Authorisation of money changers requires licensing, minimum capital, KYC/AML compliance and Reserve Bank oversight for operations and branches. The Reserve Bank's Master Circular prescribes that entities conducting money-changing business must obtain licences, meet company registration and minimum Net Owned Funds criteria, file specified incorporation and audited financial documentation, implement KYC/AML/CFT policies, and satisfy 'fit and proper' tests for entities and directors; licences and branch or franchise approvals are subject to Reserve Bank clearance, commencement timelines and ongoing reporting, audit and supervisory requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Authorisation of money changers requires licensing, minimum capital, KYC/AML compliance and Reserve Bank oversight for operations and branches.
The Reserve Bank's Master Circular prescribes that entities conducting money-changing business must obtain licences, meet company registration and minimum Net Owned Funds criteria, file specified incorporation and audited financial documentation, implement KYC/AML/CFT policies, and satisfy 'fit and proper' tests for entities and directors; licences and branch or franchise approvals are subject to Reserve Bank clearance, commencement timelines and ongoing reporting, audit and supervisory requirements.
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