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of <h1>RBI Aligns KYC, AML, and CFT Norms for Money-Changers under PMLA; Banking Regulation Instructions Now Apply.</h1> The circular addresses Know Your Customer (KYC) norms, Anti Money Laundering (AML) standards, and Combating Financing of Terrorism (CFT) obligations under the Prevention of Money-laundering Act (PMLA), 2002, in relation to money-changing activities. It informs authorized persons that the Foreign Exchange Department will no longer issue separate instructions on these subjects. Instead, instructions from the Department of Banking Regulation, Reserve Bank of India, will apply to all authorized persons and their agents or franchisees. The circular, issued under relevant sections of the Foreign Exchange Management Act and PMLA, mandates compliance without affecting other legal permissions or approvals.
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