Latest news with #KnowYour
The Hindu
12-06-2025
- Business
- The Hindu
RBI allows BCs to update KYC information
Reserve Bank of India (RBI) eased the Know Your Customer (KYC) norms for convenience of the customer according to a circular released June 12. Banks shall complete the KYC updation of customers who are flagged as 'low risk' whose KYC have not been updated, within a year or June 2026, whichever is later. Moreover, the Central bank also introduced the facility to upload KYC through video. The facility is called Video based Customer Identification Process (V-CIP) for customer onboarding and information updation. RBI also said banks shall enable its banking correspondents to undertake the KYC updation activity. These facilities shall be provided to reactivate inoperative accounts, RBI said in a separate circular. Banks have been advised to reach out to semi-urban and rural areas and set up camps to complete the process. The circular becomes important at a time when a lot of PMJDY accounts were reportedly inoperative due to difficulties in KYC updation and eligible beneficiaries for Direct Benefit Transfer based schemes faced snags in withdrawing money. 'Simplifying KYC while maintaining regulatory safeguards will enable the ecosystem to onboard customers faster, reduce friction, and accelerate the adoption of formal financial services,' said Payments Council of India (PCI) in its release.
Yahoo
09-06-2025
- Politics
- Yahoo
Los Angeles school officials say campuses will operate as normal amid immigration raids, violent protests
Violent protests over federal immigration raids erupted across the L.A. region over the weekend, and as the week begins and kids go back to school, Los Angeles school officials are looking to ease parents' concerns over ICE activity on campuses. All schools in the Los Angeles Unified School District are expected to operate as normal on Monday, the district said. There are just two days left in the school year. LAUSD released a statement on Monday morning saying that officials are 'aware of the stress, disruption and fear recent immigration activity has caused' in school communities. Attendance is said to have dropped since the raids began. 'We recognize the emotional toll this has taken on many of our students, families and staff, particularly in areas directly impacted by these events,' the statement reads. On June 6, LAUSD Superintendent Alberto Carvalho said he was 'dismayed' by the recent immigration activity occurring near schools; in April, Homeland Security agents tried to enter two LAUSD elementary schools but were denied entry by school administrators who were following district protocol. ICE agents were not involved in that incident, the district later confirmed. 'These actions are causing unnecessary fear, confusion and trauma for our students and families – many of whom are simply trying to get to and from school and work, and to live with dignity,' Carvalho said. 'Our schools must remain safe havens – places where every child can learn, grow and thrive without fear of being separated from their loved ones.' Los Angeles Mayor Karen Bass speaks to KTLA on ICE raids, protests and federal response: 'This is just political' 'Children deserve support, not surveillance,' he added. A notable case involving a child deportation is that of Martir Garcia Lara, a 9-year-old elementary school student in Torrance who was detained and separated from his father after they attended a regular immigration hearing on May 29. Martir and his father were transported to a facility in Texas the next day and were eventually ordered to be deported to Honduras. LAUSD officials are slated to hold a press conference at 9:30 a.m. Monday to publicly address concerns and provide information to community members. In the coming days, the district will continue to monitor demonstrations near schools while offering mental health services and restorative justice activities. A hotline for LAUSD family members and staff has been set up to assist those who need it with resources, information and support: 213-443-1300. Additionally, United Teachers Los Angeles has released guidance for teachers and administrators in the event of ICE activity on school property, which includes school buses and also applies to students doing official school activities in public places, such as a field trip. Earlier this year, LAUSD began distributing 'red cards' — also known as 'Know Your Rights' cards – and other resources that reminded immigrant community members and their families what their legal rights are. The cards are available to citizens and non-citizens alike in 16 languages. The distribution of the cards was prompted by President Donald Trump's January announcement that his administration would allow ICE and CBP officers to conduct arrests in sensitive areas, including schools and churches. That policy change reversed a 2011 ruling that prohibited arrests being made in those places. Late last year, LAUSD, the nation's second-largest school district after New York City Public Schools, declared itself a 'sanctuary district' and safe zone for families threatened by immigration enforcement. California lawmakers, immigrant advocates denied entry to Adelanto ICE facility The opening of schools coincides with the fourth day of planned demonstrations over ICE raids that started taking place in downtown L.A. and the Westlake District on Friday. A large group of people quickly assembled and unsuccessfully tried to stop agents from detaining dozens of individuals at several businesses throughout those two neighborhoods. On Saturday, an ICE raid in Paramount spurred protests there, in neighboring Compton and in downtown. Late that night, President Donald Trump ordered the National Guard to be deployed, a move that angered both L.A. Mayor Karen Bass and California Gov. Gavin Newsom and set off