RCBC’s Post

The Royal Bank of Scotland International Limited (RBSI), a subsidiary of the UK's NatWest Group plc, has been fined £1,440,481 by the Isle of Man Financial Services Authority (FSA) for delays in implementing changes to its customer risk assessment process. This violation was found to be in breach of the anti-money laundering and countering the financing of terrorism code 2015. The FSA uncovered this offence during an inspection of RBSI's non-personal customer book under section 15 of the Financial Services Act 2008. Despite the penalty, the FSA acknowledges constructive dialogue with RBSI and notes the bank's ongoing efforts to address the issue. RBSI will continue its outreach efforts to remedy any remaining cases affected by the breach, with full transparency and cooperation with the Authority. #aml #amlcft #amlcompliance #amltraining #knowyourcustomer #kyc #kyb #financialcrime #financialanalysis #financialawareness #financialdata #financialcompliance

🔍 Ensure Your Community Bank Stays Compliant and Ahead with VCM! From lending and operations compliance to CRA, BSA/AML, and beyond, our specialized audit services are designed to protect your institution. We identify and mitigate risks early, so you can focus on growth with confidence. Don’t wait for issues to arise—partner with VCM and fortify your bank’s future. Visit www.VCM4you.com to learn more! #BankCompliance #AuditExcellence #CommunityBanking #RiskManagement #VCM

The Reserve Bank of India (RBI) has recently mandated that all banks, Non-Banking Financial Companies (NBFCs), and Housing Finance Companies (HFCs) conduct a comprehensive assessment of their existing fraud risk management systems by January 2025. This directive aims to enhance the robustness and effectiveness of fraud prevention mechanisms within these financial institutions, ensuring better protection for customers and the financial system as a whole. Our bolt on solution Clari5.FIRST assists you in swiftly complying with these new RBI guidelines. Get ahead and connect with us: connect@customerxps.com #enterprisefraud #fraud #enterprisefraudmanagement #NBFC #GetClarified #Clari5First

One of the significant frauds committed by many banks is .... Neglecting the borrower's re-KYC process. This has become a common practice among banks, where they are not adhering to the guidelines set by the Reserve Bank of India (RBI). As a result, many cases end up as non-performing assets (NPAs), and the lack of proper re-KYC is one of the contributing factors. What Is Re-KYC? Re-KYC involves verifying and updating customer identification documents to ensure their accuracy and compliance with regulatory norms. Key Aspects of Re-KYC: → Regular Updates: Based on RBI guidelines, lenders must periodically ask customers to undergo Re-KYC. This ensures that their personal contact information and sign remains up-to-date. → Self-Declaration: When there are no changes in a customers KYC information, a self-declaration by borrower suffices. → Risk Management: Re-KYC helps banks manage risk by ensuring accurate customer data. It also contributes to preventing non-performing assets (NPAs). 📌 Conclusion: Banks must take Re-KYC seriously to maintain the integrity and stability of the financial system. 🤝🏻 Follow me Janmeyjai Bisht for more engaging insights that will keep you ahead of the curve in the world of finance. #finance #linkedin #investing #businessanalysis #connections

As we continue to grow, we have to keep bringing on experienced individuals who improve where we are as a #business. Jane joins us after a very successful career at OakNorth and was seeking to do something a bit different. We all look forward to working with you. 👏 👏 👏 TBP - Trusted Business Partner hashtag #EveryoneNeedsATrustedBusinessPartner Kat Foster - Craig Jiggins - Miles Norris - Jane Hind #Business #Finance #AssetFinance #InvoiceFinance #CommercialProperty #BusinessLoans #ProfessionalsFinance

It was a wonderful opportunity to participate in this training and complete all the tasks thank you Bank HSBC for this training and also I'm thankful for Forage #HSBC #Training #Banking #Forage

🌟 Exploring the Role of a Credit Manager in NBFCs 🌟 As a Credit Manager in the dynamic world of Non-Banking Financial Companies (NBFCs), I play a pivotal role in ensuring robust credit assessment and risk management processes. Here’s a glimpse into my responsibilities: 🔍 CIBIL Verification: Assessing creditworthiness through thorough CIBIL verification. 📑 Document Verification: Ensuring all submitted documents comply with regulatory standards. ✅ Approval Process: Making informed decisions on loan approvals. 🔐 PD Verification: Conducting Video KYC, E-Sign, and E-Mandate to authenticate applicants. 💸 Disbursement: Ensuring compliant and seamless loan disbursement processes. 📊 Financial Analysis: Scrutinizing financial documents to assess credit health. 🌐 Risk Management: Mitigating risks associated with various factors. These steps ensure that we uphold our commitment to responsible lending while providing financial solutions tailored to our customers' needs. #CreditManager #NBFC #Finance #RiskManagement #FinancialServices #Bank

Consistency is Key! In sales,marketing and business development, it's easy to get discouraged by setbacks and rejections. But remember: consistency and persistence ultimately yield results! Stay focused, keep pushing forward, and trust that your hard work will pay off. Celebrate your small wins and learn from your losses. Keep grinding, and success will follow! #SalesMotivation #BusinessDevelopment #ConsistencyIsKey #PersistencePaysOff #Marketing

🚨 HSBC fined $33,000 by ACCC for Consumer Rights Blunders 🚨 HSBC Bank Australia Limited finds itself in hot water as it faces penalties for alleged breaches of Consumer Data Right (CDR) rules. The Australian Competition & Consumer Commission (ACCC) issued two infringement notices, claiming HSBC failed to disclose complete mortgage interest rate details and accurate credit card balances in response to CDR requests. Investigations uncovered discrepancies in fixed-rate home loan interest rates and credit card balances provided by HSBC from February to April 2023. Despite cooperation with the ACCC and efforts to enhance CDR compliance, HSBC is feeling the pinch. Stay informed and safeguard your rights! #ConsumerDataRights #HSBCFine #ACCC #BankingRegulations #FinancialCompliance #DataAccuracy #ConsumerProtection #TransparencyMatters #FinancialAccountability #RegulatoryCompliance