RBI - FATF Report
Financial Action Task Force (FATF) - India RBI Reporting
The Financial Action Task Force (FATF) is an inter-governmental body whose objectives to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures and promotes the adoption and implementation of appropriate measures globally.
RBI Guidelines for FATF Reporting
Banks were advised to follow certain customer identification procedure for opening of
accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to
appropriate authority. These ‘Know Your Customer’ guidelines have been revisited in the
context of the Recommendations made by the Financial Action Task Force (FATF) on Anti
Money Laundering (AML) standards and on Combating Financing of Terrorism (CFT).
Banks are required to maintain the following information in respect of transactions:
The nature of the transactions
The amount of the transaction and the currency in which it was denominated
The date on which the transaction was conducted
The parties to the transaction.
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Automate all of your regulatory reportings to government bodies in one Regulatory Suite platform.
The Bank implemented Kyzer Trade Finance Regulatory Management Solution for Reporting to RBI and FIU-India. We benefitted a lot from the Kyzer’s banking domain expertise. We acknowledge their efforts throughout the project implementation and the excellent support provided.
The Bank implemented Kyzer TradeZone Solution across all its branches Pan India. Complete Trade Finance Processing, Document Management, Compliance, Integrations and Customer Real Time Communications. The bank is successfully processing thousands of Trade Transactions via the Centralized trade operations with online trade finance processing at a central hub.
Why Banks Choose Kyzer Us
Compilation & Reconciliation
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Regulatory Reports Business Intelligence
Customization to Automated Reports, Kyzer also provides Business Intelligence for improving Customer eXperience / TAT
RBI Portal Master Management
Masters management within the solution offers validations to ensure optimum accuracy of reporting.
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