RBI asks banks to use info from all relevant sources for risk assessment

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RBI asks banks to use info from all relevant sources for risk assessment - Business Standard

Quick Summary:

Reserve Bank's Regulated entities (REs) have to carry out Money Laundering and Terrorist Financing Risk Assessment' exercise periodically to identify, assess and take effective measures to mitigate their Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF) risks for clients, countries or geographic areas, products, services, and transactions or delivery channels.

In this regard, the central bank has issued 'The Internal Risk Assessment Guidance for Money Laundering/ Terrorist Financing' for the REs, particularly for the dealing staff and the Anti-Money Laundering (AML)/ Countering Financing of Terrorism (CFT) / Counter Proliferation Financing (CPF) practitioners of the REs.

The Reserve Bank of India on Thursday asked banks, NBFCs, and other entities regulated by it to use information obtained from all relevant internal and external sources for their risk assessment exercise.