Mastercard has found itself on the rocks!
An upheaval of the payment processing market in India is on the cards (pun intended).
On Wednesday, the RBI barred Mastercard indefinitely from onboarding any new customers from July 22nd.
This means that the American company will not be able to issue any prepaid, credit or debit cards to new customers in India.
What may have caused this and what could the possible ramifications of this action be?
Click to read: https://transfin.in/why-did-rbi-ban-mastercard-from-issuing-new-cards
RBI Grade B Notification is not released by the Reserve Bank of India yet.
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Money laundering risks may arise as a result of legislative and regulatory deficiencies in the financial system.
Corruption and taxation issues are the most common sources of risk, followed by drug trafficking, illegal logging, wildlife trafficking, theft, bank fraud, embezzlement, credit card fraud, and the sale of counterfeit goods.
Now, Indonesia is making headway in countering vulnerabilities, as authorities continue to issue regulations tailored toward a risk-based approach, and technical compliance with AML standards is generally high.Early attempts were highlighted by the establishment of the Pusat Pelaporan dan Analysis Transaksi Keuangan (PPATK), Indonesia's financial intelligence arm, and the passing of legislation aimed explicitly at money laundering and related offenses such as terrorism financing in 2002.Wallex adheres to high-risk prevention standards and follows the Anti Money Laundering and Countering Financing of Terrorism Laws and Regulations in the fight against money laundering and terrorist financing.
Here's a rundown of how Wallex detects and stops financial crimes, including money laundering and terrorism financing.In Indonesia, AML compliance is mandatory.Indonesia's banks and financial institutions take a risk-based approach to the money laundering dangers they confront by enhancing their AML policies and working toward the criteria set forth in the FATF's 40 Recommendations.
The risk-based approach, which entails analyzing the risk posed by individual customers and clients, is at the heart of FATF AML policy.
In practice, Indonesian anti-money laundering systems must: To identify customers and clients, implement suitable customer due diligence (CDD) methods.
This concept has removed the need for the third party to transact and allows every suppliers and consumer to complete their payments directly.
According to an estimate by statista, and the Blockchain industry experts the global spending on Blockchain solutions is estimated to reach about USD15.9 Bn by 2023.
It operates with no central authority.The primary benefit of using Blockchain technology is that it eradicates the chances of double-spending and provides access to the ledger and rule book to everyone in that Blockchain network.
Must Read: Gathering Detailed Insight on Commercial Insurance Industry in India with Insurance Industry ExpertsAccording to the survey conducted on the Blockchain by a management consulting firm Deloitte, they found that 53% of the respondents believe this to be a top-five strategic priority whereas 56% of the respondents believe this to disrupt their business.According to the research and findings of The Blockchain Market is anticipated to reach a value of USD162.84 Bn by 2027 growing at a CAGR of 68.1% during the forecasted years 2019 to 2027 owing to its rising adoption in North American countries during the forecasted years.In terms of adoption and end-users, the financial services industry holds the highest market share and continues to be the dominant end-use industry for this disruptive technology owing to its numerous benefits rapid adoption amongst the consumers.
This trending technology is used in both domestic and international fund transfers.
It helps the banks to overcome their problems of customer’s identification and prevent the chances of fraud and money laundering.
