money laundering

Money changing activities – Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards

RBI/2012-13/484 A.P. (DIR Series) Circular No. 101 May 2, 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. 70 dated January 10, 2013 on risks arising from the deficiencies in AML/CFT regime of certain jurisdiction. 2.… Read More

Tags: Financial Action Task Force on Money LaunderingForeign Exchange Management ActModern Language Associationmoney launderingprevention of money launderingPrevention of Money Laundering Act 2002Terrorism financing

Applicability of RBI Guidelines to Income Tax

Introduction We are aware that foreign exchange regulations are governed by Reserve Bank of India (˜RBI™) and income tax regulations by the Central Government. Yet, is it possible to conclude that limits laid down by RBI can be considered as  Arm™s Length Price (˜ALP™) for the purposes of transfer pricing under the under Income tax… Read More

Tags: ALPArms Length Pricingforeign direct investmentIncome taxIndiamoney launderingReserve Bank of IndiaRoyalties

CLR Snippets :: Amendment in Money Laundering Act

The Government has recently amended the Money Laundering Act. The objectives of recent amendment in Prevention of Money-laundering Act, 2002 is to strengthen the legislative and administrative framework of the country to prevent money laundering and countering financing of terrorism and capabling to handle the new evolving threats. Bullion traders have expressed that Germs and jewellery sector… Read More

Tags: BullionGermsKnow Your Customermoney launderingPrecious metalPrevention of Money Laundering ActPrevention of Money Laundering Act 2002Terrorism financing

FATF (Financial Action Task Force) updates AML/CFT Standards for Urban Co-Op Banks

RBI/2012-13/470 UBD.BPD (AD) Cir.No. 3/14.01.062/2012-13 April 4, 2013 The Chief Executive Officer of All AD Category I Primary (Urban) Co-operative Banks Madam/Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) Standards Primary (Urban) Co-operative Banks Please refer to our circular UBD.BPD (AD) Cir.No. 1/14.01.062/2012-13 dated August 3, 2012 on risks arising from the deficiencies… Read More

Tags: Acute myeloid leukemiaBanksFinancial Action Task Force on Money Launderingmoney launderingPrincipal OfficerTerrorism financingUrban

Self Help Groups – UCBs to Simplify KYC / AML norms

UCBs to Simplify KYC / AML norms for Self Help Groups RBI/2012-13/469 UBD.BPD (PCB) Cir. No.46 /14.01.062/2012-13 April 3, 2013 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Measures/Combating of Financing of Terrorism (CFT) / Obligations of banks under Prevention of Money Laundering Act (PMLA),… Read More

Tags: Know Your CustomerKYCModern Language Associationmoney launderingPrevention of Money Laundering Act 2002Self Help GroupsTerrorism financing

RBI Simplifies KYC / AML Norms for Self Help Groups

RBI/2012-13/461 RPCD.RCB.RRB.AML.BC.No.71/07.51.018/2012-13 April 01, 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 KYC / AML norms for Self… Read More

Tags: Know Your CustomerKYCModern Language Associationmoney launderingPrevention of Money Laundering Act 2002Self Help GroupsTerrorism financing

KYC norms compliance for Self Help Groups simplified by RBI

RBI/2012-13/459 DBOD.AML.BC. No.87/14.01.001/2012-13 March 28, 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 for Self… Read More

Tags: Know Your CustomerKYCModern Language Associationmoney launderingPrevention of Money Laundering Act 2002Self Help GroupsTerrorism financing

RBI initiates Scrutiny of Three Banks for Alleged KYC/AML Guidelines

The Reserve Bank of India has initiated the process of carrying out comprehensive scrutinies covering both, Head Office and branches of three private sector banks, namely, ICICI Bank, HDFC Bank and Axis Bank. Apart from this, the Reserve Bank has also undertaken a thematic study in respect of banks that are active in selling gold… Read More

Tags: Axis BankForeign Exchange Management ActHDFC bankICICI BankModern Language Associationmoney launderingPrevention of Money Laundering Act 2002Reserve Bank of India

GoI Statement on Steps to Check Inflow of Illegal Money

Reserve Bank of India (RBI) has issued comprehensive instructions/guidelines to banks on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002. Also under PMLA 2002, the reporting entities, including banks, financial institutions and intermediaries of securities market, payment system operators and authorized persons which include Money… Read More

Tags: Foreign Exchange Management ActKnow Your CustomerMinistry of External AffairsModern Language Associationmoney launderingReserve Bank of IndiaTerrorism financing

RBI Clarifies Risks arising from the deficiencies in AML regime in certain jurisdictions

RBI/2012-13/434 DBOD. AML.No. 12913/14.01.001/2012-13 March 11, 2013 The Chairmen/CEOs of all Scheduled Commercial Banks(Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to our letter DBOD. AML.No.8422/14.01.001/ 2012-13 dated December 12, 2012 on risks arising from the deficiencies in AML/CFT regime of… Read More

Tags: AMLFinancial Action Task Force on Money Launderingmoney launderingRBI GuidelineTerrorism financingTerrorist financing

KYC norms /AML Standards/CFT)/Obligation of banks under PMLA, 2002

RBI/2012-13/342 UBD.BPD (PCB) Cir. No. 28/14.01.062/2012-13 December 19, 2012 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Madam/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 Please refer to our Master Circular UBD.BPD. (PCB) MC.No.16/12.05.001/2012-13 dated July… Read More

Tags: CircularKnow Your CustomerKYCMaster CircularModern Language Associationmoney launderingPMLAPrevention of Money Laundering Act 2002rbiTerrorism financingUnique Identification Authority of India

SEBI cautions bourses on money laundering from Iran and North Korea

Sebi has asked stock exchanges in the country to be cautious in dealings with funds and entities from Iran and North Korea fearing possible black money flow and terror financing risks from those countries into the Indian stock market, The country's top bourse NSE's investigation department today said in a circular to the bourse's members… Read More

Tags: black moneymoney laundering

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