Tax Havens explained
European Union finance ministers failed to agree on a sweeping new policy to fight tax evasion because of resistance from Luxembourg, a tiny country that long has prospered from a secretive...
Duty Drawback and Laundering
The duty drawback scheme has been designed to refund to exporters duties levied by Customs & Central Excise or tariffs paid by them on both imported and locally produced materials or...
The risk of issuing the Sovereign Coins
As the crypto currency becomes popular, different variants of the technology will emerge. Globally, central banks and the governments are against private digital currency because currency issuance is a...
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 ₹ 5 crores on...
The deep roots of shell companies in India
Problem of Shell companies is widespread.Identifying these companies have became a challenge for the enforcement and investigative agencies as they are used in the wider money laundering activities.
The layers of these...
Statistics on Heightened Risk Entities
Riskpro Technology, which compiles the data on heightened risk entities recently published their factsheet. There are more than 175000 individuals flagged as Heightened Risk Individual in the specially designed database called...
Money Laundering though ICSIL
Intelligent Communication Systems India Limited (ICSIL) is a joint venture of Telecommunications Consultants India Limited, a Government of India enterprise, and Delhi State Industrial and Infrastructure Development Corporation, an undertaking of...
CAME becomes a certification of National Significance
If we go 2000 years back in time, Money laundering existed and if we go 2000 years forward in time, it would still be in existence. This was sensed...
Impact of Demonetization on CAME Profession
Demonetization efforts of the Indian government are likely to see a increased demand for the Certified Anti Money Laundering Experts. The anti-money laundering (AML) function for financial institutions, such as banks...
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 and terrorist financing risk...
