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of <h1>Indian Agents Must Comply with AML/CFT Standards under MTSS; Non-Compliance Leads to Penalties per FEMA and PMLA.</h1> The circular addresses all authorized Indian agents under the Money Transfer Service Scheme (MTSS) regarding compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) standards. It references a Financial Action Task Force (FATF) statement identifying jurisdictions with strategic AML/CFT deficiencies and urges agents to consider this information. The circular mandates that agents inform relevant parties and acknowledge receipt. It is issued under the Foreign Exchange Management Act, 1999, and the Prevention of Money Laundering Act, 2002, with non-compliance resulting in penalties under these laws.
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