Financial Daily from THE HINDU group of publications
Friday, Mar 12, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 12, 2004 |
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Money & Banking
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Economic Offences Special teams to track money laundering Our Bureau
Mumbai , March 11 THE Reserve Bank of India will soon review the progress made by banks in implementing `Know Your Customer' (KYC) guidelines. The review will be done to keep a tab on money laundering activity. Special teams would do separate scrutiny to assess the action taken at the branch level. The detailed regulations and norms relating to monitoring of money laundering are soon to be released by RBI. The central bank had set a timetable in December for banks to adhere to KYC procedures for customer accounts, including individuals and corporates and "we expect the system to be in place by December 2004," the RBI Executive Director, Ms Usha Thorat, said addressing a seminar organised by Indian Banks' Association and KPMG here today on "Anti-Money Laundering." The KYC guidelines are meant to be applied to all account holders of banks and "there should be continued due diligence of their transactions,'' she said.
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