RBI/2010-11/535
A.P. (DIR Series) Circular No. 64
May 20, 2011
To,
All Authorised Persons, who are Indian Agents under Money Transfer Service
Scheme.
Madam/ Dear Sir,
Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)
Standards - Cross Border Inward Remittance under Money Transfer Service Scheme
Please refer to our
A.P. (DIR Series) Circular No.50 {A.P. (FL/RL Series)
Circular No.12} dated April 6, 2011 on risks arising from the deficiencies in
AML/CFT regime of Iran and Democratic People’s Republic of Korea (DPRK).
- Financial Action Task Force (FATF) has issued a further Statement on February
25, 2011 on the subject (copy enclosed) calling its members and other
jurisdictions to apply counter-measures to protect the international financial
system from the ongoing and substantial money laundering and terrorist financing
(ML/FT) risks emanating from Iran and Democratic People’s Republic of Korea
(DPRK).
- All Authorized Persons (Indian Agents) are accordingly advised to consider
the information contained in the enclosed Statement.
- Authorized Persons (Indian Agents) may bring the contents of this circular to
the notice of their constituents and customers concerned.
- Please advise your Principal Officer to acknowledge receipt of this circular
letter.
- 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.
Yours faithfully,
(Meena Hemchandra)
Chief General Manager-in-Charge