a chain of political back-and-forth between the two Golden State-based leaders and the president. Man protesting Paramount ICE raid added to FBI's 'Most Wanted' And while some property was set on fire and protesters threw projectiles at authorities on Saturday, these demonstrations were nowhere near as violent as the ones that took place Sunday. Sunday's protests in DTLA spun out of control as the evening progressed, with businesses being looted, cars being torched, law enforcement being targeted with projectiles, and even a driver going on a dangerous rampage. A total of 42 people were arrested on various charges by the Los Angeles Police Department, the L.A. County Sheriff's Department and the California Highway Patrol, an LAPD official confirmed to KTLA early Monday morning. A fourth day of protests is expected Monday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hans India
08-06-2025
- Business
- Hans India
How Legal Entity Identifiers Help Prevent Financial Fraud in Emerging Markets
Imagine trying to fight fraud when you cannot even verify who is involved in the transaction. That is the reality for many financial systems in emerging markets today! The budding digital transformation and global trade participation in emerging economies often brings a lack of transparency in business dealings. Fraudsters often try to exploit these gaps with fake companies and complex ownership structures that are difficult to trace. These situations call for a system to identify legal entities. LEI - Legal Entity Identifier brings clarity to complex financial transactions. You can call it a digital passport for businesses to make it possible to know exactly who you're dealing with. This blog will cover how LEI can help financial fraud prevention in emerging markets and bring transparency to the fraud-resistant financial scenarios. Understanding the Fraud Challenge in Emerging Markets Emerging markets are full of potential and economic growth but still face significant obstacles in fighting financial fraud. These economies often witness rapid digital technology adoption and increased trans-border commerce with budding financial systems. All of that, if not properly managed, can provide fertile ground for fraud. The common schemes include trade-related money laundering, invoice fraud, misuse of shell companies to conceal ownership and more. One of the major obstacles lies in the absence of accountability in corporate structures. A majority of businesses operate under minimal surveillance from the regulator which makes it challenging for financial institutions to carry out due diligence. You can also witness inconsistencies in data sources like Know Your Customer and Anti-Money Laundering frameworks. Many emerging markets heavily depend on informal markets where transactions often go unrecorded and unregulated. This can lead to vulnerabilities and hampers effective monitoring and enforcement. As these markets integrate in the financial system worldwide, the need for standard authentic identity solutions is crucial to decrease the fraud risk and ensure a secure space for the financial system. Ways in Which LEI Helps Prevent Financial Fraud By Establishing Verified Identity LEI serves as an excellent way to prevent fraud as it gives a verified and standardized identity for legal entities. Every LEI links to a reference data which includes official name, registration number, ownership structure and more about the entity. This helps to eliminate the confusion that is often utilized by fraudsters who employ similar or false names to trick investors or financial institutions. In the scenario of emerging economies, many companies might not identify digitally or easily traceable. LEI can serve as a trusted identity anchor in these situations. It helps for Know Your Customer and Anti-Money Laundering procedures by ensuring that financial institutions can distinguish legitimate entities from high-risk or fraudulent ones. Bringing Transparency in Cross-Border Transactions Emerging market economies often depend on international trade and cross-border capital flows. These transactions involve multiple parties from different countries which makes it hard to determine the identities of everyone involved. LEI is a tool for improving financial transparency and confirming the identities of partners from abroad with high certainty. LEI establishes a standard identity framework that applies to all different jurisdictions. This clear identification makes it harder for fraudsters to hide behind fake company names or set up shell companies. It ensures an honest global financial system and makes it more difficult for people to move money illegally across borders. Focusing on Risk Management for Financial Institutions Financial institutions and banks that operate in emerging markets might face a risk of getting themselves exposed to credit and counterparty risks. It happens due to the limited information available about the financial health of a prospective client and credibility. By having LEI in their risk management strategies, they can access the accurate and standardized information about the organizations they are doing business with. This reduces the risk of accepting fraudulent clients and making it easy to detect irregular patterns in transactions. Regulators can use LEI information to detect the clusters of related entities that can expose fraud or money laundering networks that might remain undiscovered otherwise. Regulatory Synergy and Cross-Border Enforcement LEI brings consistent identification of entities across all regulatory bodies and jurisdictions. This supports global cooperation to combat financial fraud. Regulators can connect entities that operate under different names across multiple countries and identify fraud networks with streamlined investigations. LEI makes it simple to exchange