Know Your Customer rules: banks must update KYC, reporting, and beneficial ownership checks under amended PML Rules. Banks must revise KYC/AML/CFT policies to reflect amendments that define a Designated Director, restrict what qualifies as an Officially Valid Document, permit simplified measures for low risk customers using specified documents, require communication of the Designated Director to FIU IND, and impose changes to transaction definitions, reporting thresholds, and timelines for record retention and submission of CTR/STR/CWTR.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Know Your Customer rules: banks must update KYC, reporting, and beneficial ownership checks under amended PML Rules.
Banks must revise KYC/AML/CFT policies to reflect amendments that define a Designated Director, restrict what qualifies as an Officially Valid Document, permit simplified measures for low risk customers using specified documents, require communication of the Designated Director to FIU IND, and impose changes to transaction definitions, reporting thresholds, and timelines for record retention and submission of CTR/STR/CWTR.
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