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February 2011

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 (Amendme

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 1 mins
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Part C : RBI/FEMA


Given below are the
highlights of certain RBI Circulars.

54 A.P. (DIR Series)
Circular No. 28,

dated 22-12-2010

A.P. (FL/RL Series) Circular
No. 9,

dated 22-12-2010

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

 

Attached to this Circular is
a Statement dated June 25, 2010 issued by the Financial Action Task Force (FATF)
which identifies certain jurisdictions which have strategic AML/CFT
deficiencies. The Statement calls upon the identified jurisdictions to complete
the implementation of their action plan within the time frame.

This Circular advices
Authorised Persons to consider the information contained the said Statement.

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