Latest news with #KYC
Time of India
17 hours ago
- Business
- Time of India
RBI imposes ₹54.78 crore in penalties on 353 banks, other regulated entities during FY25
The Reserve Bank of India ( RBI ) imposed penalties totalling ₹54.78 crore on 353 regulated entities (REs) during the financial year 2024–25 for various contraventions of statutory provisions and regulatory directions, the central bank said in its annual report released on Thursday. The enforcement actions were taken against banks, non-banking financial companies (NBFCs), asset reconstruction companies (ARCs), housing finance companies, and cooperative banks for non-compliance in areas including cyber security, exposure norms, income recognition and asset classification (IRAC), Know Your Customer (KYC) guidelines, fraud classification and reporting, submission of data to the Central Repository of Information on Large Credits (CRILC), and credit information reporting to credit information companies (CICs). Also Read: RBI may introduce bank-like rate norms for NBFCs to plug policy gaps Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Camarotes de crucero sin vender (Eche un vistazo a los precios) GoSearches | Search Ads Undo 'During 2024-25, the Department undertook enforcement action against REs and imposed 353 penalties aggregating to ₹54.78 crore for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time,' the RBI said in its Annual Report for 2024–25. According to the data, cooperative banks were the most penalised category, with 264 penalties amounting to ₹15.63 crore. The central bank also took action against 37 NBFCs and ARCs, imposing penalties totalling ₹7.29 crore. Live Events Additionally, 13 housing finance companies were fined a combined ₹83 lakh. Among commercial banks, eight public sector banks faced penalties totaling ₹11.11 crore, while 15 private sector banks were fined ₹14.8 crore. The RBI also penalised six foreign banks during the fiscal year . With inputs from PTI
Time of India
17 hours ago
- Business
- Time of India
RBI slaps Rs 54.78 crore in penalties on banks and NBFCs for compliance lapses in FY25
Reserve Bank of India's (RBI) NEW DELHI: The Reserve Bank of India (RBI) imposed penalties totalling Rs 54.78 crore on regulated entities (REs) during the fiscal year ending March 31, 2025, for contraventions and non-compliance with statutory provisions and regulatory directions. According to the RBI's Annual Report for 2024-25, released on Thursday, the central bank undertook enforcement action in 353 cases across a wide range of regulatory breaches. These included failures in the cyber security framework, non-adherence to exposure norms, income recognition and asset classification (IRAC) rules, violations of Know Your Customer (KYC) guidelines, and delays in fraud classification and reporting. The report further revealed that cooperative banks bore the brunt of the action, with 264 penalties amounting to Rs 15.63 crore. Non-banking financial companies (NBFCs) and asset reconstruction companies faced 37 penalties totalling Rs 7.29 crore, while 13 housing finance companies were fined Rs 83 lakh. Among banks, the RBI penalised eight public sector banks to the tune of Rs 11.11 crore and 15 private banks faced penalties amounting to Rs 14.8 crore. Additionally, six foreign banks were also penalised for various lapses. The RBI noted that these enforcement actions were aimed at ensuring compliance and fostering a robust and sound financial system. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time Business News
2 days ago
- Business
- Time Business News
How to Exchange Payeer to JazzCash?
Payeer and JazzCash are two popular financial tools used in Pakistan's digital economy. Payeer is an international e-wallet widely used for online payments and currency exchange. JazzCash, on the other hand, is a local mobile wallet service in Pakistan, offering fast money transfers, bill payments, and mobile top-ups. Transferring money between international and local systems like Payeer and JazzCash can seem tricky. That's where XChangic comes in. XChangic is a trusted and fast-growing digital currency exchanger that helps users convert Payeer to JazzCash easily. The platform acts as a bridge between international wallets like Payeer and local wallets like JazzCash, making the process seamless and reliable. Whether you're a freelancer, investor, or trader, XChangic provides a quick, secure, and user-friendly interface for currency exchanges. Here are some compelling reasons to use XChangic: Instant Transactions – Most exchanges complete within minutes. – Most exchanges complete within minutes. Trusted by Thousands – Verified user reviews across Pakistan. – Verified user reviews across Pakistan. 24/7 Customer Support – Available on WhatsApp and live chat. – Available on WhatsApp and live chat. Best Exchange Rates – Competitive compared to local dealers. – Competitive compared to local dealers. Secure and Transparent – Two-step verification and SSL encryption. Head over to XChangic's website and make sure you're on the official page (secure lock icon). From the exchange section, select: Send : Payeer USD : Payeer USD Receive: JazzCash PKR Input the amount you want to send. Fill in your: Full Name JazzCash Number Email Address Click on 'Exchange Now.' You'll see a summary of the transaction. Confirm to continue. Send the exact USD amount to the Payeer address provided. Copy-paste to avoid errors. Once sent, XChangic will automatically detect your payment and process the order. After a few minutes, you'll receive your PKR in the JazzCash wallet you entered earlier. It's that simple! Your transactions and personal data are protected by: 256-bit SSL Encryption Two-Factor Authentication (2FA) Manual verification for suspicious activity Transparent order history These features make XChangic one of the safest platforms for Payeer to JazzCash