KYC and AML obligations govern money changing authorisations, requiring licensing, due diligence, transaction monitoring and FIU reporting. The Master Circular consolidates a regulatory framework for money changing activities under FEMA, 1999 requiring companies to meet licensing criteria for FFMC status, including minimum Net Owned Funds, auditor certification, banker's confidential report and declarations on enforcement proceedings. It mandates Reserve Bank approval for branches and franchisees, prescribes operational rules for purchase/sale and settlement of foreign currency, detailed recordkeeping and periodic reporting, and imposes board approved KYC/AML/CFT obligations including beneficial owner identification, transaction monitoring, appointment of a Principal Officer, and CTR/STR reporting to FIU IND.
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Provisions expressly mentioned in the judgment/order text.
KYC and AML obligations govern money changing authorisations, requiring licensing, due diligence, transaction monitoring and FIU reporting.
The Master Circular consolidates a regulatory framework for money changing activities under FEMA, 1999 requiring companies to meet licensing criteria for FFMC status, including minimum Net Owned Funds, auditor certification, banker's confidential report and declarations on enforcement proceedings. It mandates Reserve Bank approval for branches and franchisees, prescribes operational rules for purchase/sale and settlement of foreign currency, detailed recordkeeping and periodic reporting, and imposes board approved KYC/AML/CFT obligations including beneficial owner identification, transaction monitoring, appointment of a Principal Officer, and CTR/STR reporting to FIU IND.
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