Latest news with #CustomerDueDiligence
News18
9 hours ago
- News18
CBI Cracks Down On Cybercrime: 9 Arrested, 8.5 Lakh Mule Accounts Uncovered
Last Updated: CBI's inquiry found that over 700 branches of various banks across India had opened around 8.5 lakh mule accounts, often without proper KYC norms or Customer Due Diligence The Central Bureau of Investigation (CBI) has launched a nationwide crackdown on cybercrime, conducting coordinated searches at 42 locations across five states: Rajasthan, Delhi, Haryana, Uttarakhand, and Uttar Pradesh. Dubbed Operation Chakra-V, the exercise aims to dismantle the infrastructure behind cybercrimes, particularly those involving mule bank accounts. According to sources, CBI's investigation has revealed that organised scammers were using mule bank accounts to transfer proceeds of cyber frauds, including digital arrest scams, impersonation, fraudulent advertisements, investment frauds, and UPI-based financial frauds. These fraudsters were being aided by certain bank officials, agents, aggregators, bank correspondents, middlemen, and e-Mitras who were facilitating the opening of mule accounts. CBI's inquiry found that over 700 branches of various banks across India had opened around 8.5 lakh mule accounts, often without proper KYC norms or Customer Due Diligence. Branch managers had also failed to conduct Enhanced Due Diligence on suspicious transaction alerts. Some banks had not sent acknowledgement letters to customers to verify their addresses. During the searches, the CBI has seized incriminating documents, digital evidence, mobile phones, bank account opening documents, transaction details, and KYC documents. Nine accused individuals, including middlemen, agents, aggregators, account holders, and bank correspondents, were arrested for their involvement in opening and facilitating mule bank accounts. The 9 arrested accused are: Lovkesh Shakya (Delhi) Savan Kumar (Delhi) Vishal (Delhi) Farman Beg (Uttarakhand) Purushottam (Uttarakhand) Shubham Kamboj (Uttar Pradesh) Umardeen (Uttar Pradesh) Yousuf (Rajasthan) Ashok Kumar (Rajasthan) The CBI's action is part of the Government of India's ongoing commitment to deal with cybercrimes and their perpetrators sternly. The agency is working to dismantle the infrastructure behind these offences and bring those responsible to justice. First Published: June 27, 2025, 03:23 IST
&w=3840&q=100)
Business Standard
14 hours ago
- Business
- Business Standard
CBI busts 850,000 mule accounts in 700 bank branches across five states
The Central Bureau of Investigation (CBI) on Thursday said it had carried out searches at 42 locations across five states, discovering 850,000 mule accounts in more than 700 branches of various banks across India. A mule account, as it is popularly known, is a bank account used by scammers to move the proceeds of financial crimes. The searches, conducted under Operation Chakra-V, took place in Rajasthan, Delhi, Haryana, Uttarakhand and Uttar Pradesh. According to the investigative agency, the operation targeted the extensive use of mule bank accounts by organised cybercriminals to route and withdraw proceeds from fraudulent activities. 'These accounts were opened either without proper KYC (Know Your Customer) norms, Customer Due Diligence or Initial Risk Assessment. The branch managers of the banks have also failed to conduct Enhanced Due Diligence in respect of certain suspicious transaction alerts generated by the systems. Some of the banks have also failed to send the acknowledgement or thanking letters to customers to indirectly verify the addresses of the account holders,' the CBI said in a statement on its website. FIR filed against offenders, bank officials Based on the findings, the CBI has registered a First Information Report (FIR) under charges of criminal conspiracy, cheating, forgery and use of forged documents under the Indian Penal Code/Bharatiya Nyaya Sanhita, along with provisions under the Prevention of Corruption Act relating to misconduct by public servants. The investigation also highlights the alleged involvement of bank officials, agents, aggregators, middlemen and e-Mitras who assisted in the opening and operation of these accounts. During the raids, the agency seized digital evidence, account opening documents, transaction records, mobile phones and KYC materials. Nine individuals have been arrested so far, including middlemen, account holders and business correspondents who typically act as the bank's representatives in rural, underserved areas. They are accused of aiding in the creation and operation of mule bank accounts used to transfer and withdraw money obtained through cyber fraud.
