https://www.taxtmi.com/news?id=11587 Monetary penalties were imposed on six banks for non-compliance with Know Your Customer (KYC) and Anti Money Laundering (AML) instructions after RBI scrutiny revealed deficiencies in customer identification, risk categorisation, periodic KYC updating, cash transaction reporting, transaction monitoring, acceptance of large cash for specified sales, import-of-gold consignment rules, and credits to non-resident accounts; penalties were imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, while a cautionary letter was issued where violations were not serious. en-us Fri, 23 Aug 2013 18:01:26 +0530 Fri, 23 Aug 2013 18:01:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11587 Monetary penalties were imposed on six banks for non-compliance with Know Your Customer (KYC) and Anti Money Laundering (AML) instructions after RBI scrutiny revealed deficiencies in customer identification, risk categorisation, periodic KYC updating, cash transaction reporting, transaction monitoring, acceptance of large cash for specified sales, import-of-gold consignment rules, and credits to non-resident accounts; penalties were imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, while a cautionary letter was issued where violations were not serious. News - Fri, 23 Aug 2013 18:01:26 +0530 https://www.taxtmi.com/news?id=11587