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Know Your Customer

Know your customer is becoming increasingly important subject in the Indian Banks. This category provides the resources on the KYC and violation of the KYC

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...

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 customers, a supervisory visit to the bank...

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...
adverse media

Adverse Media information on High Risk Customers

Adverse media screening, also known as negative news screening, is defined as unfavorable information found in news sources. There are two types of news sources viz. ‘traditional’ news outlets and unstructured...

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....

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