Background:

Banking channels could be utilised, by non-state actors or by criminal elements for channelizing funds for illegal and terrorist activities. The key objectives of RBI directives on KYC-AML, aims to stop illegal funds from entering the financial system and protect the Regulated Entities (REs) from reputational, legal, and operational risks & ensure stability of the financial system.  In order to ensure adequate controls are in place, REs have been mandated by RBI, to verify client’s credentials, assess their risk categorisation, and monitor their transactions, continuously by implementing robust Customer Acceptance Policies (CAP) and Customer Identification Procedures (CIP). Since the potential weakness in the KYC framework may act as a gateway for many financial crimes, including money laundering and terrorist financing, it is imperative for the REs to have robust, efficient and sound KYC/AML frameworks fully complaint with the extant regulations.

Objective:

This program aims to provide an overview and an enhanced understanding for the Board of Directors on the KYC/AML framework including various measures and risks associated with KYC/AML non-compliance. This program will also discuss the latest developments relating to KYC and AML regulations for effective management oversight and strengthening the internal controls and systems in REs.

Program Highlights:

• KYC & AML Risk Management: Emerging Regulatory and Compliance Issues
• Supervisory Observations on KYC & AML Compliance - Use Cases
• Central KYC Registry & Compliance by REs: Role and Responsibilities
• Combatting Financial Crime: FIU Perspective
• KYC & AML Framework: Risks and Strategies Including Few Case Studies of Recent Frauds
• Financial Crime: Trade Based Money Laundering (TBML)