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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Foreign Exchange Circular: KYC, AML, CFT Compliance Rules Under PMLA 2002; Single Document Allowed for ID & Address Proof.</h1> The circular addresses Authorized Persons in foreign exchange, emphasizing compliance with Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT) obligations under the Prevention of Money Laundering Act (PMLA), 2002, as amended. It allows the use of a single document for both identity and address proof if the addresses match; otherwise, separate address proof is required. Existing instructions remain unchanged. The guidelines apply to agents/franchisees, and compliance responsibility lies with franchisers. Issued under relevant sections of the Foreign Exchange Management Act and PMLA, it requires acknowledgment of receipt by the Principal Officer.
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