Money changing activities: consider FATF jurisdictional AML/CFT risk statements and align compliance under FEMA and PMLA. Authorised persons in money changing activities must consider the FATF Public Statement identifying jurisdictions with strategic AML/CFT deficiencies, bring the statement to their constituents' attention, have their Principal Officer acknowledge receipt, and incorporate the FATF risk considerations into compliance practices; non compliance may attract penal provisions under the Foreign Exchange Management Act, the Prevention of Money Laundering Act, and related rules.
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.
Money changing activities: consider FATF jurisdictional AML/CFT risk statements and align compliance under FEMA and PMLA.
Authorised persons in money changing activities must consider the FATF Public Statement identifying jurisdictions with strategic AML/CFT deficiencies, bring the statement to their constituents' attention, have their Principal Officer acknowledge receipt, and incorporate the FATF risk considerations into compliance practices; non compliance may attract penal provisions under the Foreign Exchange Management Act, the Prevention of Money Laundering Act, and related rules.
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