Money changing activities: licensing, net owned funds, branch/franchise approvals, KYC/AML, transaction limits, recordkeeping and reporting requirements. The Circular prescribes the Reserve Bank's consolidated licensing, expansion and operational requirements for AMCs/FFMCs/ADs: corporate registration and minimum Net Owned Funds; documentation, auditor certification and fit and proper assessments; prior approval for additional branches and franchise arrangements with due diligence, reporting and distance limits; operational rules on purchases/sales, payment modes, encashment certificates, registers (FLM forms) and settlement methods; KYC/AML/CFT policies with risk based customer due diligence, record retention for ten years, CTR/STR reporting to FIU IND; concurrent audit and Reserve Bank inspection powers; and revocation powers for non compliance.
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: licensing, net owned funds, branch/franchise approvals, KYC/AML, transaction limits, recordkeeping and reporting requirements.
The Circular prescribes the Reserve Bank's consolidated licensing, expansion and operational requirements for AMCs/FFMCs/ADs: corporate registration and minimum Net Owned Funds; documentation, auditor certification and fit and proper assessments; prior approval for additional branches and franchise arrangements with due diligence, reporting and distance limits; operational rules on purchases/sales, payment modes, encashment certificates, registers (FLM forms) and settlement methods; KYC/AML/CFT policies with risk based customer due diligence, record retention for ten years, CTR/STR reporting to FIU IND; concurrent audit and Reserve Bank inspection powers; and revocation powers for non compliance.
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