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

  Embargo   Embargoes serve as a powerful tool to impose a comprehensive ban on trade, investment, and economic activities, specifically targeting a particular country or group of countries. These measures are strategically implemented to apply pressure on a nation, compelling it to reconsider its policies, actions, or address potential threats. The scope of an embargo can range from restricting specific goods and services to imposing comprehensive economic barriers affecting multiple sectors. Example :  EU embargo on Russia In response to the Russian involvement in the conflict in Ukraine that started in early 2014, the EU imposed on 31 July 2014 sanctions against Russia, including an arms embargo, by adopting Council Decision 2014/512/CFSP, and Council Regulation (EU) No 833/2014. The sanctions prohibited any involvement in the supply of arms and services related to military to Russia or dual use items for military use or military end-users in Russi...

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...