RBI - Financial Action Task Force [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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