Background:

Banking channels could be utilised, intentionally or unintentionally, by criminal elements for channelizing funds for unscrupulous activities. In order to prevent banks and other financial institutions from being used as a channel for Money Laundering (ML)/ Terrorist Financing (TF) and to ensure the integrity and stability of the financial system, efforts are continuously being made both internationally and nationally, by way of prescribing various rules and regulations. Regulated Entities (REs) have been mandated by the RBI to carry out ‘Money Laundering and Terrorist Financing Risk Assessment’ exercise periodically, update customer risk profile and assess the ML / TF risks for customers, countries and geographical areas as also for their products / services / transactions / delivery channels enabling them to take appropriate effective measures. It is of paramount importance that the REs have a robust, efficient and sound operating KYC framework strictly in compliance with extant regulatory prescriptions that is comprehensive, takes cognizance of various operational and sector-specific vulnerabilities and aptly addresses the risks arising out of a weaker or an inadequately KYC compliant institution.

Objective:

This virtual program seeks to provide Directors on the Board of the REs, an overview of the KYC framework including measures to address the various risks associated with KYC non-compliance. This program also aims to provide an enhanced understanding and updates on changes in the KYC and AML regulations including the requisite management oversight, systems and controls, segregation of duties, training and other related matters.

Program Highlights:

The Program will deal with the following:

• Role and Responsibilities of Directors – Challenges and Expectations
• KYC and AML Measures – Regulatory Framework
• Central KYC Registry & Compliance – Issues and Challenges
• Transaction Monitoring and Beyond
• Trade Based Money Laundering 
• KYC and AML implementation – Use cases