Compliance

We have a chat with Babu Lal, a relentless advocate who has single-handedly exposed thousands of predatory and fraudulent loan apps on platforms like Google Play Store and Apple App Store. His efforts have been pivotal in bringing attention to the growing problem of illegal lending apps, especially in lower-income communities where people, in desperate need of quick cash, often fall victim to these scams. Through this conversation, we aim to shed light on the severity of the issue and explore ways to combat it.

The RBI's revamped Master Directions indicate that the regulator is looking at a paradigm shift and not an incremental upgrade to the fraud risk management system and wants Regulated Entities to tackle the ever-growing menace in a systematic manner. Here are 10 changes that every Indian financial institution leader must know.

Money laundering is the process through which the proceeds of criminal activity are infused into the financial ecosystem and its criminal origins are concealed. This process of "laundering" to convert dirty money into clean money usually has three distinctive stages, each with its own goal and challenges. We explain these in detail and also provide tactical and structural solutions to blocking financial criminal activity at every stage.

In response to international pressures and the specific vulnerabilities identified within its borders, the Indian government enacted the Prevention of Money Laundering Act (PMLA) in 2002. This crucial legislation aimed not only to curb the increasing tide of financial crimes but also to align India's financial security measures with global standards, ensuring a safer and more robust financial environment domestically and internationally. Here's an explainer of India's AML landscape.

When basic identity checks fall short, businesses must go the extra mile to secure their interests by conducting a more thorough assessment of the customer. This extension of KYC is known as Enhanced Due Diligence. The extensive intelligence provided by EDD helps reduce the vulnerabilities of financial institutions by identifying suspicious activities and stopping the crime before it can cause irreparable damage.

In an era defined by data, where the digital realm knows no bounds, safeguarding personal information is of paramount importance. The Digital Personal Data Protection Act has arrived, ushering in a new era of data ethics and responsibility. In this blog post, we dive deep into this transformative legislation, shedding light on key provisions, exemptions, and FAQs that every business leader, from Chief Revenue Officers (CRO) to Chief Information Security Officers (CISO), needs to understand.

Financial services providers in the Kingdom of Saudi Arabia have until June 2023 to comply with the mandatory SAMA regulations – the Counter-Fraud Framework – introduced by the Saudi Central Bank in October 2022. Non-compliance can attract strict disciplinary action – including fines and restrictions – depending on how significant the gaps are

The updated SAMA mandate was enacted in October 2022, and the compliance deadline for financial services companies is June 29, 2023. This means all financial services companies operating in Saudi Arabia must fully comply with the updated regulations by the end of the second quarter 2023 to avoid negative consequences.

With the recent regulatory announcement of crypto businesses coming under PMLA, businesses need to prioritise security and regulatory compliance to prevent money laundering and identity theft

To safeguard the digital lending ecosystem, RBI released the digital lending guidelines that aims to regulate digital lending and crack down on the growing incidences of fraud and malpractices. Here's a summary of the guidelines

The core theme of the 'Payment Vision 2025' document is 'E-Payments for Everyone, Everywhere, Every time'. At Bureau, we are working towards ushering in a new era of frictionless and fraud-free transactions that support RBI's vision and will deliver unprecedented trust and security to businesses and consumers alike.