The RBI (on April 28 and May 4, 2023) introduced amendments to its 2016 Master Direction on KYC for Regulated Entities on the conduct of customer due diligence (especially in non-face-to-face customer onboarding) to combat money laundering, terrorist financing, and other related risks.
Clari5’s real-time, cross-channel financial crime management solution is built to meet the compliance mandates of central banks within the prescribed timeframes.
EBA has published a report on ML / TF risks associated with payment institutions. The EBA’s findings suggest that ML / TF risks in the payment institutions sector may not be assessed and managed effectively.
EU Parliament Committees have mandated AML / CFT package regulations which EU member states are required to implement in 2024. The EU Security Union Strategy for 2020-2025 highlights the importance of enhancing the EU’s framework for AML and CTF.
UK’s Financial Conduct Authority (FCA) has released its FCA Strategy 2022-25, containing guidelines for financial institutions for fraud and money laundering. Reduction and prevention of financial crime is one of the primary focus areas of FCA’s Business Plan for 2023-24.
