Anti-money Laundering and Know your Customer

.............................................................................................................................
Description
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 (KYC) procedures within individual banks is an essential part of risk management in banks, to safeguard the confidence and the integrity of banking systems.
The book provides the theoretical background on the subject and 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 AMI 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.
.............................................................................................................................
Contents
Part A : Anti-Money Laundering (AML)
1.    Money Laundering & Terrorism Financing
2.    Money Laundering : Some Methods
3.    Money Laundering : Global Measures
4.    International Guidelines and Standards
5.    AML/CFT Legislation in Major Countries/Region
6.    AML/CFT Legislation in India
7.    AML/CFT Organisation Structure in India
8.    Money Laundering and Correspondent Banking
9.    Country Risk
Part B : Know Your Customer (KYC)
1.    KYC Policy
2.    Customer Identification Procedure
3.    KYC: Specific Requirements
4.    Transaction Monitoring And Reporting
5.    Organisational Set-up for KYC/AML
6.    Topical Issues Related to KYC/AML/CFT
7.    Training and Awareness
Case Studies
Annexures
I.    Extracts of PMLA
II.    Prevention of Money-laundering (Maintenance of Records) Rules, 2005
        (Amended as of July 2015)
III.    Master Direction - Know Your Customer (KYC) Direction, 2016
IV.    Customer Identification Procedure
V.    IBA - Know your Customer (KYC) Standards and Anti-Money Laundering Measures
       (AML) Guidance Notes for Banks - January 2012
VI.    Report of the IBA Working Group on Parameters for Risk Based Transaction
Monitoring
VII.    KYC Forms for Central KYC Registry -
(i)  Know Your Customer (KYC) Application Form  Individual
(ii)   Know Your Customer (KYC) Application Form | Individual | Annexure B1
       for Related Person Details
(iii)   Know Your Customer (KYC) Application Form | Legal Entity
(iv)   Know Your Customer (KYC) Application Form  Legal Entity | Annexure B2 for
        Related Person Details
(v)   Know Your Customer (KYC) Application Form | Legal Entity | Annexure C2 for
       Controlling Person Details
(vi)   Know Your Customer (KYC) Application Form | Individuals | Annexure Al for Local Address
(vii)  Know Your Customer (KYC) Application Form | Legal Entity) Annexure A2 for Local Address
List of Sources/References
.............................................................................................................................
Author Details
Indian Institute of Banking & Finance (formerly The Indian Institute of Bankers) was established in 1928. With more than 750 Institutional members and over 2.5 lac individual members, it is the largest Institute of its kind in the world and is working with a mission 'to develop professionally qualified and competent bankers and finance professionals primarily through a process of education, training, examination consultancy/counselling and continuing professional development programs'. The Institute has almost all the banks and financial institutions, public sector, private sector, foreign, cooperative, regional rural banks as members, in addition to IT companies and individuals working in the banking and finance sector. The Institute is managed by a Governing Council consisting of Chairmen of different banks and eminent academicians. It offers a number of professional courses in banking and finance.
The flagship programs of the Institute are JAIIB and CAIIB. In addition, the Institute has introduced certificate courses in Trade Finance' and 'Information System Bankers'. Other specialist courses are 'Diploma in Treasury, Investments Risk Management', 'Diploma in International Banking', 'Diploma in Banking Technology' and 'Post Graduate Diploma in Financial Advising'. These programs aim at building skill sets and developing competence among specialist officers in banks and financial
.............................................................................................................................