Summary: Mumbai (Maharashtra) [India], Jun 19 (ANI): The Reserve Bank of India (RBI) has imposed a fine of Rs one crore on private sector lender HDFC Bank for violation norms relating to know-your-customer
(KYC), anti-money laundering and reporting of frauds.
The National Clearing Company of Pakistan Limited (NCCPL) is scheduled to launch Centralised Know-Your-Customer
Organisation (CKO) from first week of April, which will make opening, closing and shifting of accounts from one broker to another easier.
The Mansa platform is being positioned as the centralised "go-to" platform for fulfilling client due-diligence (CDD) and know-your-customer
(KYC) requirements throughout the African continent.
Cambridge Blockchain announced a strategic alliance with IHS Markit through which the companies will offer integrated reference data, operations, and software to support utilities for the collection and management of know-your-customer
Yet vital know-your-customer
and anti-money legislation requirements must be adhered to.
provide their KYC (know-your-customer
) details to the former.
The Indian government has also proposed the inclusion of bank know-your-customer
(KYC) norms for investment purchases.
"This is particularly applicable to 'know-your-customer
The proposed legislation will require the registration of all company directors, implement regulatory oversight, and impose a specific "know-your-customer
Informally, the trade press has reported, examiners have been instructing banks for years to set up know-your-customer
policies, and by now most banks are collecting information on their customers' transaction patterns and, increasingly, combining such information into "profiles" of account activity.
Natalia Dirks, Head of Operations at Sberbank and SWIFT Member Group Chairperson, adds: In addition to providing a single, secure platform for exchanging KYC data with our cross-border correspondents, we believe The KYC Registry can serve as a domestic standard for Russian financial institutions know-your-customer
The central bank of Nigeria (CBN) has announced that it will commence biometric validation as another Know-Your-Customer
(KYC) exercise for all bank customers from September 1, 2012.