Anti-money laundering and terrorist financing: authorised persons must consider FATF country-risk findings in money-changing transactions. The Reserve Bank circular requires money changing Authorised Persons to consider the FATF public statement identifying jurisdictions with strategic AML/CFT deficiencies, apply enhanced scrutiny and risk mitigation in business with those jurisdictions, ensure agents and franchisees comply mutatis mutandis, notify constituents, and obtain Principal Officer acknowledgement; legitimate transactions remain permitted. Directions are issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act and 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.
Anti-money laundering and terrorist financing: authorised persons must consider FATF country-risk findings in money-changing transactions.
The Reserve Bank circular requires money changing Authorised Persons to consider the FATF public statement identifying jurisdictions with strategic AML/CFT deficiencies, apply enhanced scrutiny and risk mitigation in business with those jurisdictions, ensure agents and franchisees comply mutatis mutandis, notify constituents, and obtain Principal Officer acknowledgement; legitimate transactions remain permitted. Directions are issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act and Rules.
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