Anti-Money Laundering(AML)/Combating Financing Terrorism(CFT) - India in the Global Context

There are sectoral agencies under the respective REs who conduct AML/KYC trainings as well as general institutions that cater to PMLA 2002 and basic KYC aspects.  Benefits of AML/KYC certification Helps professionals develop their knowledge of AML and KYC standards Helps professionals develop their professional competence Helps professionals build compliance teams for financial services companies Some programmes that have come across author's   searches during Jan 2025 are listed below: This does not advocate any programme per se. It is for the readers to satisfy themselves about own needs and undertake the study. Authors have no quality checks or otherwise on any of that sorts regarding these institutions and their programmes. Each sector has specific working knowledge and so prescribes specific examinations. However, there are certain courses that cater to general needs at different levels in the profession.  Global agencies like FATF, IMF, World bank etc..al...

  Enhanced Due Diligence (EDD) is an advanced risk assessment process that involves gathering and analyzing information about high-risk customers or business relationships to identify and mitigate potential financial crimes, such as money laundering and terrorist financing. It   is a set of additional measures that financial institutions have to implement to check and monitor high-risk customers and unusual transactions for potential money laundering activities. FATF Recommendation 5 is a set of measures to help countries criminalize terrorist financing. It also provides guidance on how to meet the legal requirements of the International Convention for the Suppression of the Financing of Terrorism. FATF Recommendation 5 Financial institutions should not keep anonymous accounts or accounts in obviously fictitious names. Financial institutions should undertake customer due diligence measures, including identifying and verifying the identity of their customers, when: E...

  Mutual Evaluation(ME) FATF mutual evaluations are in-depth country reports analysing the implementation and effectiveness of measures to combat money laundering, terrorist and proliferation financing. The reports are peer reviews, where members from different countries assess another country. Mutual evaluations provide an in-depth description and analysis of a country’s anti-money laundering and counter-terrorist financing system, as well as focused recommendations to further strengthen its system. During a mutual evaluation, the assessed country must demonstrate that it has an effective framework to protect the financial system from abuse. Mutual Evaluations have two main components, effectiveness and technical compliance. The most important part of a mutual evaluation is a country’s effectiveness ratings. This is the focus of an on-site visit by a team of experts to the assessed country. During this visit, the assessment team will require evidence that demo...

  In October 2021, the Financial Action Task Force (FATF) adopted minor amendments to Recommendation 23 and the FATF Glossary to clarify how the existing requirements in Recommendation 18 to implement group-wide programmes against money laundering and terrorist financing apply to Designated Non-Financial Businesses and Professions (DNFBPs). Under the FATF Glossary DNFBPs mean:  a) Casinos;  b) Real estate agents;  c) Dealers in precious metals;  d) Dealers in precious stones;  e) Lawyers, notaries, other independent legal professionals and accountants; and  f) Trust and Company Service Providers. Financial Group’ The FATF Glossary defines a financial group as a group that consists of a parent company or of any other type of legal person exercising control and coordinating functions over the rest of the group, together with branches and/or subsidiaries that are subject to AML/CFT policies and procedures at the group level. ‘DNFBP group’’ Vs  ...