Time of India
15 hours ago
- Business
- Time of India
CBI investigates banks for mule accounts used in cyber fraud
Jaipur: Banks in Rajasthan and many other states are under scrutiny following a Central Bureau of Investigation (CBI) operation targeting mule bank accounts used to facilitate cyber fraud . As part of Operation Chakra-V, CBI carried out coordinated raids Thursday across 42 locations in five states—Rajasthan, Delhi, Haryana, Uttarakhand, and Uttar Pradesh—to dismantle a network of cybercriminals who exploited bank accounts for digital scams, investment fraud, UPI-based frauds, and impersonation schemes. According to a CBI spokesperson, approximately 8.5 lakh mule accounts were opened across more than 700 bank branches nationwide. These accounts, often set up using forged documents or without proper Know-Your-Customer (KYC), Customer Due Diligence, or risk assessment, were used to siphon funds from unsuspecting victims. The investigation revealed that some bank managers bypassed Enhanced Due Diligence even when internal systems flagged suspicious transactions. Several banks failed to dispatch customer acknowledgement letters—an essential step in address verification—as mandated by the Reserve Bank of India. CBI has registered an FIR under sections covering criminal conspiracy, cheating, forgery, and use of forged documents along with charges of criminal misconduct under the Prevention of Corruption Act. The FIR names bank officials, agents, e-Mitras, aggregators, and middlemen as accused in facilitating opening of illicit accounts. During the searches, CBI teams seized digital data, mobile phones, account opening forms, transaction records, and KYC documentation. Nine individuals—comprising middlemen, agents, aggregators, account holders, and bank correspondents—were arrested for their roles in setting up and maintaining mule accounts used to launder cyber fraud proceeds.
Yahoo
30-05-2025
- Business
- Yahoo
Anti-money Laundering (AML) Market worth $9.38 billion by 2030- Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., May 30, 2025 /PRNewswire/ -- The global Anti-money Laundering Market size is projected to grow from USD 4.13 billion in 2025 to USD 9.38 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period, according to a new report by MarketsandMarkets™. The AML Market is fueled by the surge in adoption of smart analytics and the need for enhancing infrastructure that gives a 360-degree view of customer and transactional information. Financial institutions are using machine learning and behavioral analytics more and more to identify sophisticated, emerging trends of money laundering and minimize false positives. Real-time risk scoring and network analysis are solutions that assist in the detection of underlying relationships between accounts and transactions. Regulators have also started to push the banks toward better visibility of data across silos. This has led institutions to create centralized data hubs that consolidate internal and external sources of data, which improves compliance accuracy and risk profiling. Browse in-depth TOC on "Anti-money Laundering (AML) Market" 250 – Tables 50 - Figures300 – Pages Download PDF Brochure @ Scope of the Report Report Metrics Details Market size available for years 2019–2030 Base year considered 2024 Forecast period 2025–2030 Forecast units Value (USD Billion) Segments covered Offering, Solution, Deployment Mode, Organization Size, End User, and Region Geographies covered North America, Europe, Asia Pacific, Middle East & Africa, Latin America Companies covered Major vendors in the global AML Market are LexisNexis (US), Oracle (US), FIS (US), Fiserv (US), Jumio (US), NICE Actimize (US), SAS Institute (US), GB Group PLC (UK), FICO (US), ACI Worldwide (US), Experian (Ireland), Wolters Kluwer (Netherlands), Transunion (US), ComplyAdvantage (UK), Friss (Netherlands), Nelito Systems (India), Comarch (Poland), Allsec Technologies (India), Dixtior (Portugal), Temenos (Switzerland), TCS (India), Featurespace (UK), Feedzai (Portugal), Napier AI (UK), Tier1 Financial Solutions (Canada), Finacus Solutions (India), SymphonyAI (US), IDMERIT (US), IMTF (Switzerland), Innovative Systems (US), Sedicii (Ireland), Trulioo (Canada), NameScan (Australia), DataVisor (US), and Gurucul (US) Based on solutions, the KYC/Customer Due Diligence (CDD) & sanction screening segment is expected to hold the largest market share during the forecast period. The sanction screening and KYC (Know Your Customer)/Customer Due Diligence (CDD) solutions are essential in helping financial institutions, as well as other regulated parties, comply with global AML requirements such as the US Bank Secrecy Act (BSA), the 6th Anti-Money Laundering Directive of the EU (6AMLD), and Financial Action Task Force (FATF) guidelines. KYC/CDD solutions are essentially employed by institutions to assess customer risk profiles, gather beneficial ownership information, and perform continuous monitoring to detect suspicious patterns of behavior. Sanction screening software is also critical to identify individuals and entities on global sanctions lists released by organizations such as OFAC, the UN, and the EU. As global sanctions, particularly geopolitical sanctions, become increasingly sophisticated, financial institutions are resorting to automated real-time screening systems to prevent themselves from transacting with blacklisted entities. They happen to work in conjunction with larger AML platforms and utilize artificial intelligence to