Money changer licensing: RBI consolidates licensing, franchisee, operational, KYC/AML and reporting obligations for authorised money changers. The Master Circular consolidates RBI instructions for authorised money changers: licensing and net owned funds prerequisites for FFMCs; prior approval requirements for additional branches and franchisee appointments with due diligence, surrender and reporting obligations; operational rules on purchase/sale, payment modes, registers and non-cash settlements; mandated risk-based KYC/AML/CFT measures including appointment of a Principal Officer and mandatory CTR/STR reporting to FIU-IND; concurrent audit, inspection powers and RBI's authority to vary or revoke licences for non-compliance.
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Money changer licensing: RBI consolidates licensing, franchisee, operational, KYC/AML and reporting obligations for authorised money changers.
The Master Circular consolidates RBI instructions for authorised money changers: licensing and net owned funds prerequisites for FFMCs; prior approval requirements for additional branches and franchisee appointments with due diligence, surrender and reporting obligations; operational rules on purchase/sale, payment modes, registers and non-cash settlements; mandated risk-based KYC/AML/CFT measures including appointment of a Principal Officer and mandatory CTR/STR reporting to FIU-IND; concurrent audit, inspection powers and RBI's authority to vary or revoke licences for non-compliance.
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