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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...
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