AML/CFT Roles and Responsibilities: A Look at Global and Local Regulators

The video begins with an introduction that sets the stage, explaining that local regulators are the key implementers of global standards set by international bodies like the FATF. It then introduces the four primary regulators that will be examined in detail: the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Financial Crimes Enforcement Network (FinCEN), and the Financial Conduct Authority (FCA).

The video is then structured into four main sections, one for each regulator. The segment on the RBI details its key roles in the banking sector, such as issuing mandatory "Master Directions," conducting regular audits, and mandating customer due diligence (CDD) and continuous transaction monitoring. It also highlights the RBI's responsibility to prevent the misuse of the banking system. The section on SEBI then focuses on the securities market, explaining how SEBI frames market-specific guidelines, requires a Risk-Based Approach (RBA) from its clients, and uses surveillance to protect investors.

Next, the video discusses the Financial Crimes Enforcement Network (FinCEN), outlining its dual function as a regulatory body and a financial intelligence unit. It covers FinCEN's administration of the Bank Secrecy Act (BSA), its crucial role in disseminating financial data to law enforcement, and its power to impose civil penalties. The video's final segment on a specific regulator is dedicated to the FCA. This section details how the FCA supervises financial firms, enforces the UK's Money Laundering Regulations (MLRs), and uses a data-led, risk-based approach to supervision to protect consumers and market integrity.

The video concludes by summarizing the key points, reinforcing that local regulators are fundamental to the global AML/CFT framework. It emphasizes that their combined efforts in translating international standards into enforceable rules are what ultimately ensures the integrity and stability of global financial systems.
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Видео AML/CFT Roles and Responsibilities: A Look at Global and Local Regulators канала Khatu Shayam Analyst Academy