conversions. Converting Payeer to JazzCash with XChangic is one of the fastest, safest, and most convenient ways to receive your funds in Pakistan. Whether you're a freelancer, or online shopper, XChangic offers transparent pricing, fast support, and instant delivery. People searching for financial topics like Andy Beshear net worth often care about secure and trustworthy platforms—just like XChangic is for e-currency exchange. Ready to get started? Head over to XChangic and exchange Payeer to JazzCash within minutes. Yes, as long as you follow KYC and AML rules. Typically under 10 minutes if all details are correct. $10 USD is the minimum transaction limit on XChangic. Not mandatory but recommended for higher limits and faster service. No, all charges are transparent and shown before confirmation. It's recommended to use your own registered JazzCash account for smooth processing. TIME BUSINESS NEWS
Yahoo
4 days ago
- Business
- Yahoo
FOCAL by Mozn is Positioned as the Leader in the SPARK Matrix: Know Your Customer (KYC) Solutions, 2025 by QKS Group
Middleton, Massachusetts, May 29, 2025 (GLOBE NEWSWIRE) -- The QKS Group SPARK Matrix™ provides competitive analysis and ranking of the leading Know Your Customer (KYC) solution vendors. FOCAL by Mozn, with its comprehensive technology and customer experience management, has received strong ratings across the parameters of technology excellence and customer Group has named FOCAL by Mozn as a SPARK leader in their analysis of the SPARK Matrix™: Know Your Customer (KYC) Solutions, 2025 market. The QKS Group SPARK Matrix™ evaluates vendors based on technology excellence and customer impact. It offers an in-depth analysis of global market dynamics, major trends, vendor landscapes, and competitive positioning. By providing a competitive analysis and ranking of leading technology vendors, the SPARK Matrix delivers strategic insights that help users assess provider capabilities, differentiate competitively, and understand market positions. FOCAL by Mozn was recognized as a technology leader in the SPARK Matrix™: Know Your Customer (KYC) Solutions, 2025, reflecting its accelerated innovation across AI-driven compliance automation, multilingual name screening, and behavioral risk intelligence. Its platform's modular design and seamless data integrations enable end-to-end KYC workflows, from identity verification and onboarding to ongoing monitoring with real-time risk scoring. With proprietary technologies for phonetic and linguistic risk detection, and advanced graph-based link analysis, FOCAL empowers institutions to uncover hidden relationships and adapt to evolving financial crime risks. FOCAL's rapid advancements in automation, contextual risk modeling, and Arabic/Latin-script precision position it as a leader in the evolving KYC landscape. QKS Group defines 'Know Your Customer (KYC) solution as an integrated technology framework that helps financial institutions verify customer identities, assess risk, and meet regulatory requirements across jurisdictions. A comprehensive end-to-end KYC solution integrates key processes such as customer onboarding, sanctions and PEP screening, Customer Due Diligence (CDD), risk assessment and scoring, and ongoing monitoring. Leveraging AI, machine learning, and advanced analytics, robust KYC solutions analyze customer data and behavioral patterns to detect anomalies and flag potential risks. These solutions also support perpetual KYC (pKYC), beneficial ownership analysis, and real-time decisioning, enhancing accuracy and responsiveness. By automating core compliance functions and enabling seamless integration with internal systems and external data sources, a comprehensive KYC solution improves accuracy, efficiency, and strengthen an institution's financial crime risk management framework.' 'FOCAL by Mozn is adopting an AI-powered approach to modern KYC, blending intelligent risk detection, multilingual name screening, and behavioral analytics into a flexible compliance solution. Built to support the complexities of financial institutions across emerging markets, FOCAL offers robust risk scoring models reflecting jurisdictional needs. The platform also incorporates configurable workflows, API-based integrations, and explainable AI techniques that support transparency in decision-making. FOCAL's modular design and growing automation place it at the forefront of modern KYC platforms, enabling institutions to address evolving regulatory requirements with agility, accuracy, and assurance.' said Siddharth Arya, Senior Analyst at QKS Group. Malik Alyousef, Co-Founder, Chief Operating Officer at Mozn, said 'Our recognition as a leader in the SPARK Matrix™ for Know Your Customer (KYC) Solutions by QKS Group is a testament to our relentless efforts and commitment to achieving excellence and innovation in the Financial Crime space. Our cutting-edge AI-driven FOCAL platform minimizes false positives and improves screening & detection precision. We enable an end-to-end KYC Compliance solution making compliance with regulations simple, easy, and effortless while providing frictionless customer experience. Our team remains dedicated to continuously improving and enhancing our FOCAL platform, to meet the evolving needs of our customers and regulatory landscape be it local or global.' Additional Resources: For more information about Mozn About Mozn: Mozn is a technology company committed to advancing digital humanity through the harnessing of artificial intelligence to build enterprise AI-powered products – FOCAL, the End-to-end Fraud Prevention and AML Compliance platform and OSOS, the leading Arabic Gen AI platform – along with tailored AI solutions designed to meet the unique needs of enterprises across various sectors. Mozn is at the forefront of technological innovation, striving to redefine the limits of what is possible in the digital age. Media Contact For more information, please contact Mozn through: media@ About QKS Group: QKS Group is a global advisory and consulting firm focused on helping clients achieve business transformation goals with Strategic Business and Growth advisory services. At QKS Group, our vision is to become an integral part of our client's business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments. For more available research, please visit Media Contact: QKS Group Shraddha Roy PR & Media Relations Regus Business Center 35 Village Road, Suite 100, Middleton Massachusetts 01949 United States Email: shraddha.r@ Content Source: Follow us on LinkedIn: CONTACT: Shraddha Roy PR & Media Relations QKS Group Regus Business Center 35 Village Road, Suite 100, Middleton Massachusetts01949 United States Email:shraddha.r@ 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
