The Regulatory Framework in FCC
Navigating Laws, Standards, and Enforcement in Financial Crime Compliance
01
Know the Global Bodies/Norms
Understand the key global bodies like FATF, Wolfsberg Group, and Basel Committee that shape FCC norms. These standards guide AML, CFT, and sanctions practices adopted by institutions worldwide.
02
Know the Legal Authorities
Get familiar with legal authorities like FinCEN, OFAC, RBI, and FIU-IND that enforce FCC regulations. They play a critical role in monitoring compliance, investigating violations, and imposing penalties.
03
Know the Regulators
Learn about key regulators such as SEBI, RBI, and IRDAI who oversee compliance in financial institutions. These bodies ensure adherence to FCC norms, protecting the integrity of the financial system.
04
Know the Laws & Regulations
Understand essential laws like the PMLA, FEMA, and IT Act that govern financial crime compliance in India. These regulations form the backbone of anti-money laundering, counter-terrorism, and data protection efforts.
05
Know the FCC terms
Familiarize yourself with key FCC terms like AML, CFT, KYC, STR, and UBO. These foundational concepts are crucial for navigating the financial crime compliance landscape effectively.
Important Laws
Key Laws and Guidelines Shaping Financial Crime Compliance in India
India’s financial crime compliance landscape is shaped by a robust set of laws and regulatory frameworks. From corporate governance to data privacy, each regulation plays a vital role in ensuring transparency and accountability.
Understanding these laws—like PMLA, DPDP, BNSS, and the Companies Act—empowers professionals to navigate compliance requirements effectively. Staying informed is essential for building trust, mitigating risks, and upholding ethical standards.
BNSS, 2023
Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023 replaces the Code of Criminal Procedure (CrPC), modernizing India’s criminal justice process with a focus on efficiency and technology-driven investigations.
Companies Act, 2013
Companies Act, 2013 governs the registration, regulation, and responsibilities of companies in India, promoting corporate transparency, accountability, and investor protection through updated compliance norms.
DPDP, 2023
Digital Personal Data Protection (DPDP) Act, 2023 lays down the framework for processing digital personal data in India, ensuring individual privacy, data security, and accountability of data fiduciaries.
PMLA, 2002
Prevention of Money Laundering Act, 2002 aims to prevent and combat money laundering in India by enabling authorities to track and confiscate proceeds of crime and enforce compliance by reporting entities.
RBI Master Direction
RBI Master Directions are consolidated guidelines issued by the Reserve Bank of India to ensure uniformity and clarity in regulatory instructions, covering areas like KYC, AML, and risk management for regulated entities.
Whistle Blowers’ Protection
Whistle Blowers’ Protection Act, 2014 provides a legal framework to protect individuals who expose corruption, misconduct, or violations in public offices, ensuring confidentiality and safeguarding against retaliation.