The Reserve Bank of India (RBI) has asked scheduled banks to periodically review the risk categorisation done when preparing profile of each customer. This is expected to improve monitoring to detect transactions that are inconsistent with updated profiles.
The banking regulator has also asked banks to put in place a software that will throw alerts when transactions are inconsistent with risk categorisation and updated profile of customers. The robust software will help in identifying and reporting suspicious transactions
Banks have to submit the cash transaction report (CTR) and suspicious transaction reports (STR) in the electronic format to Financial Intelligence Unit-(FIU) India. However, many banks are yet to comply with the norm to send the report in the electronic format.
Wherever bank branches are not computerised, officials concerned should cull out the transaction details from branches and send in the electronic format to FIU, RBI said in a communication to banks.
Banks have been advised that customers should not be tipped off on the suspicious transaction report sent to FIU. It is likely that in some cases customers may have abandoned or aborted transactions after being asked to give some details or provide documents. Banks should submit details on all attempted transactions to FIU.
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