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...
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 world. These activities are...
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....
