There is regular news about penalties on financial institutions by regulators due to AML lapses. Recent crackdown by RBI further increased regulatory vigilance and caution on AML procedures. With increased digitisation, new digital KYC procedures exist along with online fraudulent money transfers. Further, AML has touched segments across blacklist countries to CSR funds to NRIs to Cryptos to narcotics crimes to tax evasion to shell companies. Recent amendments included even professionals like Chartered Accountants.  Acronymes like PEP, VCIP, EDD, CDD, CSC, ED, FIU, FATF, e-Adhar authentications are being used in normal parlance.  
Lets look at recent amendments and regulatory expectations apart from procedures to strengthen AML.

Speaker

Laxmikant Gupta

PrincipalRiskpro India