RBI/214-15/131
DBOD.AML.BC.No.26/14.01.001/2014-15

July 17, 2014

The Chairperson/Chief Executive Officers
All Scheduled Commercial Banks (excluding RRBs) /Local Area Banks/
All India Financial Institutions

Dear Madam/Sir,

Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Obligation of banks – Amendment to Prevention of Money-laundering (Maintenance of Records) Rules 2013.

Government of India has notified the “Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2013” (Rules) and have published the same in the extraordinary official gazette vide G.S.R. No. 576 (E) dated August 27, 2013. In order to align the existing instructions contained in our Master Circular DBOD. AML. BC. No. 22/14.01.001/2014-15 dated July 1, 2014 on Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002 with the amendment to PML Rules, it has been decided to notify the corresponding changes on account of the amendments.

2. The important changes are mentioned in the Annex.

3. A copy of the notification is attached for detailed reference.

4. Banks may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same.

Yours faithfully

(Lily Vadera)
Chief General Manager

Encl: As above