RBI/2011-12/397
A.P. (DIR Series) Circular No. 77
February 15, 2012
To,
All Authorised Persons
Madam/ Dear Sir,
Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism
(CFT) Standards - Money changing activities
Attention of the Authorised Persons is invited to the
A.P.(DIR Series)
Circular Nos.21 and
23 dated September 19, 2011 on the risks arising from the
deficiencies in AML/CFT regime of certain jurisdictions.
- The Financial Action Task Force (FATF) has issued a further Statement
on October 28, 2011 on the subject (copy enclosed).
- Authorised Persons are accordingly advised to consider the information
contained in the enclosed statement.
- This, however, does not preclude Authorised Persons from legitimate
transactions with these countries and jurisdictions.
- These guidelines are also applicable mutatis mutandis to all agents/
franchisees of Authorised Persons and it will be the sole responsibility of
the franchisers to ensure that their agents / franchisees also adhere to
these guidelines.
- Authorised Persons may bring the contents of this circular to the notice
of their constituents concerned.
- Please advise your Principal Officer to acknowledge receipt of this
circular letter.
- The directions contained in this Circular have been issued under sections
10(4) and 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 and are without
prejudice to permission /approvals, if any, required under any other law.
Yours faithfully,
(Meena Hemchandra)
Chief General Manager-in-Charge