Foreign Contribution (Regulation) Act 2010 and Amendment Act 2020 of FCRA

Foreign Exchange, Indian Financial SystemLeave a comment

CRA 2010 is an Act to consolidate the law to regulate the acceptance and utilisation of foreign contributions or foreign hospitality by certain individuals or associations or companies and prohibit acceptance and utilisation of foreign contributions or foreign hospitality for any activities determinantal to the national interest and matters connected therewith or incidental thereto. This…

Monitoring of Transactions under KYC norms

Deposits, Indian Financial SystemLeave a comment

Monitoring of Transactions under KYC norms is a process that involves tracking customer transactions to identify suspicious activity and potential fraud. The customer risk profile is created at the time of opening a bank account and is used to monitor their transactions. Transaction monitoring provides enterprises with the tools to detect unusual transactional activity using…