Reserve Bank of India
A.P. (DIR Series) Circular No. 51
November 15, 2012
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 by the
A.P. (Dir Series) Circular No. 60 dated
December 22, 2011.
- Based on several representations received from Full Fledged Money Changers
(FFMCs), regarding difficulties in obtaining documents other than passport, and
taking into account the procedure followed for money changing in other
countries, it has been decided to amend certain instructions contained in the
aforementioned Part. The amended instructions are given in the Annex.
- 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/2012-13/294
Annex
[Annex to A.P. (DIR Series) Circular No. dated November , 2012]
Customer Identification Procedure Features to be verified and documents that may
be obtained from customers
| Extant Guidelines
|
Revised Guidelines
|
| Features |
Documents |
Features |
Documents |
| Transactions With Individuals
|
|
Transactions With Individuals
|
|
| - Legal name and any other names used
|
i) Passport (ii) PAN card (iii) Voter's Identity Card (iv) Driving licence (v)
Identity card (subject to the AP's satisfaction) (vi) Letter from a recognized
public authority or public servant verifying the identity and residence of the
customer to the satisfaction of the AP. |
- Legal name and any other names used
|
i) Passport (ii) PAN card (iii) Voter's Identity Card (iv) Driving licence (v)
Identity card (subject to the AP's satisfaction) (vi) Letter from a recognized
public authority or public servant verifying the identity and residence of the
customer to the satisfaction of the AP. |
| -Correct permanent address |
(i) Telephone bill (ii) Bank account statement (iii) Letter from any recognized
public authority (iv) Electricity bill (v) Ration card (vi) Letter from employer
(subject to satisfaction of the AP).
(any one of the documents, which provides customer information to the
satisfaction of the AP will suffice).
Note: - In case of foreign tourists, copies of passport containing
identification particulars and address, may be accepted as documentary proof for
both identification as well as address. Further, a copy of the visa of
non-residents, duly stamped by Indian Immigration authorities may also be
obtained and kept on record. |
-Correct permanent address |
(i) Telephone bill (ii) Bank account statement (iii) Letter from any recognized
public authority (iv) Electricity bill (v) Ration card (vi) Letter from employer
(subject to satisfaction of the AP).
(any one of the documents, which provides customer information to the
satisfaction of the AP will suffice).
Note: - In case of foreign tourists, copies of passport containing
identification particulars and address, may be accepted as documentary proof for
both identification as well as address. Further, a copy of the visa of
non-residents, duly stamped by Indian Immigration authorities may also be
obtained and kept on record. However, where neither passports contain any
address nor foreign tourists are able to produce any address proof, APs may
obtain and keep on record, a copy of passport and visa duly stamped by the
Indian Immigration authorities and a declaration duly signed from foreign
tourists regarding the permanent address. |