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February 2013

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 – Cross Border Inward Remittance under Money Transfer Service Scheme

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Authorised persons engaged in Money transfer services and their agents & sub-agents can accept, where the address on the document submitted for identity proof by the prospective customer is same as that declared by him/her current address, the same document can be accepted as a valid proof of both identity and address. However, in cases where 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.

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