AML AND KYC
Syllabus :-
(i) Anti Money Laundering
Money Laundering - Origin - Definition - Techniques Impact on Banks -Structuring; Integration, Preventive Legislation - International Co-operation - UK; USA; India - Basel Committee - PMLA Objectives - RBI Guidelines – System Adequacy to Combat Money Laundering - Antiterrorism finance - Financial Intelligence Unit (FIU) The Financial Action Task Force (FATF) - IBA Working Group - Software for AML Screening: Money Laundering and Correspondent Banking - Exchange Companies – Foreign Branches
(ii) Know Your Customer - Introduction and overview
Customer Profile - KYC Policies - Countries Deficient in KYC Policies, Initiatives by the RBI - Organized Financial Crimes Customer - Definition under the KYC Principles - Transaction Profile - Organizational Structure - Important KYC framework in RBI prescriptions - Operating Guidelines. Introduction of new accounts - Guidelines for Opening Accounts of Companies, Trusts, Firms, Intermediaries etc., Client Accounts opened by Professional Intermediaries - Trust/ Nominee or Fiduciary Accounts - Accounts of Politically Exposed Persons (PEPs) Residing Outside India, Accounts of ‘non-face-to-face’ Customers - Qualitative data - Joint accounts - Minor accounts - KYC for existing accounts - KYC for low income group customers. Monitoring Accounts - Customer research - Suspicious transactions.
Pass mark:
Minimum marks for pass in the subject is 60 out of 100.
EXAMINATION FEES*:
Particulars For Members Rs.1000+GST
For Non-Members Rs.1500+GST
DURATION OF EXAMINATION:
The duration of the examination will be of 2 hours.
Study material
AML &KYC by Macmillan Book: https://www.flipkart.com/anti-money-laundering-know-your-customer/p/itmezunqqmcquprh
RBI master circular: http://www.iibf.org.in/documents/MasterCirculars/General/5.KYC%20AML%20PMLA-161118.PDF
IIBF VISION : http://www.iibf.org.in/iib_vision_new.asp
BANK QUEST BY IIBF
Other important national and international organization for AML & KYC exam:
Financial Intelligence Unit – India (FIU-IND):
https://fiuindia.gov.in/
Financial intelligence (FININT) is the gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions. Generally the term applies in the context of law enforcement and related activities.
One of the main purposes of financial intelligence is to identify financial transactions that may involve tax evasion, money laundering or some other criminal activity. FININT may also be involved in identifying financing of criminal and terrorist organisations.
Financial intelligence can be broken down into two main areas, collection and analysis. Collection is normally done by a government agency, known as a financial intelligence organisation or Financial Intelligence Unit (FIU). The agency will collect raw transactional information and Suspicious activity reports (SAR) usually provided by banks and other entities as part of regulatory requirements. Data may be shared with other countries through intergovernmental networks.
Analysis, may consist of scrutinizing a large volume of transactional data using data mining or data-matching techniques to identify persons potentially engaged in a particular activity.
https://amlnkyc.blogspot.com/2020/02/financial-intelligence-unit-india-fiu.html
https://www.rbi.org.in/
https://indiacode.nic.in/handle/123456789/2036?sam_handle=123456789/1362
https://www.nia.gov.in/
https://sfio.nic.in/
Financial Action Task Force:
https://www.fatf-gafi.org/
Formation: 1989
Type :Intergovernmental organization
Purpose Combat money laundering and terrorism financing
Headquarters :Paris, France
Membership :39
Official language: English, French
President: Xiangmin Liu
The Financial Action Task Force(FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.In 2001, its mandate was expanded to include terrorism financing.
The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. FATF is a “policy-making body” that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. FATF monitors progress in implementing its Recommendations through "peer reviews" ("mutual evaluations") of member countries.
Since 2000, FATF has maintained the FATF blacklist (formally called the "Call for action") and the FATF greylist (formally called the "Other monitored jurisdictions").
FATF INDIA:
On June 25, 2010 India was taken in as the 34th country member of FATF. FATF's role in combating terror financing became prominent after the 9/11 terror attacks in the US. ... As of 2019, FATF has blacklisted North Korea and Iran over terror financing.
OECD 1961
https://www.oecd.org/india/
https://www.oecd.org/
The Organisation for Economic Co-operation and Development is an intergovernmental economic organisation with 36 member countries, founded in 1961 to stimulate economic progress and world trade.
Headquarters: Paris, France
Founded: 30 September 1961
Abbreviation: Economic Co-operation and Development
Founders: United States, United Kingdom, France, Germany, MORE
Subsidiaries: OECD Development Centre, International Transport Forum
https://egmontgroup.org/en
Egmont Group of Financial Intelligence Units
The Egmont Group of Financial Intelligence Units is an informal network of 164 financial intelligence units.
Headquarters: Toronto, Canada
Founded: 9 June 1995
Chair: Mariano Federici
Location: Toronto, Ontario
Formation: 1995
Wolfsberg Group:
https://www.wolfsberg-principles.com/
The Wolfsberg Group is a non-governmental association of thirteen global banks. Its goal has been to develop financial industry standards for anti-money laundering (AML), know your customer (KYC) and counter terrorist financing (CTF) policies. Its work is similar to what the Financial Action Task Force on Money Laundering (FATF) does on a government level. In addition to its AML-activities, the Wolfsberg Group also serves as a collective action group in the field of anti-corruption.The Wolfsberg Group has criticized FATF's draft AML revision as "too prescriptive and too narrowly conceived".
No comments:
Post a Comment