Background:
In an ever-changing business environment and the increasing level of complexities in the banking and other financial products offered by banks and other regulated entities (REs), there is always a likely exposure to Money Laundering (ML) and Terrorist Financing (TF) risks. The risks are further multiplied with the use of advanced technologies and newer payment systems. The REs are, accordingly, required to have appropriate level of control/mitigation measures, so as to prevent the financial system from being used in money laundering and other unlawful activities. Regulated Entities (REs) are required by the RBI to carry out ‘Money Laundering and Terrorist Financing Risk Assessment’ exercise periodically, update customer risk profile and assess the ML/TF risks for customers, countries, geographical areas and also for their products/service/transactions/delivery channels. The Boards of REs should have proper oversight on the KYC-AML framework and ensure that effective KYC-AML policies, procedures, systems and controls are in place.
Objective:
This program seeks to sensitize the Directors on the Boards of Banks/FIs/NBFCs (REs) about the risk & strategic dimensions which need to be factored in the KYC-AML framework and address the challenges in respect of compliance. After a quick review of extant regulations, it will also provide updates on recent changes in the KYC & AML regulations including the requisite management oversight, systems & controls and related matters.
Program Highlights:
The Program will deal with the following:
- KYC & AML Regulatory Framework
- Supervisory Observations and Expectations on KYC and AML Compliance
- Combating financial crime-FIU perspective
- Key aspects of Transaction Monitoring
- Central KYC Registry and Compliance