Why did regulators decide to decommission LIBOR?

Edited and updated on 12.05.2023 ”LIBOR”, once labeled as the world’s most important benchmark was discredited because of the 2008 financial crisis when authorities in the United States and Britain found traders had manipulated it to make a profit that sparked an investigation by Britain’s Financial Services Authority (FSA). The LIBOR rigging scandal of 2008…

Levy of charges on forex prepaid cards/store value cards/travel cards, etc.

Certain instruments like International Debit Cards/Store Value Cards/Charge Cards/Smart Cards or any other instrument that can be used in India to create a financial liability, as ‘currency’. The banking regulator Reserve Bank of India observed that a few Authorised Persons are levying certain fees/charges, which are payable in India on such instruments, in foreign currency.…

V-CIP process for online KYC of individuals, proprietor and companies

Video-based Customer Identification Process (V-CIP) is an alternate method of customer identification with facial recognition and customer due diligence by an authorised official of the Regulated Entities (REs) like banks and other financial institutions. In the V-CIP process your KYC documents and signature are verified on a real-time basis through seamless, secure, live, informed-consent-based audio-visual…

Latest KYC amendment related to Customer Due Diligence (CDD)

The Customer Due Diligence (CDD) measures in the case of non-individual customers, individual customers, and Sole Proprietary Firms have been amended in the latest Master Direction dated April 28, 2023, on KYC to include certain additional information/document requirements. (a) Companies: (i) The names of the relevant persons holding senior management positions; and (ii) The registered…