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...
Conceptual Development of Money Laundering
Introduction
Money laundering is an inevitable extension of organized crime and an essential aspect of any profit –generating criminal activity. Broadly stated the term money-laundering means any process or activity connected...
Stock Market Money Laundering Techniques
Money laundering through stock market is a popular mechanism among the financial criminals. Stock market has always been on the target of the launderers. There are many examples where the operators...
Textile firms in Money Laundering
The Directorate of Revenue Intelligence (DRI) is learnt to have unearthed a fraud involving at least half a dozen textile exporters who allegedly laundered at least Rs 200 crore in the...
How GST is helping Money Laundering Activities
Just few days back the Goods and Services Tax (GST) was made live in hush. GST was termed as the most important reform of the Modi Government. But inadvertently this tax...
Career Path of a Certified Anti Money Laundering Expert
In the year 2017, Indiaforensic made a study of more than 1000 CAME professionals across the world. The career path of Certified Anti Money Laundering Experts was studied. From...
The deep roots of shell companies in India
Problem of Shell companies is widespread.Identifying these companies have became a challenge for the enforcement and investigative agencies as they are used in the wider money laundering activities.
The layers of these...
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....
