RBI Revises Norms for Politically-Exposed Persons
Recently, the Reserve Bank of India (RBI) updated Know Your Customer (KYC) norms for politically exposed persons (PEPs) who transact with regulated entities (REs), seeking to comply with the recommendations of the Financial Action Task Force (FATF).
Rationale
- The earlier norms pertaining to PEPs were open-ended and there was a lack of clarity on the definition, apparently leading to issues for bankers, parliamentarians and others. There were also concerns in certain quarters that PEPs were finding it difficult to get loans or open bank accounts.
- It is to be noted that the government has amended rules to incorporate more disclosures for ....
Do You Want to Read More?
Subscribe Now
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Related Content
- 1 Annual Survey of Services Sector Enterprises
- 2 Paste Fill Technology for Coal Mining
- 3 Multi Modal Logistics Park
- 4 Vizhinjam Seaport: India's First Deep-Water Container Transshipment Port
- 5 SEBI's Proposed Ease of Doing Business Measures for REITs and INVITs
- 6 Common Contract Note
- 7 Standing Deposit Facility
- 8 Green Municipal Bonds
- 9 M-CADWM Scheme Approved
- 10 Guidelines for Setting up Bio-Input Resource Centres
- 1 Blue Economy: Unlocking Sea of Opportunities
- 2 Extension of Animal Husbandry Infrastructure Development Fund
- 3 RBI Imposes Restriction on Payment Bank
- 4 Amendments to Input Service Distributors
- 5 Tax Buoyancy
- 6 Dynamic Asset Allocation
- 7 Constitutional Validity of Anti-profiteering Provisions in GST
- 8 SEBI Extends FPI Disclosure Norms Deadline
- 9 RBI’s Guidelines on State ‘Guarantees’ on Borrowing
- 10 Momentum Investing
- 11 Cabinet Approves Continuation of RoSCTL Scheme for Export of Apparel
- 12 India’s first National Highway Steel Slag Road Technology Opened
