Anti-Money Laundering/Combating Financing of Terrorism - Standards - UCBs - આરબીઆઈ - Reserve Bank of India
Anti-Money Laundering/Combating Financing of Terrorism - Standards - UCBs
RBI/2010-11/503 May 02, 2011 The Chief Executive Officer of Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) – Standards – Primary (Urban) Co-operative Banks Please refer to our circular UBD. CO.BPD (PCB).Cir.No.6/14.01.062/2010-11 dated March 17, 2011 on risks arising from the deficiencies in AML/CFT regime of Iran and Democratic People’s Republic of Korea (DPRK). 2. Financial Action Task Force (FATF) has issued a further Statement on February 25, 2011 on the subject (copy enclosed) calling its members and other jurisdictions to apply counter-measures to protect the international financial system from the ongoing and substantial money laundering and terrorist financing risks emanating from Iran and DPRK. 3. Urban Co-operative Banks 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. The Compliance Officer/Principal Officer of the bank should acknowledge receipt of this circular to our Regional Office concerned. Yours faithfully, (M. Nanda Kumar) Encl: As above |