RBI/2010-11/446
DBOD. AML.No. 15007/14.01.001/2010-11
March 24, 2011
The Chairmen/CEOs of all Scheduled Commercial Banks (Excluding
RRBs)/Local Area Banks / All India Financial Institutions
Dear Sir,
Anti-Money Laundering (AML)/Combating of
Financing of Terrorism (CFT) - Standards
Please refer to our letter
DBOD. AML.No.10854 /14.01.038/ 2010-11 dated
January 11, 2011 on risks arising from the deficiencies in AML/CFT regime of
Iran and Democratic People's Republic of Korea (DPRK).
- 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
(ML/FT) risks emanating from Iran and Democratic People's Republic of Korea
(DPRK).
- All banks and All India Financial Institutions 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.
- Please advise Principal Officer of your bank to acknowledge receipt of this
circular letter.
Yours faithfully,
(Vinay Baijal)
Chief General Manager
Encl: As above