In terms of the provisions of the PML Act, 2002 and the PML Rules, 2005, as amended from time to time by the Government of India, Regulated Entities (REs) are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions.Ģ. In India, the Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, form the legal framework on Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT). India, being a member of FATF, is committed to upholding measures to protect the integrity of international financial system. Internationally, the Financial Action Task Force (FATF) which is an inter-governmental body established in 1989 by the Ministers of its member jurisdictions, sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. In order to prevent banks and other financial institutions from being used as a channel for Money Laundering (ML)/ Terrorist Financing (TF) and to ensure the integrity and stability of the financial system, efforts are continuously being made both internationally and nationally, by way of prescribing various rules and regulations. List of Circulars or part thereof repealed with the issuance of Master Direction
Requirements/obligations under International Agreements - Communications from International Agencies Reporting Requirements to Financial Intelligence Unit - India Part VI - Enhanced and Simplified Due Diligence Procedure Part IV - Identification of Beneficial Owner Part III - CDD Measures for Legal Entities Part II - CDD Measures for Sole Proprietary firms Part I - Customer Due Diligence (CDD) Procedure in case of Individuals Master Direction - Know Your Customer (KYC) Direction, 2016 Contents
Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on May 04, 2023) Note : To obtain an aligned printout please download the (1094.00 kb ) version to your machine and then use respective software to print the story.
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