New Delhi, Oct. 23 -- Union finance minister Nirmala Sitharaman on Friday urged financial sector regulators to expedite refunds of unclaimed assets to their rightful owners, simplify know-your-customer (KYC) processes and strengthen cybersecurity preparedness amid rising geopolitical uncertainties.

The issues were discussed at a meeting of the Financial Stability and Development Council (FSDC), the apex body for inter-regulatory coordination in the financial sector, chaired by Sitharaman.

The Council took note of the Financial Sector Cyber Security Strategy (FSCSS), formulated by an inter-ministerial group comprising financial sector regulators and cybersecurity agencies, according to a finance ministry statement.

Mandated by the Counc...