What are CFT and FATF in banking?

CFT is acronym to Combating the Financing of Terrorism (CFT). Financing of terrorism means providing financial support to terrorist or terrorist organizations intended to achieve political, religious, or ideological goals through violence and the threat of violence against civilians.  The flow of funds may reach to those terrorists from legitimate religious or cultural organizations or…

What are the RBI norms for periodical updating of KYC?

Banks are required to periodically update their customers’ KYC details under Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002.  As per latest review and directives of RBI, periodic full KYC exercise will be required to be done for…