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RBI/2014-15/513
A.P. (DIR Series) Circular No. 87
March 25, 2015
To
All Authorised Persons
Madam/ Sir,
Know Your Customer (KYC) Norms / Anti Money Laundering (AML) Standards/
Combating of Financing of Terrorism (CFT) / Obligations under Prevention of
Money-laundering Act (PMLA), 2002 - Money changing activities
Attention of Authorised Persons is invited to the
A.P. (DIR Series) Circular No.
9 dated July 21, 2014, on the captioned subject read with
A.P. (DIR Series)
Circular No. 67 dated January 28, 2015 on AML/CFT standards.
- It has been decided that henceforth, Foreign Exchange Department
shall not issue the instructions to the Authorised Persons (APs) on the
captioned subject separately and the instructions issued by Department of
Banking Regulation, Central Office, Reserve Bank of India in this regard so
far and from time to time in future, mutatis mutandis, shall be applicable
to all APs.
- These guidelines will also be 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
adhere to these guidelines.
- Authorised Persons may bring the contents of this circular to the notice
of their constituents concerned.
- 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 from time to time and are without prejudice to permission
/approvals, if any, required under any other law.
Yours faithfully,
(B. P. Kanungo)
Principal Chief General Manager
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