Anti-Money Laundering (AML) , Fraud Management & Cybercrime

How RBI Plans to Curb Money Laundering

EY's Vikram Babbar on RBI's Guidelines to Tackle Money Laundering
Vikram Babbar, partner and financial services lead at Forensic & Integrity Services, EY

RBI has amended the master direction of KYC requirements, which requires all reporting entities to conduct money laundering risk assessment procedures periodically. How are banks preparing themselves? Vikram Babbar, partner and financial services lead at Forensic & Integrity Services, EY, talks about leveraging technology to mitigate the risk.

See Also: Panel Discussion | Resolving an Identity Crisis? Approaches, Impacts and Innovation for Fraud & KYC

"Sometimes there are webs of transactions that are created that make it difficult for banks to identify how the money trail is moving. Today there are lot of tools available which can do assessment from a video KYC perspective, from a digital footprint perspective to identify who the real customer is. There are APIs being used by banks to understand credential mismatch," Babbar says.

In a video interview with Information Security Media Group, Babbar also discusses:

  • Steps RBI is likely to announce to combat money laundering;
  • Tools to leverage to track account interactions;
  • Recommendations to banks.

As partner and financial services lead at Forensic & Integrity Services, EY, Babbar leads the financial services sector for the practice. He also works at the Anti-Money Laundering Center of Excellence for the AIM region (Africa, India, Middle East). He has more than 18 years of professional experience, with the last 15 years in the forensic domain. He has worked on various assignments involving investigations, fraud risk assessments, vendor monitoring, anti-money laundering compliance, process reviews and transaction monitoring.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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