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The Financial Intelligence Unit (FIU) from India has announced that it imposed a monetary penalty of approximately USD 662,565 on Paytm Payments Bank.
regulation, AML, money laundering, banking, digital banking
US-based online payments gateway service provider PayPal has registered with the Financial Intelligence Unit – India under Anti-Money Laundering law.
regulation, AML, payments , online payments, mobile payments, digital payments, ecommerce
The Reserve Bank of India (RBI) has officially granted recognition to the DigiLocker platform, which allows citizens to store their personal documents online, for KYC process.
e-documents, DigiLocker, KYC, RBI, PMLA Act, video-KYC, banks, identity, customer identification
Non-banking financial companies have been permitted to use the Aadhaar-based bank mandated KYC to avoid repeating the process for the customers.
NBFCs, Aadhaar, banks, KYC, loans, non-banking, KYC, financial institutions, eKYC, PMLA, money laundering
The Reserve Bank of India (RBI) has issued a letter to India’s payments banks, toughening the regulations around the KYC process, while on-boarding customers which affects telcos’ costs.
Reserve Bank of India, KYC, payment bank, telcos, compliance