Anti-Money Laundering standards require authorised persons and agents to apply enhanced due diligence for high-risk jurisdictions. Authorised Persons in money changing activities must consider the FATF statement on jurisdictions with AML/CFT deficiencies and apply appropriate vigilance while not barring legitimate transactions. The circular places responsibility on franchisers to ensure agents and franchisees comply, requires Authorised Persons to inform constituents and obtain Principal Officer acknowledgement, and issues directions under FEMA and PMLA and related rules without prejudice to other statutory permissions.
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Provisions expressly mentioned in the judgment/order text.
Anti-Money Laundering standards require authorised persons and agents to apply enhanced due diligence for high-risk jurisdictions.
Authorised Persons in money changing activities must consider the FATF statement on jurisdictions with AML/CFT deficiencies and apply appropriate vigilance while not barring legitimate transactions. The circular places responsibility on franchisers to ensure agents and franchisees comply, requires Authorised Persons to inform constituents and obtain Principal Officer acknowledgement, and issues directions under FEMA and PMLA and related rules without prejudice to other statutory permissions.
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