Background:

The Prevention of Money-Laundering) Act, 2002 (PMLA) and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (PMLA Rules), form the legal framework on Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) which are required to be adhered to by the Regulated Entities (REs). A comprehensive KYC-AML framework is a bulwark to prevent the financial system from being used in money laundering and other unlawful activities. India, being a member of FATF, is committed to uphold the global standards set for Money Laundering (ML) / Terrorist Financing (TF) and protect the integrity of international financial system.  REs must have a robust, efficient and sound KYC-AML framework updated periodically, as part of their business strategy and governance structure. 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, properly aligned with the regulatory guidelines, to ensure strict compliance with KYC-AML requirements.

Objectives:

This program seeks to sensitize the senior executives of REs about the risk & strategic issues which need to be factored in the KYC-AML framework and address the challenges in respect of compliance. It will also be a review of extant regulations, and 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 Risk Management Framework: Regulatory Perspective
• Supervisory Observations and Expectations on KYC and AML Compliance
• Transaction Monitoring and Beyond
• Central KYC Registry & Compliance –Developments, Issues and Challenges
• KYC-AML/CFT from FIU perspective
• Trade Based Money Laundering (TBML)
• Use of Advanced Technologies in combating AML & CFT
• Financial Crime Fraud and KYC-AML Compliance