Anti-Money Laundering & Know Your Customer

Indian Institute of Banking & Finance (IIBF) formerly The Indian Institute of Bankers, established in 1928, is a professional body of banks, financial institutions and their employees in India. During its 82 years of service, IIBF has emerged as a premier institute in banking and finance education for those employed in the sector, aiming for professional excellence. Since its inception, the Institute has awarded over 5 lakh banking and finance qualifications, viz; JAIIB, CAIIB, Diplomas and Certificates in specialized areas. The pedagogy of Distance Learning offered by the Institute comprises (i)publishing specific courseware for each paper/examination; (ii) publishing work books; (iii) holding tutorials through accredited institutions; (iv) organizing contact classes; (v) conducting virtual classes; (vi) offering e-learning through portal; (vii) organizing campus training for selected courses, etc.

Money-laundering has acquired a global character that not only threatens security, but also compromises the stability, transparency and efficiency of financial systems. Money-laundering techniques are becoming more sophisticated and complex with each passing day.

Across the world, banks and financial institutions are required to introduce and implement systems to prevent anti-social elements from using banking channels for money laundering.

Adoption of appropriate know-your-customer (KYC) procedures within individual banks is an essential part of risk management in banks, to safeguard the confidence and the integrity of banking systems.

The book provides the theoretical background on the subject and practical steps for banks implementing an AML/KYC regime in accordance with international standards. It explains the basic elements required to build an effective AML/KYC framework and summarizes the role of the employees in fighting money laundering. The highlight of the book is that it also contains the Guidance Notes for banks on AML and KYC issued by Indian Banks’ Association.

This book would help in gaining a deeper knowledge and understanding on the various aspects of AML/KYC and will be useful to bankers, academicians and policy makers.

ISBN: 9780230331969
Author: Indian Institute of Banking & Finance
Published by: Macmillan India Ltd
For more information, please visit www.indiabookmart.com
For more information, please visit www.indiabookmart.com