The Reserve Bank of India (RBI), as India’s central banking institution and primary financial regulator, occupies a critical position in safeguarding the integrity of the nation’s financial system against money laundering and terrorist financing threats.
Regulated Entities (REs) are advised to utilize the Mobile Number Revocation List (MNRL) available on the Digital Intelligence Platform (DIP) developed by the Department of Telecommunications (DoT), Ministry of Communications, Government of India, to monitor and clean their customer database.
The Prevention of Money Laundering Act 2002 (“PMLA”) was brought into force with effect from 1st July 20005. Necessary Notifications/Rules under the said act were published in the Gazette of India on July 01, 2005 by the Department of Revenue, Ministry of Finance, Government of India.
This has reference to SEBI circular (Reference no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96 dated July 04, 2024, titled ‘Measures to instil confidence in securities market – Brokers’ Institutional mechanism for prevention and detection of fraud or market abuse’ and NSE circular ‘NSE/SURV/62827’ dated 8 July 2024.\
In an ever changing business environment and the increasing level of complexities in the banking and other financial products offered by banks and other regulated entities (REs), there is always a likely exposure to the elevated money laundering (ML)/ terrorist financing (TF)/ proliferation financing (PF) risks.
The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations
are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CTF) standard.
India’s outstanding outcome at the FATF Mutual Evaluation and the adoption of the Mutual Evaluation Report at the FATF plenary in Singapore is a significant milestone in the nation’s effort to combat money laundering (ML) and terrorist financing (TF).
ADVISORY FOR IMPLEMENTATION OF SECTION 12A OF THE WEAPONS OF MASS DESTRUCTION AND THEIR DELIVERY SYSTEMS (PROHIBITION OF UNLAWFUL ACTIVITIES) ACT, 2005
Money laundering as well as terrorist financing are the driving forces behind transnational crimes. As a result of high-value fines and enforcement actions, authorities worldwide have significantly raised their focus on Anti-Money Laundering (AML) compliance in recent years and this shall definitely continue to be the case. India is also a member of various global […]
Procedure for implementation of Section 12A of “The Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005“.