March 05, 2014
The Chairmen/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions
Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards
Please refer to our letter DBOD. AML.No.10604/14.01.001/ 2013-14 dated November 29, 2013 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions.
2. Financial Action Task Force (FATF) has updated its Statement on the subject and document ‘Improving Global AML/CFT Compliance: on-going process’ on February 14, 2014 (copy enclosed). The statement/document can be accessed from the following URL also:http://www.fatf-gafi.org/media/fatf/documents/statements/Public-Statement-14-February-2014.pdf andhttp://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/fatf-compliance-feb-2014.html
3. All banks and financial institutions are accordingly advised to consider the information contained in the enclosed statement.
4. This, however, does not preclude Indian banks or financial institutions from legitimate trade and business transactions with these countries and jurisdictions.
5. Please advise your Principal Officer to acknowledge receipt of this circular letter.
(Prakash Chandra Sahoo)Chief General ManagerEncl: As above