Anti Money Laundering Norms In India

By Author: Rohan Sinha
Total Articles: 276
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Money Laundering caught everybody’s attention in the wake of 9/11 terror attacks on World Trade Center (WTC). Central Banks around the globe joined hands so as to combat the anti-money laundering issues. India passed its Prevention of Money Laundering Act in 2002. The Financial Intelligence Unit-India (FIU-IND) receives ‘Suspicious Transaction Reports (STRs)’, ‘Cash Transaction Reports (CTRs)’, and other prescribed reports, such as suspicious activity reporting from all the banks operating in India so as to stop money laundering activities to the maximum limit possible. The Reserve Bank also looks into the matter from time to time.
Banks have their own AML (Anti Money Laundering) and KYC (Know Your Customer) systems so they don’t get fooled by money launderers. These systems are updated from time to time as criminals are always after newer and better ways to get their money into the economy, and escape the law authorities.
At present, there are several companies in the market, which roll out anti-money laundering software, ...
... which easily integrate into the systems, and help a bank locate suspicious transactions. Manual efforts alone won’t do keeping the volume of transactions that take place in a typical bank every day. You’ve to have technological support to ensure that you don’t become a victim of money launderers. Go online and look for the software that can help tackle issues of money laundering. But, make sure you buy from only a reputed company.
It’s not only India, and US which have started a war against money launderers, there are many other countries, which also comply with standard anti-money laundering rules and regulations. However, there is still a long way to go for the law enforcing authorities to eliminate the very practice of money laundering from this planet.
As far as technological support is concerned, Aithent is name that can be trusted. The company has been in the industry for years, and has products for both fraud management and anti-money laundering. There are several other players though. It’s you who’ve to decide which one offers you the best deal.
Last, but not the least, there can be different products for discouraging the very practice of money laundering; you’ll have to browse the available products so you can decide on the most-appropriate product to tackle every move of money launderers. If you’re not sure as to which product is the best for your specific needs, let an expert help you out.