Amendment to prevention of money laundering act and impact
In the month of March 2023, the Finance Ministry amended the Prevention of Money Laundering Act (PMLA) and rules in line with the recommendations of the FATFwhich is the global money laundering and terrorist financing watchdog. In India, the Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as…
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Amendment to KYC: Measures while dealing with the Wire Transfer
Pursuant to a recent amendment to KYC Master Direction, RBI on Thursday (May 4) advised Regulated Entities (RE) like banks and financial institutions to undertake certain measures while dealing with the Wire Transfer in terms of said amendment. Information requirements for cross-border, as well as domestic wire transfers in terms of the latest guidelines, are…
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Latest KYC amendment related to Customer Due Diligence (CDD)
Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing. KYC involves several steps to: establish customer identity; understand the nature of customers’ activities and qualify that the source of funds is legitimate; and. KYC involves several steps to (i) establish customer identity (ii)understand the nature…
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Many changes were made to KYC in the latest MD amendment
Keeping in view the anonymous and instantaneous nature of VDA transfers and the potential of services offered by SPs being misused by state and non-state actors for money laundering, terror financing, and proliferation financing, all SPsmust have a robust mechanism in place for complying with KYC requirements before on-boarding of clients/ wallets as well as…
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EPFO extended the date till June 26 for higher pension.
Retirement fund body EPFO has extended the date till 26 June 2023 for higher PF Pension. This is the second time that the Centre has extended the date for submissions. Earlier, the date was March 3 and it was extended to May 3. The decision is based on the representations received from various Central Trade…
What is Central KYC Records Registry (CKYCR)?
The Government of India has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005; vide a notification dated July 7, 2015, for setting up of the Central KYC Records Registry (CKYCR). Central KYC Registry (CKYCR) is the central repository of KYC information of customers. This registry is a one-stop collection of the information…
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