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 in its press release...
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 banks verify and understand the identities of...
Identifying the Ultimate Beneficial Owners
In the world of finance, it's important to know the true owners of businesses and financial transactions. This helps stop illegal activities like money laundering, fraud, and tax evasion....
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 for the purpose of...
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 competitive in global marketplace....
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...
High Risk Business Sector – Real Estate
Real estate industry is an attractive target of money launderers. It helps to hide the proceeds of crime. It allows large quantities of cash to be laundered in a single transaction....
