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of <h1>New AML Guidelines for Money Changers: Implement Policies, Appoint MLRO, Train Staff, and Maintain Records to Avoid Penalties.</h1> The circular outlines anti-money laundering (AML) guidelines for authorized money changers (AMCs) to prevent misuse in money laundering activities. AMCs must implement policies including customer identification ('Know Your Customer' norms), recognition and reporting of suspicious transactions, appointment of a Money Laundering Reporting Officer (MLRO), staff training, record maintenance, and transaction audits. AMCs are required to establish a policy framework approved by their Board of Directors by March 31, 2006. Guidelines apply to AMC franchisees, and non-compliance may result in penalties under the Foreign Exchange Management Act, 1999. Records must be preserved for at least five years.
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