The proposed requirement seeks to establish a common minimum standard of knowledge and professional competence among principal officers responsible for implementing anti-money laundering and countering the financing of terrorism (AML/CFT) regulations.
New Delhi: The Securities and Exchange Board of India (SEBI) has proposed making anti-money laundering and counter-terrorism financing certification mandatory for principal officers of all registered securities market intermediaries, aiming to strengthen compliance standards and improve the detection of suspicious financial transactions.
In a consultation paper issued on Friday, the market regulator proposed requiring principal officers to obtain the National Institute of Securities Markets (NISM) Series-XXIV certification on Anti-Money Laundering and Combating the Financing of Terrorism Provisions in Securities Markets.
Under the proposal, existing principal officers would be required to complete the certification within six months of the issuance of the proposed requirement, while newly appointed officers would have six months from the date of their appointment.
SEBI has also proposed that officers maintain the validity of the certification throughout their tenure.
The proposed requirement seeks to establish a common minimum standard of knowledge and professional competence among principal officers responsible for implementing anti-money laundering and countering the financing of terrorism (AML/CFT) regulations.