https://www.taxtmi.com/news?id=4060 A residency-based eligibility criterion restricts promotion of new private-sector banks to entities or groups that are owned and controlled by residents under the RBI draft licensing guidelines. All banks in India, including foreign banks, must implement customer identification procedures, monitor transactions for suspicious activity, report such activity to the Financial Intelligence Unit-India (FIU-IND), and maintain a Board-approved KYC/AML/CFT policy framework in line with applicable legal and regulatory requirements. en-us Sat, 24 Nov 2012 10:17:43 +0530 Sat, 24 Nov 2012 10:17:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4060 A residency-based eligibility criterion restricts promotion of new private-sector banks to entities or groups that are owned and controlled by residents under the RBI draft licensing guidelines. All banks in India, including foreign banks, must implement customer identification procedures, monitor transactions for suspicious activity, report such activity to the Financial Intelligence Unit-India (FIU-IND), and maintain a Board-approved KYC/AML/CFT policy framework in line with applicable legal and regulatory requirements. News - Sat, 24 Nov 2012 10:17:43 +0530 https://www.taxtmi.com/news?id=4060