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of <h1>Circular Enforces Strict KYC, AML, and CFT Standards for Money Changers Under PMLA; Details Beneficial Owner Identification Procedures.</h1> The circular outlines the obligations of authorized persons under the Prevention of Money Laundering Act (PMLA), 2002, as amended, concerning Know Your Customer (KYC) norms, Anti-Money Laundering (AML) standards, and Combating the Financing of Terrorism (CFT) standards. It mandates that authorized persons identify and verify the beneficial owners in money-changing activities. Procedures for identifying beneficial owners are specified for various client types, including companies, partnerships, trusts, and listed companies. Authorized persons must review and adhere strictly to these guidelines, which also apply to their agents and franchisees. The circular is issued under relevant sections of the Foreign Exchange Management Act, 1999, and PMLA, 2002.
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