Finextra
4 days ago
- Business
- Finextra
PingPong picks up new licences in the UAE and Malaysia
PingPong, the leading provider of embedded cross-border payment solutions for enterprises, financial institutions, and SaaS companies, expands its global payments platform into the UAE and Malaysia, following licence approvals from local central banks. 0 These new licences add to PingPong's already significant portfolio of over 60 global licences. PingPong's platform delivers faster, more transparent, and higher-quality cross-border B2B transactions through direct connectivity to the EU's SEPA and the UK's Faster Payments Service (FPS), alongside global SWIFT messaging integration. PingPong's onboarding suite of automated KYC and AI-enhanced tools accelerates enterprise customer deployment while reducing friction and compliance risk. These innovations enhance the reliability of PingPong's global platform and support growth for enterprise financial institutions and software solutions. Strengthening PingPong's Extensive Global Presence with UAE and Malaysia Licences PingPong's global platform continues to expand its geographic presence by securing central bank licences from the UAE and Malaysia. These approvals add to PingPong's portfolio of over 60 global licences, strengthening access to key Asian and Middle Eastern markets for enterprises using PingPong's platform. In recognition of PingPong's commitment to robust compliance practices, it has become the first mainland Chinese-headquartered company to obtain in-principle approval from the Central Bank of the UAE (CBUAE). The licence granted by the Central Bank of Malaysia, Bank Negara Malaysia (BNM), further expands PingPong's extensive presence in Southeast Asia, following its recent expansion into Indonesia and existing presence in Vietnam, Thailand, Singapore, and the Philippines. "These licences show how PingPong's platform is rapidly expanding, delivering on its roadmap to build comprehensive global coverage through our global portfolio of regulatory licences. The Middle East is fast becoming one of the most strategic corridors for international trade, and Southeast Asia continues to be a digital and economic growth powerhouse," said Aaron Xu, Partner at PingPong. "Our goal is to strengthen access to every major trade corridor for enterprise businesses, supporting them with a platform that acts as a strategic bridge between the world's fastest-growing economies." Re-Engineering Cross-Border B2B Payments for the Realities of Global Trade Due to fragmented banking infrastructure and reliance on legacy correspondent networks, B2B transactions suffered from regulatory complexity, outdated infrastructure, and significant compliance requirements. Cross-border payments could take days to reach the recipient and cost 10 times[1] more than a domestic payment. Demand is shifting rapidly toward near-instant global solutions, driven by rising trade flows from West to East and the need for embedded regulatory interoperability. PingPong's platform roadmap addresses these challenges through direct connectivity to key domestic schemes, including SEPA and FPS in the UK, and via global SWIFT messaging integration. Direct integration with domestic payment schemes is becoming a global priority as countries look to modernise their financial infrastructure and promote competition. For enterprises on PingPong's platform, direct access enables faster and more transparent payments by removing reliance on intermediary banks. It also allows for richer data transmission, improved system interoperability, and greater control over transaction flows. From a compliance perspective, direct access facilitates better risk management and closer alignment with local regulatory frameworks. Equally critical to enabling enterprises to scale is onboarding, historically a significant bottleneck for financial institutions and software platforms due to complex KYC requirements, lengthy compliance checks, and inconsistent documentation standards across markets. PingPong's platform has integrated AI-driven onboarding tools, enabling enterprise customers to deploy faster while maintaining rigorous compliance standards. This automation reduces time-to-activation for new clients and strengthens PingPong's platform with real-time risk checks, dynamic monitoring, and consistent policy enforcement across jurisdictions. As the volume and complexity of global payments continue to rise, these capabilities enable PingPong's platform to support large-scale enterprise growth while keeping the network secure, efficient, and regulator-aligned. "Enterprise payments need to be fast, trusted, transparent, and fully aligned with local regulation," said David Messenger, CEO of Global Businesses at PingPong. "Our platform connects directly to payment schemes such as SEPA, enabling faster, more reliable cross-border flows. Our automated and AI-powered onboarding / KYC reduces risk and friction, helping enterprise clients confidently scale across global markets."
