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Steps Taken by SEBI to Tighten Money Laundering

March 13, 2014 by KRS Leave a Comment

SEBI tightens norms to prevent money laundering

  • As per SEBI directive:
    • Registered intermediaries shall carry out risk assessment to identify, assess &take effective measures to mitigate its money laundering & terrorist financing risk with respect to its clients, countries or geographical areas, nature & volume of transactions, payment methods used by clients.
    • The risk assessment shall also take into account any country-specific information that is circulated by government & SEBI from time to time.
    • The risk assessment shall be documented, updated regularly & made available to competent authorities & self regulating bodies when required.
    • The market intermediates, can use a third party to carry out due diligence & determine identity of clients & beneficiaries of the funds. They have been asked to appoint designated directors to ensure compliance with new norms, who could face penal action in case of lapses.
    • Stock exchanges  through half yearly audits & inspections will monitor compliance of various entities.
    • For mutual funds, boards of asset management companies and the trustees will monitor compliance to this SEBI circular.
    • In case of other intermediaries, by their board of directors will monitor compliance.

Exams Perspective:

  1. Securities & Exchange Board of India (SEBI)
  2. Market Intermediaries
  3. Mutual Funds (MF)
  4. Stock Exchange (SE)

Filed Under: Current Affairs, Economy, National Tagged With: Market Intermediaries, Mutual Funds (MF), Securities & Exchange Board of India (SEBI), Stock Exchange (SE)

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