In its latest annual report for 2011-12, Sebi said that it conducted "35 specific purpose inspections of stock brokers to check their KYC process, the extent of due-diligence and compliance level with current regulatory and statutory framework in this regard. Action with regard to these cases is in progress". The regulator said money laundering has been globally recognized as one of the largest threats posed to the financial system of a country, while "fight against terrorist financing is another such emerging threat". (Times of India)