Background:

The Board of Directors is responsible for the effective governance of Banks, Financial Institutions (FIs) and NBFCs. A comprehensive KYC-AML framework is a safeguard 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 increasing use of online payments and advanced technologies require REs to enhance their KYC-AML and transaction monitoring processes. 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.

Objective:

This virtual program seeks to provide Directors on the Boards of Banks/FIs/NBFCs to provide an overview of the KYC-AML framework and the associated risks to REs on account of non-compliance.  The program also aims to provide an enhanced understanding and update on the changes in the KYC-AML regulations including the requisite management oversight required for an effective implementation of KYC-AML framework in the Regulated Entities.

Program Highlights:

The Virtual Program will deal with the following:

• KYC & AML Risk Management
• KYC & AML Regulatory Framework
• Supervisory Observations and Expectations on KYC and AML Compliance
• Key aspects of Transaction Monitoring
• Central KYC Registry and Compliance
• KYC & AML Compliance: International Perspective