Reserve Bank Of India
A. P. (DIR Series) Circular No. 68
January 2, 2013
To,
All Authorised Persons in Foreign Exchange
Madam / 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 Authorised Persons is invited to F-Part-II of the Annex to the A.P.
(Dir Series) Circular No. 17 [A.P. (FL/RL Series) Circular No. 04] dated
November 27, 2009, as amended from time to time.
- In order to ease the burden on the prospective customers in complying with
KYC requirements for doing money changing activities, it has now been decided
that:
If the address on the document submitted for identity proof by the prospective
customer is same as that declared by him/her, the document may be accepted as a
valid proof of both identity and address. If the address indicated on the
document submitted for identity proof differs from the current address declared
by the customer, a separate proof of address should be obtained.
- All the other instructions contained in the A.P. (DIR Series) Circular No. 17
[A.P. (FL/RL Series) Circular No. 04] dated November 27, 2009, as amended from
time to time shall remain unchanged.
- Authorised Persons may bring the contents of this circular to the notice of
their constituents concerned.
- 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.
- Please advise your Principal Officer to acknowledge receipt of this circular
letter.
- 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 and are without prejudice to permission
/approvals, if any, required under any other law.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager
RBI/2012-13/361