Anti-money laundering: revised customer identification, record-retention and cash payment limits for money-changing transactions. The circular extends Anti-Money Laundering Guidelines for Authorised Money Changers to Authorised Dealers and issues amended operational rules: customer identification is required for all money-changing transactions with prescribed retention of identity-document details or photocopies depending on transaction type, and cash payment/encashment rules set limits and require account-payee cheque or demand draft for larger or other cases, with one-month aggregation of transactions for cash-limit application.
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Anti-money laundering: revised customer identification, record-retention and cash payment limits for money-changing transactions.
The circular extends Anti-Money Laundering Guidelines for Authorised Money Changers to Authorised Dealers and issues amended operational rules: customer identification is required for all money-changing transactions with prescribed retention of identity-document details or photocopies depending on transaction type, and cash payment/encashment rules set limits and require account-payee cheque or demand draft for larger or other cases, with one-month aggregation of transactions for cash-limit application.
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