Not complying with kyc or anti money laundering guidelines

durga (Querist) 21 April 2013 This query is : Resolved
I am a management student and require your help in my academic project. I would like to know what are the laws to punish in case of non compliance with anti money laundering guidelines in Banks as per banking regulation act or any other act if existing.
Thank you for the help rendered.

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prabhakar singh (Expert) 21 April 2013
Below are few legislations you may go through:

Customs Act, 1962

Customs Tariff Act, 1975

FERA

FEMA, 2000

COFEPOSA, 1974

Valuation Act

SAFEMA, 1976

The Foreign Trade (Development and Regulation)

SAFEMFOPA

The Prevention of Money Laundering Bill, 1999

Custom House Agents Licensing Regulations, 1984

Baggage Rules, 1998

Custom & Central Excise Duties Drawback Rules, 1995

Central Excise Act, 1944

The BIS (Certification) Regulations, 1988

for text of statutes you may visit:

http://exim.indiamart.com/act-regulations/

R.K Nanda (Expert) 21 April 2013
no more to add.

Raj Kumar Makkad (Expert) 22 April 2013
Nothing to add more.

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Not complying with kyc or anti money laundering guidelines

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