Change in Public Holiday under Negotiable Instrument Act – June 28 is working day
RBI issued a press release today stating that the Government of Maharashtra has declared June 29, 2023, as a public holiday under Section 25 of the Negotiable Instruments Act, of 1881. The Maharashtra Government declared a public holiday on June 28, 2023, earlier, that has been now canceled. Settlement of the auction of state government…
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Auditors’ pleasure! Regulatory common platform to be set up for balance confirmation
Far away in memory, statutory auditors have been using “external confirmations” to obtain balance confirmations in respect of accounts receivables, accounts payables, bank balances, loans, investments, or inventories held by third parties, etc. from various parties, including banks. In other words, external confirmations mean audit evidence obtained as a direct written response to the auditor…
Read article 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…
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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…
Read article 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…
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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