Providing information on financial security, banking news, finance updates, explanations on RBI guidelines, and advisory content.
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Category: IT Governance & Compliance (RBI Focused)
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The Reserve Bank of India (RBI), through its Master Direction on IT Governance, Risk, Controls, and Assurance Practices (effective April 1, 2024), mandates financial institutions to implement robust IT Asset Management (ITAM) as part of their IT governance strategy. ITAM is considered a critical pillar for ensuring: Scope and Applicability The guidelines apply to: Key…
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The reporting obligations under the RBI’s KYC guidelines require Regulated Entities (REs) to systematically report certain types of transactions to the Financial Intelligence Unit – India (FIU-IND) as part of India’s efforts to prevent money laundering and combat terrorism financing. Here’s a detailed explanation: 1. Types of Reports to FIU-IND REs must furnish reports for…
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The record-keeping requirements outlined in the Reserve Bank of India (RBI) KYC guidelines aim to ensure that banks maintain detailed documentation for transactions and customer identification. Let’s break it down: 1. Transaction Records Banks must keep comprehensive records of all transactions between themselves and their customers, whether these transactions are domestic or international. 2. Customer…
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