KYC & PML

Event Details

21st to 23rd June, 2021

03:00 pm - 05:00 pm

Events

Pune- 411 004

ICM Pune

020-25433816

KYC & PML

Subject: Online Programme on Know your Customer, Prevention of Money Laundering and Customer Protection for Br. Managers/Asst.Managers/Officers of DCCBs – Sponsored by NABARD unde SOFTCOB Scheme ( 21st to 23rd June, 2021) – Nomination reg.

 

The purpose of KYC is to reduce the risk of identity theft, money laundering, financial fraud, and the financing of criminal organizations. A strong KYC policy helps the bank to manage reputational and financial risks and it also helps to understand customer behaviors. There have been several instances in recent past wherein banks have been fined from few lakhs to few crores, for non-compliance with certain provisions of directions issued by RBI on Know Your Customer (KYC) Norms/ Anti Money Laundering (AML) Standards. DCCBs in India and also in Maharashtra faced tremendous amount of difficulties during demonetization due to KYC compliance issues. It took several rounds of inspection for NABARD for verification of accounts of DCCBs before RBI permitted DCCBs to exchange Specified Bank Notes (SBN) which got deposited with them at that time. Importance of KYC & AML therefore hardly needs to be stressed.

Translate »