What is KYC and AML process?
What is AML and KYC? Know Your Customer (KYC) is a process of verifying a client’s identity. KYC is a part of Anti-Money Laundering (AML) measures, which aim to prevent money laundering.
What are the KYC and AML regulations?
The objective of KYC/AML/CFT guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities.
What are the four elements of KYC AML CFT?
The Company has framed its KYC policy incorporating the following four key elements: (i) Customer Acceptance Policy; (ii) Customer Identification Procedures; (iii) Monitoring of Transactions/ On-going Due Diligence; and (iv) Risk Management. 3.
What are the core elements of AML KYC?
Banks should frame their KYC policies incorporating the following four key elements:
- Customer Acceptance Policy;
- Customer Identification Procedures;
- Monitoring of Transactions; and.
- Risk Management.
What are the RBI guidelines on KYC?
As part of ‘Know Your Customer’ (KYC) principle, RBI has issued several guidelines relating to identification of depositors and advised the banks to put in place systems and procedures to help control financial frauds, identify money laundering and suspicious activities, and for scrutiny/monitoring of large value cash …
Who is the regulator of RRB?
Reserve Bank, as the regulator of Regional Rural Banks (RRBs), has been actively engaged from the very beginning in the review, examination and evaluation of customer service in RRBs by means of various guidelines issued from time to time to the RRBs.
What is PEP declaration?
The definition of politically exposed person (PEP) is an individual with a high profile political role, or who has been entrusted with a prominent public function. They present a higher risk for involvement in money laundering and/or terrorist financing because of the position they hold.
How is the AML / CTF program implemented in AUSTRAC?
☐ Employee AML/CTF risk awareness training program implemented ☐ Procedures in place to identify suspicious matters and submit suspicious matter report (SMR) to AUSTRAC Customer targets a specific cashier or prefers to use a wide range of cashiers, or avoids contact with cashier and transacts with Cash Redemption Terminals (CRT) only
When to rely on a copy of a KYC document?
In such cases you may rely on a copy of that document. where your customer can’t provide the identity documents you would usually rely on for applicable customer identification procedures because of measures to prevent the spread of COVID‑19. This may include where customers are in self‑isolation or where businesses have temporarily shut down.
How to do an AML / CTF risk assessment?
Complete an ML/TF risk assessment for your business Appoint an AML/CTF compliance officer Adopt an employee due diligence program Adopt an AML/CTF risk awareness training program Describe your procedures for ongoing customer due diligence, including transaction monitoring Describe your reporting procedures Complete compliance reporting
What are the procedures for responding to AUSTRAC feedback?
Describe your procedures for responding to AUSTRAC feedback Formally adopt the program and subject it to ongoing oversight by senior management/board Subject program to regular independent reviews AML/CTF program: Part B