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Know Your Customer Norms/Anti-Money Laundering Standards /Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 -Money Changing Activities
January, 03rd 2013

RBI/2012-13/362
A. P. (DIR Series) Circular No. 67

January 2, 2013

To,
All Authorised Persons, who are Indian agents under
Money Transfer Service Scheme

Madam / Sir,

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

Please refer to Annex-II to the A.P. (Dir Series) Circular No. 18 [A.P. (FL/RL Series) Circular No. 05] dated November 27, 2009, as amended from time to time.

2. In order to ease the burden on the prospective customers in complying with KYC requirements for doing money transfer activities under the Money Transfer Service Scheme, it has now been decided that:

If the address on the document submitted for identity proof by the prospective customer is same as that declared by him/her, the document may be accepted as a valid proof of both identity and address. If 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.

3. All the other instructions contained in the A.P. (DIR Series) Circular No. 18 [A.P. (FL/RL Series) Circular No. 05] dated November 27, 2009, as amended from time to time shall remain unchanged.

4. 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.

5. Authorised Persons (Indian Agents) may bring the contents of this circular to the notice of their constituents concerned.

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

7. 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 and are without prejudice to permission/approvals, if any, required under any other law.

Yours faithfully,

(Rudra Narayan Kar)
Chief General Manager

 
 
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