Reserve Bank of India expects the Chief Compliance Officers of the banks to ensure total compliance with all specified guidelines laid down by the Reserve Bank of India to inculcate the culture of ethics in the banking systems. Compliance unit of the bank ensures that financial institution complies with applicable laws, regulations and rules, and it plays an essential role in helping to preserve the integrity and reputation of the bank.
Key Regulators Driving Compliance Actions
Indian regulators and their actions have impact on the decisions of the companies in India.
- Reserve Bank of India (RBI)
- Securities and Exchange Board of India (SEBI)
- Controller and Auditor General of India (CAG)
- Stock Exchanges (BSE and NSE)
- Ministry of Corporate Affairs (MCA)
- Tax Departments (Income Tax, GST)
Compliance officers of Indian Banks
Biznexxus is helpful for the banking compliance teams as it compiles lot of important data about the heightened risk individuals. In order to comply with the regulations laid down by the Reserve Bank of India it is necessary to classify the individuals and entities which carry the heightened risk.
- Biznexxus is the only solution which helps banks to classify the politically exposed persons based on the unique identifiers.
- Biznexxus is the only solution which takes into consideration various events such as regulatory actions and enforcement raids.
- Riskpro technology built the offering to perform the KYC remediation solution based on the circulars of Reserve Bank of India and the Financle structure of Core Banking System