FATF's mutual evaluation report on India, published September 2024 after a November 2023 onsite inspection, rated India compliant or largely compliant with 37 of 40 Recommendations.
FATF’s new findings on AML/CFT compliance in India ↗
What happened
- FATF rated India's AML/CFT supervision (IO.3) at only 'moderate' effectiveness.
- RBI issued average monetary penalties of $87,000 to commercial banks, $4,350 to cooperative banks and $8,700 to NBFCs.
- FATF assessors said Indian supervisors rarely sanction responsible individuals, having only sanctioned entities.
Why it matters to Signicat
- FATF findings on weak customer risk profiling and CDD refresh in India indicate demand for screening and beneficial-ownership tooling in Signicat's Asia-Pacific-adjacent compliance market; direct relevance to Signicat's core European markets is low.
- LexisNexis is positioning its sanctions, PEP and adverse-media data as RegTech for AML/CFT compliance; this overlaps Signicat's Risk and AML screening line.
Evidence from the source (5 quotes)
- “However, India was found to have only a ‘moderate’ level of effectiveness in AML/CFT supervision (IO.3).” source ↗
- “The RBI issued average monetary penalties of $87,000 to commercial banks, $4,350 to cooperative banks and $8,700 to NBFCs.” source ↗
- ““the practice has been only sanctioning the entities”” source ↗
- “However, an ongoing area requiring improvement is in risk profiling of customers.” source ↗
- “This includes comprehensive data services which enable up-to-date screening for sanctions, PEPs, adverse media coverage, trade finance, and enforcement actions worldwide.” source ↗
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4 of 4 facts verified against the source · confidence high · claude-haiku-5-5