KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009- Money Changing Activities - আরবিআই - Reserve Bank of India
KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009- Money Changing Activities
RBI/2010-11/468 April 06, 2011 To, All Authorised Persons Madam/ Dear Sir, Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009- Money changing activities Attention of all Authorised Persons is invited to Paragraph 4.10 (b) of F-Part-I, Annex to A.P. (DIR Series) Circular No.17 {A.P. (FL/RL Series) Circular No.4} dated November 27, 2009 on the captioned subject. 2. Financial Action Task Force (FATF) has issued a further Statement on October 22, 2010 on the subject (copy enclosed). It may be observed that the statement divides the strategic AML/CFT deficient jurisdictions into two groups as under:
3. Authorised Persons are accordingly advised to take into account risks arising from the deficiencies in AML/CFT regime of these countries, while entering into business relationships and transactions with persons (including legal persons and other financial institutions) from or in these countries/ jurisdictions. 4. Authorised Persons may bring the contents of this circular to the notice of their constituents concerned. 5. Please advise your Principal Officer to acknowledge receipt of this circular letter. 6. The directions contained in this Circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and also under the Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 and Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from time to time. Non-compliance with the guidelines would attract penal provisions of the Acts concerned or Rules made there under. Yours faithfully, (Smt. Sujatha Elizabeth Prasad) |