Feature Post

UFBU Calls Off Nationwide Bank Strike on 24th and 25th Mar 2025 After Assurances from Finance Ministry and IBA

I n a significant development on March 21, 2025, the United Forum of Bank Unions (UFBU) has decided to call off their two-day nationwide strike, which was originally planned for March 24 and 25. This decision was made after the UFBU received positive reassurances from both the Finance Ministry and the Indian Banks’ Association (IBA) regarding their key demands. The banking unions, under the umbrella body of UFBU, represent employees from nine major unions across the country, including AIBEA, AIBOC, NCBE, AIBOA, and BEFI. The unions had earlier called for the nationwide strike to protest against several ongoing issues that they believe impact the welfare and job security of bank employees. Key Issues Behind the Proposed Strike The strike was initially called by UFBU to address a range of pressing concerns, some of which have been lingering for years. The union's main demands included: Five-Day Workweek for Bank Employees:  One of the most anticipated demands was the implementation o...
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FATF, Wolfs berg Principles and APG

FATF - Financial Action Task Force - It was established by G-7 summit in 1989 consisting of G-7 member states to combat money laundering. The FATF currently comprises 34 member jurisdictions and 2 regional organizations.

Wolfs berg Principles
The Wolfs berg Group is an association of thirteen global banks which aims to develop frameworks and guidance for the management of financial crime risks, particularly with respect to Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing policies. These principles are considered as most acceptable standards in this area by most of the major international regulators and institutions.

APG – Asia Pacific Group on Money Laundering - The Asia/Pacific Group on Money Laundering (APG) is an autonomous and collaborative international organization founded in 1997 in Bangkok, Thailand consisting of 41 members and a number of international and regional observers. It is constituted to facilitate the adoption, implementation and enforcement of internationally accepted standards like FATF. The APG has five primary functions:
i)      Mutual evaluations:   
ii)     Technical assistance and training:
iii)    Typologies research
iv)   Global policy development

v)    Private sector engagement

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