Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CFT) – Standards

November 5, 2014

The Chairmen/CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/
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. 1422/ 14.01.001/2014-15 dated July 22, 2014 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 October 24, 2014 (copy enclosed). The statement / document can be accessed from the following URL also:

http://www.fatf-gafi.org/documents/documents/fatf-compliance-oct-2014.html
and
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/public-statement-oct2014.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 the countries and jurisdictions mentioned in the statement.

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

Yours faithfully,

(Lily Vadera)
Chief General Manager

Encl: As above