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What is Re-KYC?
Learn about Re-KYC, why it’s important for banks, the required documents, and the consequences of not completing it on time. Protect your account from fraud by staying informed.
What is CKYC?
CKYC provides a central repository for KYC records, making account opening faster and more efficient. It eliminates the need for repeated document submissions, streamlining the process. Discover the benefits and features of CKYC in India.
What is Smurfing in Money Laundering?
Reporting thresholds can help prevent money laundering through smurfing. Financial institutions can set these thresholds and monitor transactions that meet or exceed them to identify criminal activity and prevent exploitation. Learn more about their role in combating illegal activity.
What is Customer Due Diligence (CDD)?
Effective management of high-risk customers involves adopting a risk-based approach, assigning risk ratings, and continuously monitoring for suspicious activity. Gathering and documenting information on customers and understanding their relationships is also crucial. Check out this article for more information.
What is Anti-Money Laundering (AML)?
Money laundering is a complex and widespread crime that poses a major challenge to authorities worldwide. In India, the PMLA of 2020 has established strict reporting rules for financial institutions, and enforcement agencies can freeze and seize proceeds from illegal activities. India is also working with organizations like FATF and IMF to combat money laundering.
What is KYB?
KYB is crucial to verify and identify business relationships’ legitimacy, comply with AML regulations, and prevent fraudulent activity. Learn more about the key components and how it can reduce the risks of illicit activities in the financial industry in this article.