Anti-money Laundering & Know Your Customer: Know Your Banking Iii

Money-laundering has acquired a global character that not only threatens security, but also compromises the stability, transparency, and efficiency of financial systems. Money-laundering techniques are becoming more sophisticated and complex with each passing day. Across the world, banks and financial institutions are required to introduce and implement systems to prevent anti-social elements from using banking channels for money laundering. Adoption of appropriate know-your-customer procedures within individual banks is an essential part of risk management in banks, needed to safeguard the confidence and the integrity of banking systems. The book provides the theoretical background on the subject, practical steps for banks implementing an AML/KYC regime in accordance with international standards. It explains the basic elements required to build an effective AML/KYC framework and summarizes the role of the employees in fighting money laundering. The highlight of the book is that it also contains the Guidance Notes for banks on AML and KYC issued by Indian Banks Association. This book would help in gaining a deeper knowledge and understanding on the various aspects of AML/KYC and will be useful to bankers, academicians and policy makers.