To enhance Anti-Money Laundering (AML) controls and avoid penalties, NBFCs should focus on several key areas. First, conduct regular risk assessments to identify and address potential vulnerabilities. Implement robust Customer Due Diligence (CDD) procedures to verify and monitor client information. Use advanced monitoring systems to detect and report suspicious transactions promptly. Train employees regularly on AML regulations and best practices. Finally, establish strong internal controls and conduct regular audits to ensure compliance. By taking these steps, NBFCs can better protect themselves from financial misconduct and avoid costly penalties.
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