Regulated Entities (REs) are advised to utilize the Mobile Number Revocation List (MNRL) available on the Digital Intelligence Platform (DIP) developed by the Department of Telecommunications (DoT), Ministry of Communications, Government of India, to monitor and clean their customer database.
The Central Know Your Customer (CKYC) initiative, established by the Government of India aims to streamline and simplify the KYC process across financial institutions. Managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), CKYC serves as a unified repository for storing KYC records of individuals.
The Prevention of Money Laundering Act 2002 (“PMLA”) was brought into force with effect from 1st July 20005. Necessary Notifications/Rules under the said act were published in the Gazette of India on July 01, 2005 by the Department of Revenue, Ministry of Finance, Government of India.
This has reference to SEBI circular (Reference no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96 dated July 04, 2024, titled ‘Measures to instil confidence in securities market – Brokers’ Institutional mechanism for prevention and detection of fraud or market abuse’ and NSE circular ‘NSE/SURV/62827’ dated 8 July 2024.\
“Fighting Financial Crime the New Way” was a landmark event in the compliance sector, held on 23rd July 2024 at the Sofitel Hotel, BKC. The event saw a remarkable turnout with 335 attendees, including representatives from 123 client institutions.
Central KYC Records Registry (CKYCRR) set up under Prevention of Money Laundering (Maintenance of Records Rules, 2005), is a Reporting Entity, substantially owned and controlled by the Central Government, and authorized by the Government to receive, store, safeguard and retrieve the KYC records in digital form of a client in such a manner and to […]
This is regarding the introduction of CKYC reference ID and the masking of the KYC identifier in CKYCRR responses.
Amendment to the Master Direction – Know Your Customer (KYC) Direction, 2016 Please refer to the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016, as amended from time to time, in terms of which Regulated Entities (REs) have to undertake Customer Due Diligence (CDD), as per the process laid out […]
Upstox, one of India’s largest stock trading and investment platforms has become first in its category to implement real-time Anti Money Laundering checks provided by Screenzaa
In an ever changing business environment and the increasing level of complexities in the banking and other financial products offered by banks and other regulated entities (REs), there is always a likely exposure to the elevated money laundering (ML)/ terrorist financing (TF)/ proliferation financing (PF) risks.