Agrawal explains that whereas the regulatory improvement could seem to be a sudden response, it’s really the end result of a collection of points relationship again to 2018.
He highlights cases of non-compliance, together with the submission of false info and violations of Know Your Buyer (KYC) norms, which resulted in penalties imposed by the RBI.
Agrawal emphasises the significance of KYC compliance in sustaining belief and credibility within the monetary system. He discusses how lax compliance can result in vulnerabilities, doubtlessly enabling nefarious actions akin to cash laundering and terrorist financing.
Agrawal additionally refers to considerations about knowledge privateness within the fintech ecosystem, mentioning the shortage of sturdy laws and enforcement mechanisms.
The dialog touches upon the function of fintech firms in driving innovation and effectivity within the monetary sector. Nonetheless, Agrawal emphasises the necessity for these firms to prioritise compliance and regulatory adherence alongside development goals.
He warns concerning the risks of overlooking compliance in favour of fast enlargement, citing examples of misconduct and knowledge breaches. In conclusion, Agrawal underscores the significance of regulatory oversight in safeguarding the integrity of the monetary system and defending client pursuits.
He advocates stricter laws, enforcement measures, and penalties to discourage non-compliance and guarantee accountability throughout the fintech ecosystem. Hear in.
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