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.
When conditions are no longer unusual and exigent, those programs not focused on depository institutions will be terminated, and, with a few exceptions such as the Term Asset-Backed Securities Loan Facility, they will leave no residual on our balance sheet. 2 The long-term securities we are buying will not run off so rapidly.