RBI/2013-14/224
A.P. (DIR Series) Circular No.34
September 04, 2013
To,
All Authorised Persons
Madam/ Dear Sir,
Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)
Standards - Money changing activities
Please refer to our
A.P.(DIR Series) Circular No. 101 dated May 02, 2013 on
risks arising from the deficiencies in AML/CFT regime of certain jurisdiction.
- Financial Action Task Force (FATF) has updated its Statement on the subject
and document 'Improving Global AML/CFT Compliance: on-going process' on June 21,
2013. The statement /document can be accessed from the following URLs :
http://www.fatf-gafi.org/topics/key/public-statement-june-2013.html and
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/compliance-june-2013.html
- 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 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-in-Charge