Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Money changing activities.
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KYC and AML compliance updated: passport copies accepted as ID and address proof for foreign tourists under PMLA obligations. KYC, AML and CFT obligations for Authorised Persons in money changing are amended to allow acceptance of a foreign tourist's passport copy as both identity and address proof, and retention of a visa copy stamped by Indian immigration; other existing KYC instructions continue to apply and non compliance attracts prescribed penalties under the foreign exchange regulatory framework.
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.
KYC and AML compliance updated: passport copies accepted as ID and address proof for foreign tourists under PMLA obligations.
KYC, AML and CFT obligations for Authorised Persons in money changing are amended to allow acceptance of a foreign tourist's passport copy as both identity and address proof, and retention of a visa copy stamped by Indian immigration; other existing KYC instructions continue to apply and non compliance attracts prescribed penalties under the foreign exchange regulatory framework.
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