RBI/2011-12/398
A.P. (DIR Series) Circular No. 78
February 15, 2012
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
Attention of all the Authorised Persons, who are Indian Agents under Money
Transfer Service Scheme (MTSS) is invited to
A.P.(DIR Series) Circular Nos.22 and
24 dated September 19, 2011 on the risks arising from the
deficiencies in AML/CFT regime of certain jurisdictions.
2. The Financial Action Task Force (FATF) has issued a further Statement on
October 28, 2011 on the subject (copy
enclosed).
3. Authorised Persons (Indian Agents) are accordingly advised
to consider the information contained in the enclosed statement.
4. This, however, does not preclude Authorised Persons
(Indian Agents) from legitimate transactions with these countries and
jurisdictions.
5. These guidelines would also be applicable mutatis mutandis
to all Sub-agents of the Indian Agents under MTSS and it will be the sole
responsibility of the APs (Indian Agents) to ensure that their Sub-agents also
adhere to these guidelines.
6. Authorised Persons (Indian Agents) may bring the contents
of this circular to the notice of their constituents concerned.
7. Please advise your Principal Officer to acknowledge
receipt of this circular letter.
8. The directions contained in this Circular have been issued
under sections 10(4) and 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 and are without prejudice to
permission/approvals, if any, required under any other law.
Yours faithfully,
(Meena Hemchandra)
Chief General Manager-in-Charge