Concurrent Audit (Part IV) | KYC | CTR | STR | PMLA 2002

In this video, I have focussed on the KYC policy and its elements namely, Customer Acceptance Policy (CAP), Risk Management, Customer Identification Procedure (CIP), and Monitoring of Transactions. I have also covered the important provisions of the Prevention of Money-laundering Act (PMLA) 2002 with respect to the Suspicious Transactions, Maintenance of Records, the manner in which the records have to be maintained, Retention of Records, time limits, submission of the Cash Transaction Report and Suspicious Transaction Report to Financial Intelligence Unit. As a concurrent auditor, you are supposed to be aware of these provisions because they play a crucial role in risk reduction and ensure the proper compliance with the anti-money laundering laws and the RBI’s directions.
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