AML/CFT guidance for money changers requires enhanced risk measures and compliance while permitting legitimate transactions. Authorised persons in money changing activities must consider FATF updates on jurisdictions with AML/CFT deficiencies and apply enhanced risk sensitive measures while legitimate transactions remain permissible; franchisors must ensure agents and franchisees comply. The circular mandates incorporation of the FATF information into risk assessments, communication to constituents, record maintenance, and adherence to customer due diligence, transaction monitoring and reporting obligations under applicable foreign exchange and anti money laundering frameworks.
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.
AML/CFT guidance for money changers requires enhanced risk measures and compliance while permitting legitimate transactions.
Authorised persons in money changing activities must consider FATF updates on jurisdictions with AML/CFT deficiencies and apply enhanced risk sensitive measures while legitimate transactions remain permissible; franchisors must ensure agents and franchisees comply. The circular mandates incorporation of the FATF information into risk assessments, communication to constituents, record maintenance, and adherence to customer due diligence, transaction monitoring and reporting obligations under applicable foreign exchange and anti money laundering frameworks.
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