FEMA – RBI’s instructions on further statement of FATF relating to AML/CFT standards – A.P. (DIR SERIES) CIRCULAR NO. 65, DATED 20-05-2011

RBI’s INSTRUCTIONS ON FURTHER STATEMENT OF FATF RELATING TO AML/CFT STANDARDS

Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards – Money changing activities

A.P. (DIR SERIES) CIRCULAR NO. 65, DATED 20-5-2011

Please refer to our A.P. (DIR Series) Circular No. 51, [A.P. (FL/RL Series) Circular No. 13], dated April 6, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies.

2. FATF has further issued a Statement on February 25, 2011 (copy enclosed) calling upon jurisdictions listed in the Statement to complete the implementation of their action plan within the timeframe. The FATF, in the Statement has called upon its members to consider the information given in the statement.

3. Authorised Persons are accordingly advised to consider the information contained in the enclosed Statement.

4. Authorised Persons may bring the contents of this circular to the notice of their constituents and customers concerned.

5. Please advise your Principal Officer to acknowledge receipt of this circular letter.

6. 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 by Prevention of Money Laundering (Amendment) Act, 2009 and Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from time to time. Non-compliance with the guidelines would attract penal provisions of the Acts concerned or Rules made there under.

Related posts:

1. FEMA – Revised instructions on KYC norms/AML standards – A.P. (DIR SERIES) CIRCULAR NO. 61, DATED 16-05-2011
2. FEMA – RBI’s instructions on application of counter-measures to protect international financial system from ongoing money laundering and terrorist financing risks – A.P. (DIR SERIES) CIRCULAR NO. 63, DATED 20-05-2011
3. RBI Circular on Money changing activities- A.P. (DIR Series) Circular No. 27
4. KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PMLA- A.P. (DIR Series) Circular No. 25
5. FEMA – Revised guidelines on KYC norms/AML standards under Money Transfer Service Scheme – A.P. (DIR SERIES) CIRCULAR NO. 62, DATED 16-05-2011