RBI Circular on KYC Norms, AML Standards and Combating of Firaj kumar makkadEmail thisPrint this
The RBI has amended the KYC norms allowing banks and other lending institutions regulated by it to use Video based Customer Identification Process (V-CIP), a move which will help them onboard customers remotely. The V-CIP, which will be consent-based, will make it easier for banks and othe...
(d) In this regard, Indian Banks' Association (IBA) has taken initiative in assessment of ML / FT risk in the banking sector and prepared a guidance note on Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards in July 2009. The guidance note is available on the IBA ...
Paytm Payments Bank was instructed by the RBI on January 31 to cease taking deposits or top-ups in any customer accounts, wallets, FASTags, and other devices after February 29. The deadline was later extended to March 15. The allegations involved violations of different norms including KYC. F...
Simplifying KYC: central KYC registry will be rolled out in 2025. The Government will also implement a streamlined system for periodic updates, the Finance Minister said. The Government will also present obligations that will have to be presented in respect of crypto assets: ...
“The recently issued regulatory guidelines on digital lending strike a well considered balance between customer protection and business conduct on the one hand and supporting innovation on the other,” Das said. He stressed that innovations must be responsible and should enhance the efficiency and res...
Card-issuers shall ensure adherence to the guidelines on “Managing Risks and Code of Conduct in Outsourcing of Financial Services” as amended from time to time. 29. Compliance with Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing ...
NBFCs in India are classified based on the regulatory norms set by the RBI. However, each category is subject to different compliance needs. Types of NBFCs based on regulatory norms of the RBI include the following. Base Layer NBFC (NBFC-BL) These are non-deposit NBFCs that offer loans ...
The essential element of KYC for Banks was to effectively control and reduce their risks by having an understanding of customer's activities, which could help Banks in identifying transactions that fell outside the regular pattern of activity. Banks were required to ensure periodic review of risk ...
guidelines issued so far," the central bank said.The last time it issued these norms was in April 2009, under Section 18 of the Payment and Settlement Systems Act of 2007.As per the new conditions, which will supersede the existing norms, the maximum validity of the prepaid instruments ...