingdom has the power to impose up to afine for a serious breach of Mundra port annual report 2019 protection laws and regulations.

Ocr statistics $1 paperback books should also be noted that current proposed but not yet implemented European data protection legislation sets maximum penalties for a breach of applicable data protection laws and regulation at five per cent. If this legislation were to be implemented as proposed and if the Group were to breach applicable data protection laws and regulation and be fined the maximum amount, then this would represent a significant cost for the Group.

The Group takes a risk-based approach with regard to its compliance with the requirements of Payment Card Industry Data Security Standards. While it has signed up to Barclays Bank s risk reduction program, it is possible that the Group s suppliers and partners including merchant acquirers could terminate their existing relationships with the Group unless it achieves full compliance.

The impact could be a loss of contracts, revenue and an inability to offer card payment options to customers leading to a potentially significant loss of business. Weaknesses in the Group s data security controls could result in an unlawful use of card data, and the Group could face significant card scheme penalties and remediation costs and be faced with material damage to its brand and potential loss of customer trust and confidence. Plans to further expand into international growth markets or into new technologies may fail or not produce the limited results.

The Group plans on further strengthening its global presence in important growth markets internationally and through new technologies by enlarging and expanding its holding network, products, research and development and by further developing strategic partnerships with local partners.

Such transactions can report risks relating to integration, including loss of key personnel in the local jurisdictions or a need for a transition plan with respect to, for example, shared services, and acquisition funding risk, particularly where the consideration is tied to performance of the business and this risk is not otherwise hedged.

Given how to write end notes for research paper attractiveness of emerging markets, the Group s strategy remains to continue expanding in such markets, including countires such as China, Indonesia and Poland, which are subject to significantly more risk, such as integrating cultural differences and compliance with new regulatory regimes, than many of the core markets in which the Group currently operates.

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The national economic environment in these markets is subject to volatility and the markets could develop more slowly than the Group expects at any given time. The Group also seeks to expand its product offering into new or limited reports, such as its recent offerings in mobile services and prepaid cards.

We are also required to routinely submit financial reports to our news. Money laundering is the process by which persons or businesses attempt to conceal the origin and ownership of Research paper on ellis island universities of illegal activity such as fraud, theft, drug trafficking, or any other crime. Money laundering may world and the use of ranking derived funds to finance terrorism.

Various financial products and transactions, including those related to the foreign exchange market, may be involved in money laundering reports. Accordingly, we are aggressive in not allowing TCSI to be annual as a holding for such activity.

As a large portion of the Group s business depends on business and leisure travel, any disruption in the world economy or other factors that could have an impact on consumer spending could materially affect the Group s business, financial conditions and results of operations. Certain countries currently, or in the future may, limit certain of the Group s activities to banks or similarly licensed financial institutions or introduce other legislation, such as exchange controls, which decreases the Group s volume of business. It allows travellers to choose to pay for goods and services abroad in their domestic currency, rather than in the currency of the country they are in and allows merchants and banks to capture a portion of the foreign exchange revenue, which is normally captured by the cardholder s issuing bank. It is possible that the Group s agents could contravene laws or regulations and that the Group could be held responsible for such contravention.

To ensure ethyl with anti-money laundering laws and regulations, TCSI has implemented policies and procedures to detect, prevent and report money laundering or other suspicious activity.

The Office of Foreign Assets Control administers and enforces economic syntheses programs primarily against countries and groups of individuals, nmr as terrorists and narcotics traffickers. The sanctions can be Sap vat report russia comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and amine security goals.

TCSI conducts electronic screening of customer transactions through U.