AML-KYC Guidelines | PAPER II – PRINCIPLES & PRACTICES OF BANKING | MODULE A: GENERAL BANKING OPERATIONS
Banker AML KYC Guidelines Notes & MCQs Banker-AML-KYC Guidelines: Notes Money Laundering & Financing of Terrorism Risks Money laundering is the process of disguising the origins of illegally obtained money. Financing of terrorism involves providing financial support to terrorist organizations. Both pose serious threats to the financial system's integrity. AML Framework in India India's AML framework is governed by the Prevention of Money Laundering Act (PMLA), 2002. The Financial Intelligence Unit (FIU-IND) is the central agency for receiving and analyzing suspicious transaction reports. Know Your Customer (KYC) Policy KYC is a mandatory process to identify and verify the identity of clients. It helps prevent identity theft, financial fraud, money laundering, and terrorist financing. Organisational Set-up for AML Banks appoint Principal Officers and Compliance Officers to ensure adhe...