‘Money laundering rules shouldn’t hurt the honest’

Mumbai: RBI Governor Sanjay Malhotra Said that Money-provision law In place of blunt equipment, there should be “surgical precision” to target illegal activities that also hurt honest citizens.
The governor’s statement comes at a time when customers are complaining about more than the period. KYC requirementsAnd some seniors are being forced to visit branches. He said that the Central KYC Record Registry (CKYCR), with more than 1 billion records, can change the customer by streamlining identification and proper hard work for customers and regulated institutions.
Addressing the Private Sector Affilation Force of the Financial Action Task Force (FATF), Malhotra said that India’s AML-CFT (Anti-Mani Laundering-Course for Terrorism Finance) Framework has been strengthened with constant cooperation. Financial institutionsNon-financial business, regulatory and government agencies.
He said that while India’s financial system has demonstrated flexibility in its AML and CFT measures, continuous purification is necessary to remove emerging hazards. Malhotra said, “Private sector plays an important role in protecting financial systems.”
Malhotra warns that threatened Money laundering And Terrorist financing Getting more sophisticated, due to large -scale technological progress. He said, “We need to be laws and rules, which, with surgical accuracy, only targets illegitimate and illegal, instead of using them as blunt equipment that even inadvertently hurts honestly,” he said.
Malhotra said that stringent compliance requirements should not make obstacles for real businesses and individuals.