Master Circular Streamlines Money-Changer Regulations: Licensing, KYC, AML/CFT Compliance, and More under FEMA 1999.

The Master Circular on Memorandum of Instructions governs money-changing activities, consolidating existing guidelines for Authorised Money Changers (AMCs) under the Foreign Exchange Management Act, 1999. It outlines procedures for licensing, branch authorizations, agent appointments, and license renewals, emphasizing compliance with Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT) regulations. The circular mandates operational instructions, reporting requirements, and criteria for directors' suitability. It also details the revocation of licenses and the responsibilities of AMCs in maintaining records and cooperating with audits and inspections. This circular is valid until July 1, 2014, after which it will be updated.

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