Know Your Customer Current Affairs, GK & News
Know your customer (KYC) is a bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them. What are Objectives of KYC? Money laundering is a growing menace and it not only poses serious threat to the stability and integrity ....Read More
The government has allowed migrants to change address on Aadhaar by giving self declaration. It will help them open bank account and promote financial inclusion. The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules as per the gazette notification issued on 13 Nov. This move will allow an individual to ..
Topics: Aadhaar • Biometrics • Economy • Financial inclusion • Financial services • Government of India • Identification • Identity documents of India • India • Know Your Customer • Money Laundering • National identification numbers
Union Cabinet approve an MoU between India and Singapore to constitute a Joint Working Group (JWG) on fintech
The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) signed between India and Singapore in June 2018 on the constitution of a Joint Working Group (JWG) on FinTech. As per the pact, both countries will improve their regulatory connect to exchange best practices ..
Reserve Bank of India is conducting Financial Literacy Week from June 4 on the theme ‘Customer Protection’. The week-long event is to focus on creating awareness among customers of banks. According to RBI, the event will emphasise on awareness about different financial products, services, digital applications and good financial practices. About Financial Literacy Week RBI ..
Month: Current Affairs - June, 2018
Stock markets in India are regulated by SEBI and all Foreign Institutional Investors, who invest in Indian stocks have to get registered with SEBI. The two broad categories of foreign Investments viz. FDI and FII are highly regulated and need several approvals from SEBI. On the other hand, Participatory Notes is the alternative by which ..
The RBI has asked all banks to generate a Unique Customer Identification Code (UCIC) for each of their customers. Objective: The Unique Identification Code will fortify Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating the Financing Of Terrorism (CFT) instruments. Since it will take a long time to generate entire KYC Registry, banks are ..
Month: Current Affairs - June, 2012
SEBI to come out by Nov’11 Homogenous norms for setting up a uniform Know Your Customer (KYC) Regulation Authority. It will relieve the burden comparable on the intermediaries as well as the common man, seeking to make investments. This mechanism once set would make certain that KYC exercise is undertaken only once and enabling all ..
Topics: Anti-money laundering software • Bank regulation • Banking in India • Crime • Economy • Financial regulation • Know Your Customer • KYC • Money • Money Laundering • Politically exposed person • Terrorism financing