INDIA’S BANKING EXPANSION HAS AIDED AML, BUT WEAKNESSES PERSIST – FATF
September 23rd, 2024
India's surging 7% economic growth has expanded its formal economy, enabling it to strengthen its AML-CFT procedures, FATF has concluded in its latest mutual evaluation report, although there are still some key weaknesses in fighting dirty money flows (1). FATF said India’s “more than doubling the proportion of the population with bank accounts [and] greater reliance on digital payment systems”, plus simplified CDD for small accounts, “have supported financial transparency [and] AML/CFT efforts”. The Times of India has reported Indian bank accounts had ...
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