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 highlighted the deficiencies...
adverse media

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 sources viz. ‘traditional’...

Identifying the Ultimate Beneficial Owners

In the face of terrorist financing, drug trafficking and other criminal activities, money laundering is becoming a growing concern for the financial institutions across the...

Defining Heightened Risk Entities

Risk Assessment procedures of the banks require them to identify and classify the customer. Classification of High Risk Customers is one of the major challenges that every...

Penalty on Airtel Payments Bank for violation of KYC Norms

Based on the complaints and adverse media reports alleging that the Airtel Payments bank had opened customer accounts without a clear/specific consent of the customers, a supervisory...

KYC Violation by Indian Overseas Bank

Reserve Bank of India has imposed a penalty of ₹2 crore on Indian Overseas Bank (IOB) for violating Know Your Customer (KYC) norms. The Reserve Bank of India...

Syndicate Bank fined for violation of KYC Norms

A scrutiny was conducted by RBI of certain branches of the Syndicate bank in the aftermath of a fraud reported in these branches. A monetary penalty of...

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 abused...

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 remain...

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. Customer relationship pose money laundering...