Know Your Customer
Importance of KYC and Sanctions Screening: Protecting Organizations from Risky Customers
In today's world, where financial crimes like money laundering and terrorist financing pose significant risks, organizations must take steps to know exactly who they are doing business with. This...
Know Your Customer
AML Policies and Procedures for Effective AML Compliance
Anti-Money Laundering (AML) policies and procedures are like a set of rules that banks and other financial institutions follow to prevent criminals from using...
Know Your Customer
KYC Remediation: 5 Essential Steps for Thorough Compliance
Remediation refers to the process of correcting or improving a situation that is problematic or deficient in some way. KYC remediation typically involves updating...
Know Your Customer
KYT: Safeguarding Financial Transactions with Vigilance and Insight
In the world of banking and finance, ensuring that money is handled safely and securely is a top priority. This is where KYT, or...
Know Your Customer
Unveiling the Shield: Ensuring Security through Customer Due Diligence
In an era where financial transactions occur at lightning speed across borders, it is imperative to maintain a robust system that protects against money...
Know Your Customer
Unraveling the Impact of KYC Violation Fines on Banks in India
In the world of banking, Know Your Customer (KYC) is a critical process designed to safeguard customers and financial institutions alike. KYC ensures that...
Know Your Customer
International KYC Checks – New Avenue for CAME
What is KYC?
As International Banking in India develops, KYC of international entities becomes a pre-requisite. There are very few agencies that can perform international...
Know Your Customer
Defining the Politically Exposed Persons
Politically Exposed Persons pose a bigger risk before the financial institutions in India.
Know Your Customer
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...
Know Your Customer
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...
Know Your Customer
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...