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 ...
RBI has imposed monetary penalty of Rs 5 lakh on Lokmangal Co-operative Bank. Lokmangal Co-operative Bank did not carry out periodic review of risk categorisation of accounts. It did not carry out periodic updation of KYC as per the risk categorisation of the customers. RBI has imposed Rs ...
(c) The Principal Officer will also oversee and ensure overall compliance with regulatory guidelines on KYC / AML / CFT issued from time to time and obligations under the Prevention of Money Laundering Act, 2002, rules and regulations made thereunder, as amended from time to time. 2.15 ...