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 illegally obtained money. These rules...

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...

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...

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...

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...

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...

Defining the Politically Exposed Persons

Politically Exposed Persons pose a bigger risk before the financial institutions in India.

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...

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...

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...

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...