In my views apart from the aforesaid discussions the organisation\/ Industries should always focus on EMPLOYEES\u2019 HIRING, Hiring should be done having adequate screening procedures to ensure high standards when hiring employees. They shall identify the key positions within their own organization structures having regard to the risk of money laundering and terrorist financing and the size of their business and ensure the employees taking up such key positions are suitable and competent to perform their duties.<\/span><\/p>\n

In addition to the Employees Hiring, EDUCATION \/ TRAINING OF EMPLOYEES\u00a0 should be done on the regular basis, organisation\/ Industries should educate employees at their offices in relation to changes brought about in the Money Laundering Act, 2002.The Company shall forward to its employees a copy of the Policy together with the PMLA Act for their knowledge and reference on time to time basis.<\/span><\/p>\n

The said organisation\/ Industries should always conduct training programme so that the employees are adequately trained in various procedures related to the Prevention of Money Laundering. Training requirements should have specific focuses for frontline staff, back office staff, compliance staff, risk management staff and staff dealing with new clients. It is crucial that all those concerned fully understand the rationale behind these directives, obligations and requirements, implement them consistently and are sensitive to the risks of their systems being misused by unscrupulous elements.<\/span><\/p>\n

According to me one of the most important Point that should be nation wide followed is conducting INVESTORS EDUCATION. Implementation of Anti Money Laundering (AML) measures requires certain information from investors which may be of personal nature. Such information may include documents evidencing source of funds\/income tax returns\/bank records etc. This can sometimes lead to raising of questions by the client with regard to the motive and purpose of collecting such information. In such cases Organisations\/ Industries are required to educate the Clients as and when required for, with the objectives of the AML programme adopted by the said Organisations\/ Industries.<\/span><\/p>\n

So, In my view there should be a better framework, that can make the above said process easier, The infromations required by the organisations should be procured in a transparent manner, more predictable so that the root cause of money laundering can be removed. The Organisations should be smart enough to lay down procedures and policies to avoid unfair practices which weaknes the economy for the present and future generations.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"