However, before attaining this goal at a national or global level, we need to immediately ensure that within each institution a customer is assigned a unique ID and that there are no instances of multiple customer IDs for the same customer. This is important not just from the perspective of better management of customer business, but also for an effective AML framework. 11.
Similarly, frauds are a cause for concern within the banking system, particularly for the public sector banks, which account for a large proportion of total frauds reported in the banking system. Frauds do not just represent lost money; they also indicate serious gaps in banks’ systems and processes and in the internal control framework.