Know Your Customer
Trust and Company Service Providers need to register with FIU-IND
Soon after getting the professionals under the purview of PMLA, FIU introduced the norms for Trust and Company Service Providers. So finally, much-needed clarity has come from the AML...
Know Your Customer
Strengthening GST Laws to Combat Money Laundering: A Step Towards Transparency
The implementation of the Goods and Services Tax (GST) in India marked a significant milestone in the country's tax reform. However, like any other...
Know Your Customer
PMLA Amendments 23: Strengthened Regulations and Increased Scrutiny
The Government of India has amended the PMLA Rules to further expand the scope of money laundering. Money Laundering has become a serious problem...
Know Your Customer
End Use Monitoring in AML Parlance
In last few years many global financial institutions such as HSBC, Standard Chartered were fined for failing to detect the suspicious transactions. These penalties...
Know Your Customer
Adverse Media information on High Risk Customers
Adverse media screening, also known as negative news screening, is defined as unfavorable information found in news sources. There are two types of news...
Know Your Customer
Identifying the Ultimate Beneficial Owners
In the face of terrorist financing and drug trafficking, money laundering is becoming a growing concern for the financial institutions across the world. These...
Know Your Customer
Enhanced Due Diligence – What, When and How?
Banks and Financial Institutions are covered under AML Laws. They must understand the customer to avoid being potentially abused for money laundering. They do...
Know Your Customer
Defining Heightened Risk Entity
Risk Assessment procedures of the banks require them to identify and classify the customer. Classification of High Risk Customers is one of the major...
Know Your Customer
Heightened Risk Individuals – Politically Exposed Persons
Politically Exposed Persons (PEP)s are high risk customers for financial institutions. Due to their influence, many PEPs are in positions that potentially can be...
Know Your Customer
Dealing with customers from High Risk Countries
Globalisation is storming ahead and businesses are looking beyond their domestic surroundings. They have to expand beyond the domestic markets if they have to...
Know Your Customer
Classification of High Risk Customers
Regulated financial institutions are required to take a risk-based approach to customer due diligence and ongoing monitoring under the Money Laundering Regulations. Risk classification...