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of <h1>Indian Agents Must Comply with KYC, AML, and CFT Norms under PMLA; Follow RBI Guidelines Without Separate Instructions.</h1> The circular addresses all authorized persons who are Indian agents under the Money Transfer Service Scheme (MTSS), emphasizing compliance with 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. It states that the Foreign Exchange Department will no longer issue separate instructions to these agents, and they must follow guidelines from the Department of Banking Regulation, Reserve Bank of India. These guidelines also apply to sub-agents, with the responsibility for compliance resting on the Indian agents. The circular is issued under relevant sections of the Foreign Exchange Management Act, 1999, and PMLA, 2002.
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