Anti Money Laundering compliance: MTSS agents must implement risk based KYC, reporting, and Principal Officer oversight immediately. The Circular sets the MTSS regulatory regime permitting only inward personal remittances to individuals, with Reserve Bank authorisation required for Indian Agents and specified eligibility, application, collateral and renewal conditions. It mandates comprehensive risk based KYC/AML/CFT policies, enhanced due diligence for high risk customers and PEPs, appointment of a Principal Officer, strict record retention, and timely CTR/STR reporting to FIU IND; agents remain accountable for sub agents and are subject to inspection and ongoing supervisory reporting to the Reserve Bank.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Anti Money Laundering compliance: MTSS agents must implement risk based KYC, reporting, and Principal Officer oversight immediately.
The Circular sets the MTSS regulatory regime permitting only inward personal remittances to individuals, with Reserve Bank authorisation required for Indian Agents and specified eligibility, application, collateral and renewal conditions. It mandates comprehensive risk based KYC/AML/CFT policies, enhanced due diligence for high risk customers and PEPs, appointment of a Principal Officer, strict record retention, and timely CTR/STR reporting to FIU IND; agents remain accountable for sub agents and are subject to inspection and ongoing supervisory reporting to the Reserve Bank.
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