| Date: |
25-03-2015
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| Notification No: |
RBI/2014-15/514 A.P. (DIR Series) Circular No. 88
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/514 |
| Subject: |
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 Transfer Service Scheme (MTSS)
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RBI/2014-15/514
A.P. (DIR Series) Circular No. 88
March 25, 2015
To
All Authorised Persons, who are Indian Agents under Money Transfer Service
Scheme.
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 Transfer Service Scheme (MTSS)
Attention of Authorised Persons (APs), who are Indian Agents under Money
Transfer Service Scheme (MTSS) is invited to the
A.P. (DIR Series) Circular No.
10 dated July 21, 2014 on the captioned subject read with
A.P. (DIR Series)
Circular No. 68 dated January 28, 2015 on AML/CFT standards.
- It has been decided that henceforth, Foreign Exchange Department
shall not issue the instructions to the APs who are Indian Agents under
Money Transfer Service Scheme, 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, be applicable to all APs.
- These guidelines will also be applicable, mutatis mutandis, to all
Sub-Agents of the Indian Agents under MTSS and it will be the sole
responsibility of the APs (Indian Agents) to ensure that their Sub-agents
adhere to these guidelines.
- Authorised Persons (Indian Agents) may bring the contents of this
circular to the notice of their Sub-Agents / 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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