dispose of false positives and enhance efficiency. Request Sample Pages@ By deployment mode, the on-premises segment will account for the largest market size during the forecast period. On-premises deployments offer more flexibility for customization, enabling institutions to tailor the AML setups to accommodate internal risk management processes and integrate seamlessly with older systems. On-premises deployment gives institutions total control over data and systems, which is particularly important when dealing with sensitive customer data and financial transactions. Capital markets and insurance firms have complex operational processes and are under different forms of regulatory oversight, and it is hence more practical for them to implement on-premises deployments in a bid to meet their individual compliance environments. Lower latency, enhanced performance, and enhanced internal governance also favor institutions. Major banks and financial institutions deploy on-premises infrastructure to host their AML operations, especially in countries that have strict data localization policies in place, such as Germany, India, and the Middle East. By region, Europe is expected to grow at the highest CAGR during the forecast period. The implementation of the Sixth Anti-Money Laundering Directive (6AMLD) by the European Union has increased the reach of predicate crimes and prioritized criminal responsibility of legal persons, propelling the use of more advanced AML technology. In addition, the creation of the European Anti-Money Laundering Authority (AMLA) will increase regulatory harmonization and oversight among member states, further fueling compliance solution demand. Regions like Germany, France, and the Netherlands have implemented stronger reporting requirements for virtual assets and cross-border transfers, while Eastern European nations are spending money on AML systems in order to meet EU expectations. The region also witnesses the growing focus on monitoring cryptocurrency and fintech platforms, which has driven the implementation of sophisticated analytics, AI, and machine learning-based AML solutions. Inquire Before Buying@ Top Key Companies in Anti-money Laundering Market: LexisNexis (US), Oracle (US), FIS (US), Fiserv (US), Jumio (US), NICE Actimize (US), SAS Institute (US), GB Group PLC (UK), FICO (US), ACI Worldwide (US), Experian (Ireland), Wolters Kluwer (Netherlands), Transunion (US), ComplyAdvantage (UK), Friss (Netherlands), Nelito Systems (India), Comarch (Poland), Allsec Technologies (India), Dixtior (Portugal), Temenos (Switzerland), TCS (India), Featurespace (UK), Feedzai (Portugal), Napier AI (UK), Tier1 Financial Solutions (Canada), Finacus Solutions (India), SymphonyAI (US), IDMERIT (US), IMTF (Switzerland), Innovative Systems (US), Sedicii (Ireland), Trulioo (Canada), NameScan (Australia), DataVisor (US), and Gurucul (US) are the key players and other players in the AML Market. Browse Adjacent Markets: Information Security Market Research Reports & Consulting Related Reports: Digital Forensics Market - Global Forecast to 2030 Endpoint Security Market - Global Forecast to 2030 Security Service Edge Market - Global Forecast to 2030 Digital Signature Market - Global Forecast to 2030 Data Diode Market - Global Forecast to 2030 Get access to the latest updates on Anti-money Laundering Companies and Anti-money Laundering Industry About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter , LinkedIn and Facebook . Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC. 1615 South Congress 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: sales@ Our Website: Logo: View original content: SOURCE MarketsandMarkets Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Anti-money Laundering (AML) Market worth $9.38 billion by 2030- Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., May 30, 2025 /PRNewswire/ -- The global Anti-money Laundering Market size is projected to grow from USD 4.13 billion in 2025 to USD 9.38 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period, according to a new report by MarketsandMarkets™. The AML Market is fueled by the surge in adoption of smart analytics and the need for enhancing infrastructure that gives a 360-degree view of customer and transactional information. Financial institutions are using machine learning and behavioral analytics more and more to identify sophisticated, emerging trends of money laundering and minimize false positives. Real-time risk scoring and network analysis are solutions that assist in the detection of underlying relationships between accounts and transactions. Regulators have also started to push the banks toward better visibility of data across silos. This has led institutions to create centralized data hubs that consolidate internal and external sources of data, which improves compliance accuracy and risk profiling. Browse in-depth TOC on "Anti-money Laundering (AML) Market" 250 – Tables 50 - Figures300 – Pages Download PDF Brochure @ Scope of the Report Report Metrics Details Market size available for years 2019–2030 Base year considered 2024 Forecast period 2025–2030 Forecast units Value (USD Billion) Segments covered Offering, Solution, Deployment Mode, Organization Size, End User, and Region Geographies covered North America, Europe, Asia Pacific, Middle East & Africa, Latin America Companies covered Major vendors in the global AML Market are LexisNexis (US), Oracle (US), FIS (US), Fiserv (US), Jumio (US), NICE Actimize (US), SAS Institute (US), GB Group