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April 2012

A.P. (DIR Series) Circular No. 87, dated 29-2-2012 — 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
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This Circular requires, Authorised Persons (Indian Agents) to take additional steps to identify and assess their ML/TF risk for customers, countries and geographical areas as also for products/services/ transactions/delivery channels.

Authorised Persons (Indian Agents) must have policies, controls and procedures, duly approved by their boards, in place to effectively manage and mitigate their risk adopting a risk-based approach as discussed above. They must also design risk parameters according to their activities for risk-based transaction monitoring, which will help them in their own risk assessment.

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