Indian banks are under growing pressure to ensure their antimoney laundering and countering the financing of terrorism (AML/ CFT) measures align with global standards. In a recent report, the Financial Action Task Force (FATF) highlighted numerous compliance weaknesses in Indian financial institutions (Fls) and called for regulators to impose more "dissuasive" monetary penalties.
The intergovernmental body published in September 2024 a 368page mutual evaluation report on India's compliance with global AML/ CFT standards, based on an onsite visit in November 2023. In the report, FATF assessors expressed concerns over the quality and speed of suspicious transaction monitoring and reporting by Fls in India. They noted that some firms took 45-60 days to review and make decisions on alerts for simple issues and took even longer in more complex cases.
FATF assessors also raised concerns over whether Indian Fls are adequately countering terrorism financing (TF). Most of the Fls that assessors met were unable to demonstrate "how they transposed their knowledge of TF risks into, for instance, controls and alerts to monitor transactions" in the conflict areas highlighted in India's 2022 National Risk Assessment.
Bu hikaye Banking Frontiers dergisinin November 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Banking Frontiers dergisinin November 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Key Russian central bank official leaves
The First Deputy Governor of Bank of Russia Olga Skorobogatova is leaving the central bank in early December.
Better prospects for Swiss banking in 2024, says new study
The year could see revitalization of the banking to some extent, finds the study by Swiss Bankers Association:
Ease of use, personalization & consistent engagement promotes digital loyalty
Murari Lal, Head - Digital Initiatives, Shivalik Small Finance Bank, delves into platforms, loyalty and Al:
From Feet on Street to Fingers on Screen
Nippon India Mutual Fund is driving into newer customer segments by leveraging voice and vernacular as the drivers, reveals the company's Chief Digital Officer Arpanarghya Saha:
Digitization embraces the senior citizens
Among other projects, Shriram Capital completely transformed the 2-wheeler loan origination system, reveals the company's Chief Digital Officer Ajay Thomas:
Making of the most connected bank in Bangladesh
A stream of digital initiatives is transforming Mutual Trust Bank and its customer engagement, reveals Khalid Hossin, who heads the bank's digital banking division:
Digital embraces Archaeological Tourism
Chief Digital Officers are leading tremendous transformation initiatives. Five CDOs reveal their fascinating journey and their ambitious goals:
Tech will bridge Advisory and Education
Venkatesh Naidu, CEO, Bajaj Capital Insurance Broking:
AI bridges Protection and Prevention
Gyanendra Singh, Chief Technology Officer, Aviva India:
Bridging Products & Distribution for Rural Markets
Vikas Mittal, Deputy CEO, and Amit Thapliyal, Chief Technology Officer, Magma HDI General Insurance:
