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.
Consider the following statements about Pradhan Mantri Awas Yojana-Urban (PMAY-U):
I. PMAY-U is a demand-driven scheme, where beneficiaries apply...
As per the Census 2011, the total number of internal migrants in India is _________.
Fill in the third blank with the cut-off land holding to be eligible for the Scheme.
Which of the following statements correctly describes the purpose of the MyGov platform under the Digital India Mission?
Atal Tinkering Labs (ATL) are established in schools (Grade VI-XII) managed by Government, local body or private trusts/society. The schools selected fo...
Which project by CSIR has successfully concluded its first phase with the collection of 10,000 samples, aiming for a new era in precision medicine?
What is the primary purpose of the SVAMITVA Scheme?
What is the primary goal of the Ayushman Bhav Campaign launched by the President of India?
Central Consumer Protection Authority (CCPA) as a regulatory authority was established under which section of Consumer Protection Act of 2019?
Rural youth belonging to poor families are identified and trained for Self-employment in RSETIs. What does the “E” stand for in RSETIs?