Money Transfer Service Scheme mandates inward only remittances and strict KYC/AML compliance and reporting by Indian Agents. The Master Circular consolidates MTSS regulation: permits only inward personal remittances to individuals, sets authorisation criteria for Indian Agents, conditions for Overseas Principals, and collateral and disbursement limits. It mandates a detailed KYC/AML/CFT regime-risk based customer acceptance, identification, enhanced due diligence for high risk customers (including PEPs), transaction monitoring, appointment of a Principal Officer, CTR/STR reporting to FIU IND, record preservation, periodic collateral review, and Reserve Bank inspection and renewal procedures under FEMA.
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 Transfer Service Scheme mandates inward only remittances and strict KYC/AML compliance and reporting by Indian Agents.
The Master Circular consolidates MTSS regulation: permits only inward personal remittances to individuals, sets authorisation criteria for Indian Agents, conditions for Overseas Principals, and collateral and disbursement limits. It mandates a detailed KYC/AML/CFT regime-risk based customer acceptance, identification, enhanced due diligence for high risk customers (including PEPs), transaction monitoring, appointment of a Principal Officer, CTR/STR reporting to FIU IND, record preservation, periodic collateral review, and Reserve Bank inspection and renewal procedures under FEMA.
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