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India, Improving its AML Regime, Could Gain Entrance to FATF

By Brian Monroe

The Republic of India is likely to be the next nation to join the Financial Action Task Force, which sets global anti-money laundering standards, according to a report Monday by an Indian news organization. The 34-member FATF made the decision following broad improvements in the Southern Asian nation's AML regime, including extending identity, recordkeeping and suspicious activity reporting requirements to non-bank financial institutions and rural banks, according to Business Standard India. India, situated between Pakistan, China and Bangladesh, is one of only two countries – the Republic of Korea is the other – to currently have observer status with FATF....

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