Money Laundering | Corporate Law Reporter

RBI cautions users of Virtual Currencies against Risks

The Reserve Bank of India has today cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to. The Reserve Bank has mentioned that it has been looking at the developments relating to certain electronic records… Read More

Tags: Bitcoin, Central bank, finance, money laundering, Reserve Bank, Reserve Bank of India, Run batted in, Virtual currency

˜At par™ cheque facility extended to Cooperative Banks/RRBs by Scheduled Commercial Banks

RBI/2013-14/344 RPCD.CO.RRB.RCB.BC.No. Cir.No. 48/07.51.010//2013-14 October 29, 2013 The Chairman All Regional Rural Banks (RRBs) All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 ˜At par™ cheque facility extended to Cooperative… Read More

Tags: Bank, cheque, Indian Settlement Systems, Know Your Customer, Modern Language Association, money laundering, Prevention of Money Laundering Act 2002, Regional Rural Bank

RBI update w.r.t. ˜At par™ cheque facility extended to Cooperative Banks by Scheduled Commercial Banks

RBI/2013-14/332 UBD.BPD (PCB) Cir. No. 32/14.01.062/2013-14 October 22, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 ˜At par™ cheque facility extended to Cooperative Banks by Scheduled… Read More

Tags: Bank, cheque, Indian Settlement Systems, Know Your Customer, KYC, Modern Language Association, money laundering, Prevention of Money Laundering Act 2002

RBI Directive w.r.t. Operational Procedure to be followed by UCBs for e-KYC exercise

RBI/203-14/263 UBD.BPD (PCB) Cir. No.15/14.01.062/2013-14 September 17, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 e-KYC Service of UIDAI Recognising on-line Aadhaar authentication (electronic verification… Read More

Tags: Aadhaar, Know Your Customer, KYC, money laundering, Phone, Prevention of Money Laundering Act 2002, UIDAI, Unique Identification Authority of India

RBI Clarifications on KYC / AML Standards & Information sought by UCBs from Customers

RBI/2013-14/228 UBD.BPD (PCB) Cir. No. 11/14.01.062/2013-14 September 05, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Information sought by banks from customers - Primary (Urban) Co-operative… Read More

Tags: Acute myeloid leukemia, Know Your Customer, KYC, Modern Language Association, money laundering, Prevention of Money Laundering Act 2002, Reserve Bank of India, Terrorism financing

RBI note on Money Changing Activities w.r.t. AML Standards/Combating Financing of Terrorism CFT Standards

RBI/2013-14/224 A.P. (DIR Series) Circular No.34 September 04, 2013 To, All Authorised Persons Madam/ Dear Sir, Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities Please refer to our A.P.(DIR Series) Circular No. 101 dated May 02, 2013 on risks arising from the deficiencies in AML/CFT regime of certain jurisdiction. 2. Financial… Read More

Tags: Acute myeloid leukemia, Financial Action Task Force on Money Laundering, Foreign Exchange Management Act, Modern Language Association, money laundering, prevention of money laundering, Prevention of Money Laundering Act 2002, Terrorism financing

RBI intimation w.r.t. AML Standards – Cross Border Inward Remittance under Money Transfer Service Scheme

RBI/2013-14/225 A.P.(DIR Series) Circular No.35 September 04, 2013 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. 102 dated May 02,… Read More

Tags: Acute myeloid leukemia, Financial Action Task Force on Money Laundering, Foreign Exchange Management Act, Modern Language Association, money laundering, prevention of money laundering, Prevention of Money Laundering Act 2002, Terrorism financing

RBI :: Information sought by Banks from Customers under PMLA has to be as per guideline and not intrusive

RBI/2013-14/213 DBOD. AML.BC. No. 50/14.01.001/2013-14 September 3, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002 Information sought by banks from customers… Read More

Tags: Acute myeloid leukemia, Commercial bank, India, Know Your Customer, KYC, Modern Language Association, money laundering, Terrorism financing

RBI Update w.r.t. Recognising on-line Aadhaar authentication to be accepted as an ˜Officially Valid Document™ under PML Rules

RBI/2013-14/209 DBOD.AML.BC.No.44/14.01.001/2013-14 September 2, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 e-KYC Service of UIDAI Recognising… Read More

Tags: Aadhaar, India, Know Your Customer, KYC, money laundering, Terrorism financing, UIDAI, Unique Identification Authority of India

Simplifying Norms for Periodical Updation of KYC for Urban Cooperative Banks

RBI/2013-14/167 UBD.BPD (PCB) Cir. No. 2 /14.01.062/2013-14 July 31, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Simplifying norms for Periodical Updation of KYC - Primary (Urban) Co-operative… Read More

Tags: Acute myeloid leukemia, anti money laundering, Bank, Know Your Customer, KYC, Modern Language Association, money laundering, Prevention of Money Laundering Act 2002

RRBs/StCBs/DCCBs – Simplifying Norms for Periodical Updation of KYC

RBI/2013-14/161 RPCD.RRB.RCB.BC.No.84/07.51.018/2013-14 July 25, 2013 The Chairmen / CEOs of all Regional Rural Banks / State and Central Co-operative Banks Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 - Simplifying norms for Periodical Updation of KYC… Read More

Tags: Acute myeloid leukemia, AML, Bank, Know Your Customer, KYC, money laundering, Prevention of Money Laundering Act 2002, Terrorism financing

Simplifying norms for Periodical Updation of KYC

RBI/2013-14/150 DBOD.AML.BC. No. 34/14.01.001/2013-14 July 23, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 - Simplifying norms… Read More

Tags: Bank, Commercial bank, India, Know Your Customer, KYC, money laundering, Terrorism financing

Know Your Customer Norms/Anti-Money Laundering Standards/Combating of Financing of Terrorism/Obligations under PMLA, 2002

RBI/2013-14/135 DBOD.AML.BC.No.29 /14.01.001/2013-14 July 12, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligations under Prevention of Money Laundering Act (PMLA), 2002 We invite a reference to paragraph 89 (extracts… Read More

Tags: Bank, Commercial bank, Know Your Customer, Master Circular, Modern Language Association, money laundering, Permanent account number, Prevention of Money Laundering Act 2002, Terrorism financing