The framework grew both in terms of the number and the forms of the regulatory instruments involved, incorporating both regulations and directives, as well as regulatory technical standards and guidelines developed by the European Banking Authority (EBA), European Securities and Market Authority and the European Insurance and Occupational Pensions Authority. Nevertheless, the AML Directive has remained the core of the legal framework.
As India develops into a formidable force, it is Information Technology which holds the key to the process of transformation. Our key strengths lie in knowledge processing and as bankers we have been performing this function quite well both for our customers as well as for the growth of our own organisations. This underlying strength will ensure our key to success.