In order to address implementation issues and facilitate a smoother transition, the RBI has set up a Working Group comprising professionals with experience in IFRS implementation, bankers and RBI staff engaged in regulation and supervision.” KYC and AML standards 43.
The international standards for KYC/AML/CFT are set by the Financial Action Task Force (FATF) and the Reserve Bank issues KYC/AML/CFT guidelines mainly on the lines of FATF recommendations. However, irrespective of the FATF recommendations covering many areas, the Reserve Bank issues instructions to banks only if there are enabling provisions in Prevention of Money Laundering Act/Rules 2002.