by Jyotsna Bucktowar | Oct 15, 2023
RBI has issued new guidelines for Know Your Customer (KYC) to strengthen the customer verification system. Under this, banks and non-banking financial companies (NBFCs) have been asked to adopt a risk-based approach regarding KYC updates from time to time…
by Jyotsna Bucktowar | Jun 20, 2023
The amendments, which came into effect on May 10, 2023, are aimed at preventing ML and TF. The key changes to the MD on KYC include: Enhanced CDD requirements: REs will now be required to conduct enhanced CDD for high-risk customers, including (PEPs) and those...
by Jyotsna Bucktowar | Jun 16, 2023
Many firms’ pivot to digital on-boarding has prioritized speed over collecting enough information to determine whether transactions are suspicious. Experts say it has created an inefficient, expensive process where AML analysts are sifting through thousands of alerts...
by AdrianaAMLP | Sep 1, 2022
Asset managers have swerved the money laundering impact faced by their banking counterparts, progressive capabilities from financial criminals are forcing the sector to notice glaring flaws in their AML processes.
by AdrianaAMLP | Mar 17, 2022
USAA FSB admitted that it willfully failed to implement and maintain an AML program that met the minimum requirements of the BSA and failed to accurately and timely report thousands of suspicious transactions to FinCEN involving suspicious financial...
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