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A AML KYC GUIDELINES
What does AML stand for in the context of banking regulations?
AML stands for Anti-Money Laundering, referring to laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.
What is the full form of PMLA in Indian banking regulation?
Prevention of Money Laundering Act, enacted in 2002.
What does KYC stand for and why is it mandatory for banks?
KYC stands for Know Your Customer. It is mandatory for banks to verify the identity of clients to prevent fraud, money laundering, and terrorist financing.
Which RBI circular mandates Know Your Customer norms for all Indian banks?
RBI Master Direction on KYC, updated periodically.
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