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CA, CS, CMA : Overlapping deadlines for MCA, tax audits, and GST filings are creating difficulties for professionals, leading to late fees and c...
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Company Law : Learn the process, documentation, and time limit for filing E-Form DIR-3 KYC or DIR-3 WEB KYC for company directors in India. No f...
Fema / RBI : Explore RBI's updated Master Directions on KYC for individuals: Strengthening compliance, combating fraud, and enhancing financial...
Finance : Explore frequently asked questions (FAQs) on the registration of a Fund Management Entity (FME) and authorization of a scheme or f...
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Corporate Law : KYM also called as 'Know Your Member' is a yearly activity. It is mandatory for members to file for KYM 2023-24 onwards The form ...
Fema / RBI : As per the guidelines of RBI, periodic updation is required to be carried out by REs at least once in every two years for high ris...
SEBI : Last date for updating KYC in Demat and Trading is 31st December 2021 Update your KYC else your Demat and Trading account will be ...
Income Tax : Analysis of Satbir Mahato Vs PCIT case by Kolkata ITAT, highlighting the dispute over Section 263 jurisdiction due to plausible vi...
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Fema / RBI : Stay vigilant against KYC frauds! Learn the modus operandi, dos, and don'ts to safeguard your financial information. Read RBI's la...
Fema / RBI : Fresh KYC process can be done by visiting a bank branch, or remotely through a Video based Customer Identification Process (V-CIP)...
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SEBI : 1. These regulations may be called the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} (Amendm...
Various queries have been raised by insurers on who can be termed as customer(s) for the purposes of AML guidelines. Keeping the objective of the PMLA and AML guidelines in view, it is hereby clarified that details of the person who funds/pays for an insurance contract, either as beneficial owner or otherwise become relevant and important. Stipulations under clause 3.1 of the AML guidelines will therefore have to be applied to such persons. The term customers also refer to the Proposer/policyholder; Beneficiaries and Assignee for the purposes of AML guidelines.
Further, it may be noted that in terms of Regulation 2 of Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time, “preference shares” mean compulsorily and mandatorily convertible preference shares and “debenture” means compulsorily and mandatorily convertible debentures.
MEAL vouchers and prepaid cards have come under the regulatory scanner. In an attempt to check possible moneylaundering, Reserve Bank of India (RBI) has proposed that only banks and finance companies be allowed to issue prepaid cards which are accepted outside a closed group. This means that issuers who are neither banks nor finance companies will have to restrict card issuance to a closed group.
The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent in their earnings kitty.
It was further clarified to banks that ‘being satisfied’ means that the bank must be able to satisfy the competent authorities that due diligence was observed based on the risk profile of the customer in compliance with the extant guidelines in place. An indicative list of the nature and type of documents/ information that may be relied upon for customer identification was also given in the Annex-II to the aforesaid circular. It has been brought to our notice that Annex-II, which was clearly termed as an indicative list, is being treated by some banks as an exhaustive list as a result of which a section of public is being denied access to banking services. Banks are, therefore, advised to take a review of their extant internal instructions in this regard.
