Cross Border Inward Remittance under Money Transfer Service Scheme

RBI/2010-11/537; Circular No. 66; Dated May 20, 2011

All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme.

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.52 { A.P.(FL/RL Series) Circular No.14} dated April 6, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies.

2. Financial Action Task Force (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 timeframe. The FATF, in the Statement has called upon its members to consider the information given in the Statement.

3. All Authorised Persons (Indian Agents) are accordingly advised to consider the information contained in the enclosed Statement.

4. Authorised Persons (Indian Agents) 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.

Yours faithfully,

(Meena Hemchandra)
Chief General Manager-in-Charge

Tag: anti money laundering

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