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AML/CFT compliance in India

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India's AML/ CTF
supervisors

From the 1 July 2005, the Prevention of Money Laundering Act extended to all financial institutions, and intermediaries.

Primary regulatory bodies that oversee the Indian financial sector and develop AML/CTF policies:

Financial Intelligence Unit- India (Flu-IND)

Established in 2004 as a central national organisation charged with the responsibility of collecting, sorting, analysing, and disseminating information about suspected financial activities to law enforcement authorities and international financial intelligence units.

Reserve Bank of India (RBI)

The central and primary financial regulator responsible for issuing bank licences, developing and enforcing anti-money laundering and counter-terrorist financing laws. RBI adheres to FATF’s anti-money laundering and counter-terrorist financing strategy. RBI is responsible for holding the banks and financial institutions accountable for compliance with applicable regulations

Securities and Exchange Board of India (SEBI)

SEBI was created on 12 April 1992 to safeguard the interests of securities investors and to facilitate and regulate the securities market. Additionally, it provides anti-money laundering and counter-terrorist financing rules for the financial markets.

Insurance Regulatory Development Authority (IRDA)

This authority is responsible for regulating, promoting, and ensuring the insurance and reinsurance industries’ orderly growth.

How to comply with AML/CTF regulations in India?

As a designated service provider, the entity must ensure that it has a rigors anti-money laundering/counter-terrorism financing policy in place, which includes the following:

Customised solution based on your entity

A “one-size-fits-all” solution may not be suitable in the financial sector, each registered entity should consider the unique nature of its market, corporate structure, clients and transaction types, and other factors when adopting initiatives and procedures to ensure their effectiveness.

Risk-based compliance

All AML/CTF programs must be risk-based. The risk assessment serves as the foundation for your entire anti-money laundering/counter-terrorism financing program. Your program must demonstrate clearly the connections between defined risks and the processes, practises, and controls that address those risks.

What are my AML/CTF
reporting obligations?

As a designated service provider, a company is required to notify FIU-IND of certain purchases and suspicious activity. Notable ongoing reporting responsibilities are:

How can
MemberCheck Help?

We provide our clients with a secure and simple solution for scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise, and reduce the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance, for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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