data between countries which helps authorities in responding to complicated and multinational financial crimes more efficiently. This is particularly beneficial for emerging markets looking to align with international financial standards and to bring effective participation in the global financial system. Supporting Digital Transformation in Governance When emerging markets begin to digitize the public sector, LEI gives an authentic layer of legal identity to business entities on digital platforms like tax systems and regulatory filings. They ensure that only verified businesses can use government systems which minimizes fraud in subsidies and contracts. LEI encourages open data initiatives that bring more accountability and oversight. With its integration into electronic governance systems, nations can focus on increasing transparency and fight corruption. This can let them have more effective and secure public and financial infrastructures. Challenges in LEI Adoption in Emerging Markets Perceived Complexity and Cost: Small businesses often view LEI as an additional bureaucratic burden or unnecessary expense, majorly when they are not mandated locally by authorities. Regulatory Gaps: Many emerging economies do not ask for LEI or its enforcement in various industries. This results in unintended use and low incentives to ensure compliance. Limited Infrastructure: In some regions, you can find, digital systems for entity registration and verification are under development which makes LEI issuance and maintenance process more difficult. Overcoming These: Government and Regulatory Mandates: Financial regulators and central banks require LEI in certain transactions like high-value payment or cross-border transactions. These specific mandates ensure compliance and help to build momentum. Public Awareness Campaigns: Educational programs can help understand the LEI and emphasize their advantages in enhancing compliance and reducing the fraud risk. Incentivizing Adoption: Banks and governments can provide benefits, including faster onboarding times or fewer documentation requirements for organizations that hold active LEI. Simplifying the Process: Collaborating with local registration bodies and including LEI in existing national business registers can speed up the process of issuance and update. Conclusion In the fight against financial fraud, LEI gives a powerful solution by assigning every legal entity a globally recognized ID. It shines a light on the often tricky world of corporate ownership and financial activity. Knowing your counterparties can make or break a deal which makes LEI not just helpful but essential.
&w=3840&q=100)
Business Standard
06-06-2025
- Business
- Business Standard
Fintech firm Decentro initiates reverse-flip process from Singapore
This comes at a time when the Bengaluru-based firm is raising about ₹30 crore as part of the Series-B funding round led by InfoEdge Ventures Ajinkya Kawale Mumbai Listen to This Article Fintech firm Decentro has initiated its reverse flip, starting the process to shift its jurisdiction from Singapore to India within the next 12 months, a senior company executive said. This comes at a time when the Bengaluru-based firm is raising about ₹30 crore as part of the Series-B funding round led by InfoEdge Ventures along with Groww founder Lalit Keshre's fund Stargazer Growth, and existing investors. The latest round of funding will enable the company to scale its existing line of products, including Know Your Customer (KYC) and onboarding, debt collections, and payments. 'I feel the (flip) can be done
India.com
04-06-2025
- Business
- India.com
PM Kisan 20th installment BIG Update: 20th installment releasing in…, check who can get PM-KISAN benefits, how to apply as new farmer and other details
The 20th instalment of the PM-KISAN scheme is likely to be given to farmers in June 2025, as per some media reports. But the government has not officially confirmed the date yet. The last payment, which was the 19th instalment, was given in February this year. PM-KISAN, or Pradhan Mantri Kisan Samman Nidhi, is a scheme started by the central government in 2019. It gives financial help of Rs. 6,000 every year to eligible farmers. This amount is given in three parts i.e. Rs 2,000 every four months. The money is directly sent to the farmer's bank account. According to the payment schedule, the next Rs. 2,000 instalment is due between April and July 2025 and if reports are to be believed, it might be sent out in June, but the exact date and location of the official release have not been announced yet. What farmers need to do to get the next payment: Complete e-KYC (Know Your Customer) Link Aadhaar card to their bank account Make sure their land records are updated and verified How to do e-KYC: e-KYC is compulsory for all farmers who are registered in the scheme. You can do OTP-based e-KYC by visiting the official website: You can also visit your nearest CSC (Common Service Centre) for biometric e-KYC. Make sure all these steps are completed in time to receive your Rs. 2,000. Who can get PM-KISAN benefits? To receive the 20th instalment of ₹2,000 under the PM-KISAN scheme, a farmer must meet these conditions: Be a citizen of India Own cultivable (farming) land Be a small or marginal farmer (usually with up to 2 hectares of land) Must not be an income taxpayer Must not receive a monthly pension above Rs. 10,000 Must not be an institutional landholder (like a company or trust owning farmland) How to check status or apply for PM-KISAN: Go to Click on 'Know Your Status' Enter your registration number or other required details To check if your name is in the list of eligible farmers: Visit the same website Click on 'Beneficiary List' Select your state, district, sub-district, block, and village Click 'Get Report' to see the names To apply as a new farmer:
