Sebi probes 35 brokers for money laundering
PrintAs many as 35 stock brokers have been probed by capital market regulator Securities and Exchange Board of India (Sebi) for possible lapses in controls related to money launderingand terror financing, and further action may be taken soon in these cases.
The inspections by Sebi follow actions taken by stock exchanges and depositories against more than 300 market entities for violations and discrepancies related to Anti-Money Laundering and Combating Financing of Terrorism (AML and CFT) regulations in the 2011-12 fiscal.
The brokers have been probed for their compliance with KYC (know your client) rules, their due diligence procedures and their compliance to various AML- and CFT-related regulations, while action has been taken by exchanges and depositories after similar inspections of various market entities.
In its latest annual report for 2011-12, Sebi said that it conducted "35 specific purpose inspections of stock brokers to check their KYC process, the extent of due-diligence and compliance level with current regulatory and statutory framework in this regard. Action with regard to these cases is in progress". The regulator said money laundering has been globally recognized as one of the largest threats posed to the financial system of a country, while "fight against terrorist financing is another such emerging threat". (Times of India)
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