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Informist, Thursday, Oct. 10, 2024

 

MUMBAI – The Reserve Bank of India on Thursday released assessment guidelines on money laundering and terror financing risks for its regulated entities. "In an ever changing business environment and the increasing level of complexities in the banking and other financial products offered by banks and other regulated entities, there is always a likely exposure to the elevated money laundering/ terrorist financing/ proliferation financing risks," the guidelines said.

 

The risks are further multiplied as use of emergent technologies and newer methods of payments enter the scene, they said. The document is also aimed at helping the regulated entities develop their risk-based approach. The senior management and employees of the regulated entities can refer to the guidelines for enhancing their internal risk assessment, it said. 

 

Regulated entities are required to have appropriate level of control and mitigating measures to ensure that they are not misused for money laundering or terror financing. The document detailed broad principles which should be followed for carrying out internal risk assessment, which include business level risk assessment and individual level risk assessment.  End

 

Reported by Kabir Sharma

Edited by Manisha Baxla

 

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