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Policies and Procedures to Combat Money Laundering and Terrorist financing

ney Laundering Act, 2002 as applicable to the intermediaries registered under Section 12 of the SEBI Act. The detailed guidelines in Part II have outlined relevant measures and procedures to guide the registered intermediaries in preventing money laundering and terrorist financing. Some of these suggested measures and procedures may not be applicable in every circumstance. Each intermediary should .....

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f Money Laundering Act, 2002. In order to fulfill these requirements, there is also a need for registered intermediaries to have a system in place for identifying, monitoring and reporting suspected money laundering or terrorist financing transactions to the law enforcement authorities. 3.2.2 In light of the above, senior management of a registered intermediary should be fully committed to establi .....

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one who has framed such policies and procedures; (d) adopt customer acceptance policies and procedures which are sensitive to the r isk of money laundering and terrorist financing; (e) undertake customer due diligence ( CDD ) measures to an extent that is sensitive to the risk of money laundering and terrorist financing depending on the type of customer, business relationship or transaction; and .....

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f internal audit or compliance function to ensure compliance with policies, procedures, and controls relating to prevention of money laundering and terrorist financing, including the testing of the system for detecting suspected money laundering transactions, evaluating and checking the adequacy of exception reports generated on large and/or irregular transactions, the quality of reporting of susp .....

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