💡 Ever wondered how banks detect and prevent frauds like Ponzi schemes or terror financing?
We’ll uncover:
- Why KYC, AML, and CFT are tightly interlinked
- How fraudsters run organized financial crimes
- The bank’s responsibility in identifying and preventing such frauds
- The role of Central KYC Registry in reducing duplication and increasing transparency
This video is perfect for:
- ✅ Bankers preparing for CCP, JAIIB, or internal exams
- ✅ Finance professionals handling compliance
- ✅ Anyone curious about real-life scams like Speak Asia or Golden Tree
👉 Hit play, take notes, and don’t forget to comment your biggest takeaway!
👉 Before we dive in, watch this video for a complete breakdown:
🔍 00:01 – Interconnectedness of KYC, AML, and CFT
KYC ensures the identity is verified, AML prevents laundering of criminal money, and CFT combats funding of terrorist activities.
Imagine a terrorist group using clean charity funds for illegal purposes. That’s why all three are deeply connected.
🚨 00:03 – Mitigation Measures to Fight Financial Crimes
- ✅ Customer due diligence
- ✅ Monitoring suspicious transactions
- ✅ Reporting to FIU-India
- ✅ Global FIU collaboration
💣 00:04 – What Are Organised Financial Crimes?
From Ponzi schemes to fake plantation investments, real fraudsters have scammed crores!
Examples:
- Golden Forest Scam – ₹3000 Cr raised, only ₹400 Cr paid back
- Speak Asia – Promised ₹500 per survey, duped lakhs
- EMU Farming Scam – False return of ₹3.34 lakh on ₹5 lakh
🏦 00:07 – Bank’s Role & RBI Guidelines
- Monitor high-value deposits & sudden withdrawals
- Detect fake collective investment schemes
- Report frauds and donations to FIU
- Sever ties with unauthorized investment customers
📌 RBI mandates that if a bank enables a fraud, it will be held liable.
🕵️ 00:13 – Emerging Trends in Organized Crime
- Crypto, NFTs, fintech make tracking tougher
- Professional launderers offer advisory services
- Fake businesses placed inside legitimate ones to confuse detection
🧩 00:16 – KYC Challenges in the Financial Sector
- Repetitive KYC irritates customers
- Different sectors have varying KYC norms
- Solution: Central KYC Registry (CKYCR)
📂 00:18 – Central KYC Registry: One-Time KYC System
CKYCR simplifies banking:
- Single record for all institutions
- Unique KYC ID assigned
- Auto updates shared with all linked banks
- Ensures security and reduces duplication
[FREE EPDF] Organisational Set up for KYC AML | Module B | IMP Concepts
🤝 00:23 – Regulatory Coordination: RBI + SEBI + IRDAI
Joint initiatives improve compliance:
- Unified KYC for foreign investors
- Data sharing improves fraud detection
- Cross-sector alerts via collaborative regulation
📝 Conclusion: Your Compliance Toolkit for 2025
✔️ KYC, AML, and CFT are a protective triangle
✔️ Financial crimes are evolving – so should your vigilance
✔️ Banks must monitor, report, and act
✔️ CKYCR is the future of seamless compliance
✔️ Regulatory teamwork is key for national security
🚀 If you’re a banker preparing for CCP or JAIIB, implementing these concepts in real life is your best exam hack!
💬 Share your questions below. Got a story to tell? We’d love to hear it.
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