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AML KYC guidelines
What does AML stand for in the context of banking regulations?
AML stands for Anti-Money Laundering, which refers 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 context?
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, and it is mandatory for banks to verify the identity of customers to prevent fraud, money laundering, and terrorist financing.
Which regulatory body issues AML/KYC guidelines to Indian banks?
Reserve Bank of India (RBI) issues these guidelines
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