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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 Money changing activities.

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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This circular provides that for KYC purposes, Authorised persons engaged in Money changing activities and their agents & franchisees 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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