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RBI alerts banks on transactions with Iran, Pak

The Reserve Bank of India (RBI) has directed banks to keep a watch on transactions of customers with countries like Pakistan and Iran since concerns have been raised about rules there in combating terror funding. - Regional rural bank staff for more autonomy in opening branches - Subir Gokarn to take over as RBI deputy governor tomorrow - Bank rates go down in spite of RBI signal - Arbitration centre to deal with corporate disputes - Moody"s retains negative outlook on Indian banking system - A V Rajwade: Currency derivatives">A V Rajwade: Currency derivatives "All banks and financial institutions are advised to take into account risks arising from the deficiencies in anti-money laundering (AML), combating of financing of terrorism (CFT) regime of Iran, Uzbekistan, Pakistan, Turkmenistan and Sao Tome and Principe," RBI said in a notification. The notification follows concerns raised by the Financial Action Task Force (FATF), an inter-governmental body, regarding AML and CFT norms in these countries. The body is particularly concernced by Iran"s failure to address the deficiencies in its AML and CFT regime. "The FATF remains particularly concerned about Iran"s failure to address the risk of terror financing and the serious threat this poses to the integrity of the international financial system," says a statement by FATF. As such FATF reaffirmed its call on members and urged them to advise their financial institutions to give special attention to business relationships and transactions with Iran, including Iranian companies and financial institutions. Further, expressing concern that Pakistan"s AMLO would expire on November 28, 2009, the FATF a permanent framework to combat terror funding must be put in place.

Next day loans commented:

RBI has taken a good decision as really the situation demands so.We should really keep our eye on such transaction with them to be safe in future.

23.12.2011

sameday loans commented:

One of the best information on that help readers. Really appreciate with the way the information is managed on the blog

21.03.2012


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