Question
According to RBI’s KYC/AML guidelines, what framework
must Regulated Entities (REs) adopt to effectively identify, assess, and manage risks of money laundering (ML) and terrorist financing (TF)?Solution
• RBI requires banks, NBFCs, and other Regulated Entities (REs) to adopt a Risk-Based Approach (RBA) for combating ML/TF risks. • Under RBA, institutions must: o Identify risks related to customers, products, services, and geographies. o Assess and categorize customers into low, medium, or high risk. o Apply enhanced due diligence (EDD) for high-risk customers (e.g., PEPs, cross-border clients). o Monitor transactions proportionately to the level of assessed risk. • This ensures efficient allocation of compliance resources and strengthens the AML/CFT framework.
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The type of germination observed in pigeon pea?
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The Central Institute for Women in Agriculture (ICAR-CIWA), functioning under Indian Council of Agricultural Research is mandated to undertake research ...
Under the FSS Regulations 2011, which body is primarily responsible for drafting standards and enforcing food safety across the food chain?
What does the conversion period in organic farming refer to?
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