PLC (UK), FICO (US), ACI Worldwide (US), Experian (Ireland), Wolters Kluwer (Netherlands), Transunion (US), ComplyAdvantage (UK), Friss (Netherlands), Nelito Systems (India), Comarch (Poland), Allsec Technologies (India), Dixtior (Portugal), Temenos (Switzerland), TCS (India), Featurespace (UK), Feedzai (Portugal), Napier AI (UK), Tier1 Financial Solutions (Canada), Finacus Solutions (India), SymphonyAI (US), IDMERIT (US), IMTF (Switzerland), Innovative Systems (US), Sedicii (Ireland), Trulioo (Canada), NameScan (Australia), DataVisor (US), and Gurucul (US) Based on solutions, the KYC/Customer Due Diligence (CDD) & sanction screening segment is expected to hold the largest market share during the forecast period. The sanction screening and KYC (Know Your Customer)/Customer Due Diligence (CDD) solutions are essential in helping financial institutions, as well as other regulated parties, comply with global AML requirements such as the US Bank Secrecy Act (BSA), the 6th Anti-Money Laundering Directive of the EU (6AMLD), and Financial Action Task Force (FATF) guidelines. KYC/CDD solutions are essentially employed by institutions to assess customer risk profiles, gather beneficial ownership information, and perform continuous monitoring to detect suspicious patterns of behavior. Sanction screening software is also critical to identify individuals and entities on global sanctions lists released by organizations such as OFAC, the UN, and the EU. As global sanctions, particularly geopolitical sanctions, become increasingly sophisticated, financial institutions are resorting to automated real-time screening systems to prevent themselves from transacting with blacklisted entities. They happen to work in conjunction with larger AML platforms and utilize artificial intelligence to dispose of false positives and enhance efficiency. Request Sample Pages@ By deployment mode, the on-premises segment will account for the largest market size during the forecast period. On-premises deployments offer more flexibility for customization, enabling institutions to tailor the AML setups to accommodate internal risk management processes and integrate seamlessly with older systems. On-premises deployment gives institutions total control over data and systems, which is particularly important when dealing with sensitive customer data and financial transactions. Capital markets and insurance firms have complex operational processes and are under different forms of regulatory oversight, and it is hence more practical for them to implement on-premises deployments in a bid to meet their individual compliance environments. Lower latency, enhanced performance, and enhanced internal governance also favor institutions. Major banks and financial institutions deploy on-premises infrastructure to host their AML operations, especially in countries that have strict data localization policies in place, such as Germany, India, and the Middle East. By region, Europe is expected to grow at the highest CAGR during the forecast period. The implementation of the Sixth Anti-Money Laundering Directive (6AMLD) by the European Union has increased the reach of predicate crimes and prioritized criminal responsibility of legal persons, propelling the use of more advanced AML technology. In addition, the creation of the European Anti-Money Laundering Authority (AMLA) will increase regulatory harmonization and oversight among member states, further fueling compliance solution demand. Regions like Germany, France, and the Netherlands have implemented stronger reporting requirements for virtual assets and cross-border transfers, while Eastern European nations are spending money on AML systems in order to meet EU expectations. The region also witnesses the growing focus on monitoring cryptocurrency and fintech platforms, which has driven the implementation of sophisticated analytics, AI, and machine learning-based AML solutions. Inquire Before Buying@ Top Key Companies in Anti-money Laundering Market: LexisNexis (US), Oracle (US), FIS (US), Fiserv (US), Jumio (US), NICE Actimize (US), SAS Institute (US), GB Group PLC (UK), FICO (US), ACI Worldwide (US), Experian (Ireland), Wolters Kluwer (Netherlands), Transunion (US), ComplyAdvantage (UK), Friss (Netherlands), Nelito Systems (India), Comarch (Poland), Allsec Technologies (India), Dixtior (Portugal), Temenos (Switzerland), TCS (India), Featurespace (UK), Feedzai (Portugal), Napier AI (UK), Tier1 Financial Solutions (Canada), Finacus Solutions (India), SymphonyAI (US), IDMERIT (US), IMTF (Switzerland), Innovative Systems (US), Sedicii (Ireland), Trulioo (Canada), NameScan (Australia), DataVisor (US), and Gurucul (US) are the key players and other players in the AML Market. Browse Adjacent Markets: Information Security Market Research Reports & Consulting Related Reports: Digital Forensics Market - Global Forecast to 2030 Endpoint Security Market - Global Forecast to 2030 Security Service Edge Market - Global Forecast to 2030 Digital Signature Market - Global Forecast to 2030 Data Diode Market - Global Forecast to 2030 Get access to the latest updates on Anti-money Laundering Companies and Anti-money Laundering Industry About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter , LinkedIn and Facebook . Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC. 1615 South Congress 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: sales@ Our Website: Logo: View original content: SOURCE MarketsandMarkets Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
